The Decentralized exchange on Binance Smart Chain is executing its $CAKE burn strategy in an exemplary fashion.
PancakeSwap Drops New CAKE Burn Update
PancakeSwap has recorded another huge feat on Binance Smart Chain (BSC). The Decentralized Exchange (DEX) executed its usual CAKE burn function in style once again.
The popular DEX burned over 7 million $CAKE, worth $132 million in its recent CAKE burn. For more clarity, the protocol also broke down the token-burn feature via Twitter on 12th October.
“7,063,863 $CAKE just burned – that’s $132M!” PancakeSwap’s tweet read.
In the 12th of October Tweet, the protocol disclosed that $3.8M worth of CAKE was bought back from the market, including Trading, Prediction, and its NFT market. This corresponds to $719k from lottery, $153K from Non-fungible token (NFT) profile, and $2.8M worth of PancakeSquad NFTs.
Although the latest CAKE burn is significant for the BSC-based DEX, it still falls short of its previous record-breaking burn in August. As we reported on 31st August, PancakeSwap burned $153M worth of $CAKE during that period, making it the biggest ever CAKE burn.
PancakeSwap Educates Users
Following users’ questions about the supply of CAKE, PancakeSwap took out time to explain the mechanism on Twitter. The protocol disclosed via a tweet thread on 12th October how users could verify CAKE supply easily.
First, users are required to visit the HOLDERS tab of CAKE token contract here. Then, to confirm the supply of CAKE tokens, users would subtract the amount of CAKE in the burn address from the “Total Supply.”
In essence, it is straightforward to confirm the supply of CAKE tokens by subtracting the total CAKE burned from the total amount of CAKE in existence.
“It’s actually super easy to confirm the supply of a token for yourself,” the DEX wrote on Twitter.
What is PancakeSwap?
PancakeSwap is a Decentralized Exchange (DEX) built on BSC. It offers users various features such as Liquidity Pools, Swapping, Yield Farming, Syrup Pools, Automated Market Maker, Initial Farm Offering (IFO), NFT profile system, and many others.
In addition, the protocol helps users make the most out of their crypto assets by trading, earning through yield farming, and winning via lottery, prediction, and NFT collectibles. With the highest trading volumes in the market, PancakeSwap is the leading DEX on the BSC.
Source : bsc.news
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