PancakeSwap, the decentralized exchange, announced the burn of 9 million CAKE tokens as part of its supply management strategy.
Token Burn Details
PancakeSwap, available on multiple blockchains like BNB Chain and Ethereum, announced on January 13th the burning of 8,947,590 CAKE tokens. This action reduced the total supply by approximately $19 million.
CAKE Burn History
As of the end of December, PancakeSwap had burned a cumulative total of 36.1 million CAKE, valued at over $113.3 million. Of this, $4.5 million was acquired through the platform's buyback program.
Current Situation Overview
PancakeSwap's total supply stands at just over 380 million CAKE, with a circulating supply of 291.69 million. The maximum supply is capped at 450 million. The total value locked on the platform surpassed $2.1 billion.
PancakeSwap continues to show growth and actively manages token supply through burns, aiming to maintain market balance.
