Decentralized Exchange PancakeSwap Burns $28mln Worth Native Crypto Cake
The details of the most recent round of CAKE, the in-house crypto token of the decentralized platform, were revealed by PancakeSwap. As per the supplied statistics, 6.95 million tokens with a current worth of $28 million were destroyed.
According to CoinMarketCap statistics, 4.4% of the total number of CAKE tokens in circulation have been burnt. Furthermore, the overall quantity of CAKE exceeds fifty percent of the token’s maximum availability, indicating substantial token burning. Considering that PancakeSwap’s token supply was previously infinite, using tokenomics is astounding.
Against the background of the announcement, the price of CAKE resumed its ascent, which started when the DeFi industry was revitalized by the fall of the centralized exchange FTX. In the past two weeks, the value of CAKE has climbed by over 12 percent.
🔥 6,945,320 $CAKE just burned – that’s $28M!
💰 Trading fees (Swap and Perpetual): 192k CAKE ($781k) -46%
🔮 Prediction: 70k CAKE ($287k) +20%
🎟️ Lottery&Pottery: 31k CAKE ($126k) -28%
🔒 NFT Market, Profile & Factory: 623 CAKE ($3k) +33% pic.twitter.com/lKAc1L7ALO
— PancakeSwap 🥞 #BSC (@PancakeSwap) December 5, 2022
CAKE, which is traded at $4 per token, has a market valuation of $640 million. If the whole token issuance is taken into account, its market value would be $1.4 billion.
Simultaneously, the total value locked (TVL) of PancakeSwap is currently $2.85 billion, excluding the additional billion frozen in staking. In another sense, the crypto exchange has four to five times as many blockchains as its present market value. Furthermore , CAKE itself plays a crucial part on PancakeSwap and serves as a sort of fuel for the billions of dollars in turnover.
Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.