Binance Founder Reacts as PancakeSwap Burns 339K CAKE Tokens
The post Binance Founder Reacts as PancakeSwap Burns 339K CAKE Tokens appeared on BitcoinEthereumNews.com.
Changpeng Zhao (CZ), the founder and former CEO of the Binance crypto exchange, reacts as multi-chain DEX PancakeSwap burns over 330,000 CAKE tokens. On Monday, PancakeSwap provided an insight into its net burn update for the week, highlighting the number of CAKE tokens the system minted and burned over the past week. 🥞Weekly CAKE Stats: 🔥CAKE BurnedAMM V2: 136k CAKE ($342k)AMM V3: 358k CAKE ($904k)Other Sources (Prediction, Perpetual, etc.): 75k CAKE ($189k) 🥞CAKE Minted and AllocatedAMM V2: 78k CAKE ($196k)AMM V3: 117k CAKE ($295k)Other Sources (Lottery, CAKE pool, etc.): 35k… pic.twitter.com/D4hovnJnhy — PancakeSwap (@PancakeSwap) March 24, 2025 Number of CAKE Burned and Minted According to the update, PancakeSwap burned 569,000 CAKE tokens worth around $1.44 million from various sources, including trading fees from AMM (automated market maker) V2 and V3. Similarly, the DEX minted and allocated 230,000 CAKE tokens over the past week, worth about $526,000. After subtracting the total CAKE minted from those burned, PancakeSwap recorded a net deflation of 339,000 CAKE. This suggests that the DEX permanently removed 339,000 CAKE from circulation over the past week, representing 0.12% of the supply. At the current exchange rate of $2.36, the 339,000 CAKE burned are worth $800,040. Binance CZ Reacts PancakeSwap’s latest incineration has made the rounds within the crypto community. This attracted the attention of former Binance CEO Changpeng Zhao, who expressed optimism regarding the deflationary trend for CAKE. He stressed that it is ‘always good to see deflation.’ Ongoing CAKE Burn Campaign It bears mentioning that CAKE is PancakeSwap’s native token. Over the past few years, the multi-chain DEX has leveraged the trading fees from various sources like AMM V2 and V3 to burn the token. Before its latest update, PancakeSwap only disclosed the amount of CAKE burned weekly without showing those minted and added to the supply. …
Filed under: News - @ March 26, 2025 9:28 pm