Popular decentralized exchange (DEX) PancakeSwap stuns the crypto community as the team burns over 8.6 million CAKE worth $11 million in one transaction.
To further reduce the total supply of CAKE, PancakeSwap has remained committed to burning its governance token.
On Monday, the leading decentralized exchange on the BNB Smart Chain burned millions of CAKE, eliciting bullish sentiments from community members.
8.6M CAKE Burn Details
In particular, the latest PancakeSwap burn event incinerated exactly 8,670,968.7 CAKE tokens worth approximately $11 million at execution time.
The burn transaction occurred at 09:28 (UTC), per data from BSCScan, the block explorer and analytics platform for BNB Smart Chain.
🔥 8,670,969 $CAKE just burned – that’s $11M!
💰 Trading fees (V2 and Perpetual): 107k CAKE ($134k) -1%
💰 Trading fees (V3): 75k CAKE ($95k) +104%
🔮 Prediction: 67k CAKE ($84k) +1%
🎟️ Lottery: 27k CAKE ($34k) -25%
🔒 NFT Market, Profile & Factory: .7k CAKE ($1k) -4%
🎮 Pancake… pic.twitter.com/POuaQoCdxg
— PancakeSwap🥞Everyone's Favorite D3X (@PancakeSwap) August 28, 2023
PancakeSwap also provided updates on market analytics. Notably, trading fees from PancakeSwap V2/Perpetual and V3 accounted for 107K CAKE and 75K CAKE tokens. The exciting update added that PancakeSwap Prediction and Lottery solutions accounted for 67K CAKE and 27K CAKE tokens.
In light of this development, the total CAKE tokens burned to date has increased to 952,660,681 (952.66M). Accordingly, the circulating supply of the PancakeSwap governance token has dropped 213,148,504 (213.1 million) tokens.
Reacting to the development, a particular community member noted that CAKE has remained deflationary in the past two weeks. The crypto analyst added that more than 50% of the token’s current supply is stuck in the Cake pool on PancakeSwap.
PancakeSwap Launches on Linea Network
The latest CAKE burn event comes shortly after the popular BSC-based decentralized exchange supported the Linea Network on its platform.
It bears mentioning that PancakeSwap expanded to the emerging Ethereum layer-2 blockchain on Friday. The DEX now supports several blockchains, including Ethereum, Aptos, Polygon zkEVM, zkSync Era, Arbitrum, and Linea.
🐰 Exciting news! PancakeSwap is now live on Linea! 🎉 To celebrate this, we're giving away $500 USDT! 💰
— PancakeSwap🥞Everyone's Favorite D3X (@PancakeSwap) August 25, 2023
However, these positive developments have failed to impact the price of CAKE significantly. At press time, CAKE is exchanging at $1.27, posting a decline of over 15% in the past 30 days.