PancakeSwap July Recap: CAKE Gained 29%, 27M Tokens Burned

Despite a month-over-month decline in ecosystem growth metrics, the price of PancakeSwap’s $CAKE rallied.

Burns Help Pump $CAKE

In a newly published reportPancakeSwap, the leading Decentralized Exchange (DEX) on BNB Chain, recapped the activities within its ecosystem and outlined the performance of key growth metrics for the protocol in July.

According to the report, in July, the total volume of transactions completed on PancakeSwap was $7.3 billion, a 34% drop from the $11 billion recorded in transactions volume in June. In addition, in July, the DEX’s unique traders and onsite users also dropped by 9% and 18%, respectively.

A look at PancakeSwap’s weekly scheduled token burns shows that about 27 million CAKE tokens were burned in July. This is a part of the DEX’s deflationary mechanism to control the supply of its CAKE token and support its price. The amount of CAKE tokens burned in July is about 15% of the total circulating supply.

Within the 31-day period, the price of $CAKE grew by 29%. $CAKE started the month at an index price of $3.04. By July 31, it exchanged hands at $3.94 per token.

This growth can be attributed to the bullish retracement in the general cryptocurrency market in July and the impact of the weekly token burns.

What Is PancakeSwap:

PancakeSwap is a Decentralized Exchange (DEX) built on BNB Chain. 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 BNB Chain.

Where to find PancakeSwap: 

Website | Twitter | Medium | GitHub

Source : bsc.news

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