PancakeSwap, a popular multi-chain decentralized exchange (DEX), recently announced a significant token burn worth $19 million of its native token, CAKE. On the X platform, they shared that this action has been successfully executed. The current market value of CAKE is $2.22, with a 24-hour volatility of 3.6%. Its market cap stands at $645.06 million, and within the last 24 hours, the volume traded was $95.33 million. This token burn has sparked increased excitement among investors, as they now look forward to a potential rise in the price of CAKE.
Details of the PancakeSwap Burn
Based on the information given, a total of 8,947,590 CAKE tokens were destroyed, which is worth more than $19 million at present prices. In the past, PancakeSwap has employed similar strategies to control the number of CAKE in circulation. The current total supply of CAKE is approximately 380.22 million, and the maximum supply is limited to 450 million CAKE.
🔥 8,947,590 $CAKE just burned – that’s $19M!
Fees from AMM V2 trading: 167,000 CAKE ($365,000), up by 16%.
Fees from AMM V3 trading: 140,000 CAKE ($306,000), up by 21%.
Non-AMM fees (Perpetual, Position manager etc.): 6,711 CAKE ($14,600).
Prediction: The potential increase in AMM fees could reach 66,000 CAKE ($144,000), up by approximately 58%.
Lottery:…
— PancakeSwap (@PancakeSwap) January 13, 2025
PancakeSwap destroyed approximately 36.1 million CAKE tokens, valued at more than $113.3 million in December’s closing. Additionally, the platform reported a monthly net creation of 955,146 CAKE tokens, decreasing the total supply by 0.25%.
The decentralized exchange (DEX) has witnessed significant expansion, as the Total Value Locked (TVL) surpassed a whopping $2.1 billion. In December alone, the platform reported a staggering $53.46 billion in cumulative trading volume, with an average of approximately $1.72 billion traded each day. Moreover, PancakeSwap registered a notable increase in unique transactions, amounting to 2.61 million trades overall.
Despite a recent token burn of $19 million, the overall feelings towards CAKE within the market remain pessimistic. The price of CAKE has dropped from its high last month at $4.20 and is currently trading at $2.17, marking a 6.15% decrease in the last day and a more significant drop of 33.58% over the past month. However, the trading volume has risen by 57.9%, reaching $87.6 million, indicating that investors are actively looking to purchase CAKE.
In a recent report, Coinspeaker has stated that PancakeSwap ended 2024 with an impressive $310 billion in crypto trading volume. This substantial number can largely be attributed to the increasing popularity of Decentralized Exchanges (DEXs) and the broader development of Layer-2 networks. PancakeSwap operates on various blockchain platforms such as BNB Chain, Ethereum, Base, Aptos, Linea, and Arbitrum.
PancakeSwap Introduced Springboard for Token Creation
PancakeSwap consistently pushes boundaries with its latest additions. Most recently, it introduced Springboard, further solidifying its commitment to promoting inclusivity in Decentralized Finance (DeFi). Essentially a no-code token launchpad akin to Pump.Fun, Springboard enables users to easily create and deploy tokens directly on the BNB Chain.
The new platform provides free launches and a fair distribution method for tokens that ensures equal allocation without initial sales or external financing. Moreover, it syncs tokens with PancakeSwap’s liquidity pools when they reach full capacity on the bonding curve.
This model streamlines the process for token issuers, as it reduces the need to depend on decentralized exchanges outside of the system.
Before PancakeSwap unveiled its Springboard, it rolled out the MEV Guard and PancakeSwapX to strengthen its users’ positions against other DEX competitors. Miner Extractable Value (MEV) attacks pose a threat to DEX users by depriving them of optimal swap prices through strategies like frontrunning and sandwiching. The 48 Club team developed the MEV Guard for PancakeSwap, which is compatible with multiple wallets and even offers custom RPC support.
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2025-01-13 23:54