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HomeCrypto NewsMarketPancakeSwap Burns 8.6M CAKE Post Expansion To Linea Network

PancakeSwap Burns 8.6M CAKE Post Expansion To Linea Network

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Popular decentralized exchange (DEX) PancakeSwap stuns the crypto community as the team burns over 8.6 million CAKE worth $11 million in one transaction.

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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.

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The burn transaction occurred at 09:28 (UTC), per data from BSCScan, the block explorer and analytics platform for BNB Smart Chain.

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.

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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.

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.

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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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Ndianabasi Tom
Ndianabasi Tom
Ndianabasi Tom is a crypto journalist and content writer who has been talking about crypto and blockchain technology since 2018. With a knack for translating complex concepts into engaging narratives, he takes pleasure in educating and informing industry players about developments in space. Armed with industry expertise and a commitment to delivering accurate and thought-provoking content, he has produced thousands of articles including news and educational content for various projects and blogs, showcasing his versatility and dedication to his craft. He holds a Bachelor's degree in Petroleum Engineering.

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