PancakeSwap burns CAKE worth $19m

Multi-chain decentralized exchange PancakeSwap successfully burned 9 million native token CAKE.

The DEX platform, which can be used on multiple chains including BNB Chain, Ethereum, Aptos, Base, Arbitrum and Linea, announced the token burn on January 13. PancakeSwap (CAKE) has carried out similar actions many times in the past. Efforts to manage CAKE supply.

According to the team’s announcement on X, a total of 8,947,590 CAKE tokens have been permanently removed from circulation, reducing the value of the supply by approximately $19 million.

Currently, PancakeSwap’s total supply stands at just over 380 million CAKEs, with a circulating supply of 291.69 million. The maximum supply is limited to 450 million KEK.

As of the end of December, PancakeSwap had burned a cumulative total of 36.1 million CAKEs, valued at over $113.3 million. Of this, $4.5 million was obtained to be spent through the platform’s buyback program. The exchange recorded a net monthly CAKE mint of -955,146, reducing the total supply by 0.25%.

The DEX has shown significant growth, with the total value locked exceeding $2.1 billion. In December, the platform’s total transaction volume reached 53.46 billion dollars and its daily average volume reached 1.72 billion dollars. PancakeSwap also reported that the number of unique investors reached 2.61 million.

On the other hand, the CAKE price fell from the $ 4.20 level reached last month as altcoins rose along with Bitcoin. The token’s value of $2.24 has fallen 32% in the past month.