PancakeSwap has burnt more than 8.94 million CAKE tokens as it looks to control the token supply and improve holder value.
Multi-chain decentralized exchange (DEX) PancakeSwap has announced a huge token burn. Taking to the X platform, PancakeSwap said it has successfully burned $19 million of its native token, CAKE $2.22 24h volatility: 3.6% Market cap: $645.06 M Vol. 24h: $95.33 M . This move has heightened investor anticipation for a bullish CAKE price movement.
According to the data presented, 8,947,590 CAKE tokens were burned, whose equivalent value at current prices is over $19 million. PancakeSwap has previously taken similar tactics to manage the supply of CAKE. The token’s total supply currently stands at 380.22 million CAKE, while the maximum supply is capped at 450 million CAKE.
🔥 8,947,590 $CAKE just burned – that’s $19M!
💰 Trading fees (AMM V2): 167k CAKE ($365k) +16%
💰 Trading fees (AMM V3): 140k CAKE ($306k) +21%
💰 Trading fees (Non-AMM like Perpetual, Position manager etc): 6,711 CAKE ($14.6k)
🔮 Prediction: 66k CAKE ($144k) +58%
🎟️ Lottery:… pic.twitter.com/03eZHI2Tqq— PancakeSwap (@PancakeSwap) January 13, 2025
PancakeSwap burned 36.1 million CAKE, valued at over $113.3 million as of the end of December. Also, the exchange reported a monthly net mint of 955,146 CAKE, which reduced the overall supply by 0.25%.
The DEX has experienced substantial growth, with the Total Value Locked (TVL) exceeding $2.1 billion. The platform saw $53.46 billion in total trading volume in December, with an average of $1.72 billion daily. Additionally, PancakeSwap recorded a rise in unique trades, totaling 2.61 million.
Despite the $19 million token burn, the broader market’s sentiments surrounding CAKE remain bearish. The token price has fallen from its peak last month of $4.20. At press time, CAKE is trading at $2.17, down 6.15% in the last 24 hours and 33.58% in the past month. The trading volume, however, increased by 57.9% to $87.6 million, suggesting investors’ willingness to accumulate CAKE.
Recently, Coinspeaker reported that PancakeSwap closed 2024 with a $310 billion crypto trading volume. This figure is largely attributed to the growing interest in DEXs and the general expansion of Layer-2 networks. The DEX platform is available across multiple chains, including BNB Chain, Ethereum, Base, Aptos, Linea, and Arbitrum.
PancakeSwap continues to innovate with recent tools. The platform recently launched Springboard, reaffirming its mission to advance Decentralized Finance (DeFi) inclusivity. Springboard is a no-code token launchpad, similar to Pump.Fun. The platform allows users to develop and launch tokens directly on the BNB Chain.
The new launchpad offers zero launch fees and a “fair launch” mechanism that ensures equitable token distribution without pre-sales or seed funding. Additionally, it integrates tokens with PancakeSwap’s liquidity pools once they reach 100% on the bonding curve.
This model helps simplify the process for token creators by eliminating reliance on external decentralized exchanges.
Before the Springboard launch, PancakeSwap introduced the MEV Guard and PancakeSwapX to empower users and compete with other DEXes. The Miner Extractable Value (MEV) attacks DEX users, denying them the best swap prices through frontrunning and sandwiching. The PancakeSwap MEV Guard, developed by the 48 Club team, is multi-wallet compatible, including custom RPC support.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
