PandaSwap has the same team and infrastructure as Bao Finance, so doesn't need funds to cover day-to-day expenses. To ensure the Bao team and community have motives in line with PNDA holders 15% of the token supply is owned by the BAO community and 15% by the BAO team (with 6 years vesting). The Bao team will use the 15% dev fund to help fund ongoing project costs.
PNDA token holders can vote on how to use the remaining unissued tokens however they decide to add the most value. \