PancakeSwap Burns Over $40 Million Worth of CAKE Tokens
PancakeSwap, a leading decentralized exchange, has burned 9,122,074 CAKE tokens, worth approximately $40 million. The burn was facilitated through various platform activities, including trading fees from the Automated Market Maker (AMM) V2 and V3, prediction markets, lottery, and non-fungible token (NFT) sales. The trading fees from AMM V2 contributed 178,000 CAKE tokens ($781,000), a 46% increase from the previous week, while AMM V3 trading fees accounted for 179,000 CAKE tokens ($783,000), a 9% decrease. The prediction market generated 38,000 CAKE tokens ($167,000), a 16% decrease, and the lottery contributed 28,000 CAKE tokens ($123,000), a 25% increase. NFT sales added 700 CAKE tokens ($3,000), a 20% increase. The burn is part of PancakeSwap's tokenomics and is aimed at reducing the circulating supply of CAKE tokens.