News

Amid Increasing Trading Fees, PancakeSwap, a Decentralized Exchange, Announces a Massive Burn of its CAKE Token

single-image

In an effort to lower the amount of tokens in circulation, well-known decentralized exchange PancakeSwap today declared the burning of over 9 million of its native $CAKE tokens, destroying nearly $19 million worth of tokens.

Stay in the know on crypto by frequently visiting Crypto News Today

The PancakeSwap team explained the change in a post on the microblogging site X (formerly known as Twitter). They pointed out that trading fees revenues from the company’s various automated market maker (AMM) versions have increased significantly, with position manager and perpetual trading revenues growing by more than 1,000%.

Advertisement

PancakeSwap has reported burning CAKE tokens valued at over $62 million this month alone through a variety of token burns with values as high as $22 million. These figures show that there is a considerable decrease in the amount of cryptocurrencies in circulation.

Advertisement

Devotees of cryptocurrency frequently want to decrease the amount of digital assets in circulation in an attempt to decrease their availability on the market. Its price should increase in a way that benefits current token holders if a reduced supply is matched with rising demand.

CryptoCaster Quick Check:

Notwithstanding these burns of tokens, CAKE has dropped more than 10% in the last 30 days amidst a continuous correction that has caused it to lose around 30% of its value in the previous year. Stakers of the CAKE token received a portion of the decentralized exchange’s millions of dollars in trading fee revenue early this year, as reported by CryptoGlobe.

Popular decentralized finance analytics platform DeFiLlama reports that PancakeSwap has $356 million worth of tokens staked on it as of right now, with a $326 million market capitalization. $174 billion is its annualized trading volume.CRYPTOCASTER® - DECENTRALIZED FREEDOM!


We hope you appreciated this article. Before you move on, I was hoping you would consider taking the step of supporting CryptoCaster’s journalism. 

From  Elon Musk, Larry Fink(BlackRock) to Jamie Dimon(JP Morgan Chase) a number of billionaire owners have a powerful hold on so much of the hidden agendas’ which eludes the public concerning the paradigm shift juxtaposed by cryptocurrency and web3 emerging technologies. CryptoCaster is different. We have no billionaire owner or shareholders to consider. Our journalistic efforts are produced to serve the public interest in crypto development and institutional disruptions – not profit motives.

And we avoid the trap that befalls much U.S. and global media – the tendency, born of a desire to please all sides, to engage in false equivalence in the name of neutrality and retail consumer protection. While fairness and transparency dictates everything we do, we know there is a right and a wrong position in the fight against fiat global banking interest and monetary reconstruction precipitated by the emerging crypto ecology.

When we report on issues like the FTX, Binance and Ripple crisis, we’re not afraid to name who or what is uncovered. And as a crypto sentinel, we’re able to provide a fresh, outsider perspective on the global monetary disruption – one so often missing from the insular American and European media bubble. 

Around the world, readers can access the CryptoCaster’s paywall-free journalism because of our unique reader-supported model. That’s because of people like you. Our readers keep us independent, beholden to no outside influence and accessible to everyone – whether they can afford to pay for news and information, or not.

We thankyou for the on-going support our readers have bestowed monetarily. If you have not considered supporting CryptoCaster, if you can, please consider supporting us just once from $1 or more of Bitcoin (satoshi) or Eth, and better yet, support us every month with a little more. Scroll further down this page to obtain CryptoCaster’s wallet addresses.

Thank you.

Kristin Steinbeck
Editor, CryptoCaster


Please Read Essential Disclaimer Information Here.
© 2022-2023 Crypto Caster provides information. CryptoCaster.world does not provide investment advice. Do your research before taking a market position on the purchase of cryptocurrency and other asset classes. Past performance of any asset is not indicative of future results. All rights reserved.


Contribute to CryptoCaster℠ Via Metamask or favorite wallet. Send Coin/Token to Addresses Provided Below.
Thank you!
BTC – bc1qgdnd752esyl4jv6nhz3ypuzwa6wav9wuzaeg9g
ETH – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D
MATIC – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D
LITECOIN – ltc1qxsgp5fykl0007hnwgl93zr9vngwd2jxwlddvqt


CRYPTOCASTER HEATMAP


You may also like