BSC News

PancakeSwap Burns $27M in CAKE in Continuing Attempt to Combat Inflation

The value of CAKE token has remained unchanged since Sept. 1, outperforming BTC and ETH.

More Than 6.8 million $CAKE Burned

We hope you like the smell of burnt pancakes in the morning! PancakeSwap has just eliminated $27 million worth of $CAKE from circulation, as part of its regular burn program to combat inflationary pressures on the token.

The CAKE token is currently trading at $3.89, which is basically unchanged since Sept. 1. (During the past three months, the token has reached a maximum value of more than $5 and a minimum of under $3.60.)

During the bear market, “no change” in price often means “good change.” Since Sept. 1, $CAKE has outperformed the two major coins $BTC and $ETH, which have lost about 20% and 30% of their value, respectively, during that time.

PancakeSwap is the dominant Decentralized Exchange (DEX) and leading Decentralized Application (dApp) overall on BNB Chain and has recently branched out to Ethereum and Aptos.

Perhaps unsurprisingly, the price of $CAKE has correlated more nearly with $BNB than $BTC or $ETH. The current value of $BNB is about the same as it was on Sept. 1, although, like $CAKE, the price experienced peaks and valleys during the interim period.

What is PancakeSwap: 

PancakeSwap is a Decentralized Exchange (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:

Website | Twitter | Medium | GitHub

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