crypto.news
PancakeSwap, the multi-chain decentralized exchange, has successfully burned 9 million of the native token $CAKE.
The DEX platform, available across multiple chains, including BNB Chain, Ethereum, Aptos, Base, Arbitrum, and Linea, announced the token burn on Jan. 13. PancakeSwap ($CAKE) has performed similar actions multiple times in the past, as part of its efforts to manage $CAKE supply.
According to the team’s announcement on X, a total of 8,947,590 $CAKE tokens were permanently removed from circulation, reducing the supply by approximately $19 million in value.
Currently, PancakeSwap’s total supply stands at just over 380 million $CAKE, with a circulating supply of 291.69 million. The maximum supply is capped at 450 million $CAKE.
As of the end of December, PancakeSwap had burned a cumulative total of 36.1 million $CAKE, valued at over $113.3 million. Of this, $4.5 million was acquired for burning through the platform’s buyback program. The exchange recorded a monthly net mint of -955,146 $CAKE, reducing the total supply by 0.25%.
The DEX has shown significant growth, with the total value locked surpassing $2.1 billion. In December, the platform’s total trading volume reached $53.46 billion, with an average daily volume of $1.72 billion. PancakeSwap also reported an increase in unique traders, reaching 2.61 million.
$CAKE price on the other hand has declined from the highs of $4.20 reached last month as altcoins rallied alongside Bitcoin. The token’s value of $2.24 is down 32% in the past month.