PancakeSwap burns a huge amount of CAKE, coming a long way in building out their powerful deflationary tokenomics.
PancakeSwap announced that they have burned over $80 million USD worth of CAKE in last week’s token burn. The news was announced through a PancakeSwap Twitter post on July 12th and has the PancakeSwap community ecstatic. The transaction hash shows PancakeSwap has burned 5,368,165 CAKE.cdn.embedly.com/widgets/media.html?type=text%2Fhtml&key=96f1f04c5f4143bcb0f2e68c87d65feb&schema=twitter&url=https%3A//twitter.com/pancakeswap/status/1414618959689650176&image=https%3A//abs.twimg.com/errors/logo46x38.png
The PancakeSwap protocol is also teasing that next week’s burn may be the biggest one yet. PancakeSwap also announced that they have bought back $2.6M USD of CAKE from the market from revenue sources such as trading, Prediction, gas rebate, etc. The PanakeSwap user base is pushing the platform to lower emissions further, as at the moment CAKE is an inflationary token.
PancakeSwap also notes that “NFT + Profile + Vault = $210K USD.” What this alludes to is a bit unclear. It seems PancakeSwap is hinting that further value has been locked up coming from the NFT side of the platform.
Updated Deflationary Metrics
The PancakeSwap protocol has listened to their community and over time begun to implement metrics to bring further deflation. PancakeSwap’s June recap showed it took PancakeSwap 45 days to burn $38.5 million USD worth of CAKE. As of July 12th, it took PancakeSwap one week to burn over $80 million in USD.
Shown above is the updated CAKE tokenomics, where following a recent platform wide vote, the emission was voted to be changed from 20 CAKE being distributed to 19 CAKE, lowering the emissions. To put simply, there is now 28,000 less CAKE being emitted each day since the vote lowered the emission rate of CAKE.
PancakeSwap has continued over the last few months to bring deflationary tokenomics to their protocol. What is really remarkable about PancakeSwap is that they were able to go from burning $38.5 million USD worth of CAKE in 45 days to burning over $80 million in USD worth of CAKE in just one week. PancakeSwap has continued to showcase their powerful efforts to deliver what their community wants.
What is PancakeSwap?
PancakeSwap is the leading decentralized exchange on Binance Smart Chain, with the highest trading volumes in the market. PancakeSwap runs on Binance Smart Chain, a blockchain with much lower transaction costs than Ethereum or Bitcoin. As a result, trading fees are lower than other top decentralized exchanges, and the protocol offers a secure place to farm yields thanks to their Syrup pools.
Source : bsc.news
Founded in 2020, BSCNews is the leading media platform covering decentralized finance (DeFi) on the Binance Smart Chain (BSC). We cover a wide range of blockchain news revolving mainly around the DeFi sector of the crypto markets. BSCNews aims to inform, educate and share information with the global investment community through our website, social media, newsletters, podcasts, research, and live ask me anything (AMA). Our content reaches hundreds of thousands of global investors who are active in the BSC DeFi space.