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.
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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%.
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.
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.
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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.
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