BNB
by BSC News
January 4, 2023
During the past six months, PancakeSwap has burned $585 million worth of $CAKE, which exceeds the token's current market cap of $532 million.
It might be one of the biggest kitchen fires ever. Over the past six months, PancakeSwap has burned $586 million worth of $CAKE, which exceeds the tokenโs current market capitalization of $532 million.
The dominant Decentralized Exchange (DEX) just completed its first burn of 2023, sending 6.9 million CAKE tokens to the flames, worth $22 million.
According to the CryptEye CAKE burn tracker, PancakeSwap has burned 179 million CAKE tokens in the past six months (with a value of $586 million).
During that time, the price of CAKE has held steady, increasing by about 4% from July 4, 2022 to Jan. 4, 2023, according to CoinMarketCap.
In total, nearly 90% of the total $CAKE supply of 775 million tokens has been incinerated during the tokenโs lifetime. The weekly burn program is aimed at combating inflationary pressures on the token.
PancakeSwap is a Decentralized Exchange (DEX) built on BNB Chain and also available on Ethereum and Aptos. It offers users various features such as Liquidity Pools, Swapping, Yield Farming, Syrup Pools, Automated Market Maker, Initial Farm Offering (IFO), NFT profile system, and many others.
In addition, the protocol helps users make the most out of their crypto assets by trading, earning through yield farming, and winning via lottery, prediction, and NFT collectibles. With the highest trading volumes in the market, PancakeSwap is the leading DEX on the BNB Chain.
Related News
Latest News
0h : 57m ago
2024๋ ๋งฅ์ค๋ฒณ ์ํ ๋ฐฐํ ๊ฐ๋ฅํ ์ต๊ณ ์ ์ฌ์ดํธ TOP2
3h : 19m ago
Terraform Labs to Restrict Access for US Users Amid SEC Legal Battle
5h : 49m ago
Can Chinese Investors Buy Hong Kong's New BTC and ETH ETFs?
7h : 24m ago
World's largest Asset Custodian Bank, BNY Mellon Holds Bitcoin ETFs: Report
10h : 19m ago
SEC Files $5.6M Lawsuit Against Geosyn Bitcoin Miner For Fraud
April 25, 2024
Nigeria Appoints Pro-Crypto Leader to Head SEC
April 25, 2024
BNB Chain Shows Strong Growth in Q1, 2024 Report: Key Details
April 25, 2024
Ethereum Spot ETFs Is Likely to Face SEC Denial in May: Reports
More News