As a researcher, I’m excited to report that PancakeSwap, the versatile, multi-chain decentralized exchange, has accomplished the burning of a significant 9 million units of its native token, CAKE, in a recent transaction. This strategic move not only demonstrates PancakeSwap’s commitment to managing its token supply but also potentially impacts the value and demand dynamics within the CAKE market.
On January 13th, the DEX platform, which operates across various blockchains such as BNB Chain, Ethereum, Aptos, Base, Arbitrum, and Linea, declared a token burn. Notably, PancakeSwap (CAKE) has executed similar actions in the past, as part of their strategy to control the supply of CAKE tokens.
As per the team’s statement on X, a grand sum of 8,947,590 CAKE tokens were burned from the market, thereby decreasing the total supply by roughly $19 million worth.
At the moment, the total amount of CAKE tokens in circulation for PancakeSwap exceeds 380 million, and about 291.69 million of those are currently circulating. The maximum number of CAKE tokens that can ever be produced is limited to 450 million.
By the close of December, a grand total of 36.1 million CAKE tokens had been incinerated within PancakeSwap, equating to an impressive value exceeding $113.3 million. Approximately $4.5 million worth of these tokens were obtained for burning through our Buyback Program. Notably, the exchange experienced a monthly net mint of -955,146 CAKE, which translated to a reduction in total supply by 0.25%. As a researcher, I find these figures intriguing and indicative of an evolving DeFi landscape.
The Decentralized Exchange (DEX) has experienced substantial expansion, as the total value locked within it exceeded a staggering $2.1 billion. In the month of December alone, the platform’s overall trading volume skyrocketed to an impressive $53.46 billion, averaging $1.72 billion in daily transactions. Additionally, PancakeSwap reported a significant rise in individual traders, with 2.61 million unique users noted.
Contrarily, Cake’s price has dropped since it peaked at $4.20 last month, with a decrease of 32% over the past month, as other altcoins and Bitcoin surged together. Its current value stands at $2.24.
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2025-01-13 19:18