BNB

PancakeSwap vs. Inflation: 6-Month $CAKE Burn Exceeds Market Cap

by BSC News

January 4, 2023

chain

During the past six months, PancakeSwap has burned $585 million worth of $CAKE, which exceeds the token's current market cap of $532 million.

$585M of $CAKE Burned in 6 Months

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 token’s 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.

Weekly burns have rapidly diminished the $CAKE supply. Source

In total, nearly 90% of the total $CAKE supply of 775 million tokens has been incinerated during the token’s lifetime. The weekly burn program is aimed at combating inflationary pressures on the token.

What is PancakeSwap:

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.

Where to find PancakeSwap:

Website | Twitter | Medium | GitHub

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