PancakeSwap Burns $100M Worth of $CAKE in 2023

by BSC News

January 23, 2023


PancakeSwap continues to shovel $CAKE into the fire in order to fight inflation, as the token's value has increased by nearly one-quarter in 2023.

7M CAKE Tokens Burned Weekly

This kitchen is on fire, but instead of searching for an extinguisher, the cooks are reaching for more $CAKE. With its recent weekly burn, PancakeSwap has officially removed more than $100 million worth of tokens from circulation in 2023.

The dominant Decentralized Exchange (DEX) on BNB Chain instituted the $CAKE burn program to combat inflationary pressures on the token.

In total, PancakeSwap has eliminated about 28 million CAKE tokens in four weekly burns this year, with a current combined value of more than $109 million, according to the CryptEye CAKE burn tracker.

Riding the recent green wave in the broader crypto market, the price of $CAKE has increased by nearly 23% since Jan. 1, according to CoinMarketCap.

What is PancakeSwap:

PancakeSwap is a DEX built on BNB Chain. It offers users various features such as Liquidity Pools (LPs), swapping, yield farming, Syrup Pools, an Automated Market Maker, Initial Farm Offerings (IFOs), an NFT profile system, and other tools.

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 BNB Chain.

Where to find PancakeSwap: โ€

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