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PancakeSwap(CAKE) Token burn 6,864,564 CAKE ($53,000,000)
Applicable Date
2022-02-20
Announcement Type
Reporting results
Purpose of token burn
PancakeSwap does not have a supply cap, meaning it has a limitless supply. 40 CAKE is emitted (minted) per every Binance Smart Chain block (PancakeSwap is a Binance Smart Chain-based dApp). Because the circulating supply has a direct effect on the price of the CAKE token, they are built in mechanisms such as weekly token burns to assure that the market is not flooded with CAKE. The ultimate goal of reducing emissions is to become emission neutral, meaning more CAKE leaves circulation (through token burns) than is produced. CAKE will become a deflationary token if more CAKE is burned than emitted. Currently, CAKE is inflationary, meaning that more tokens are entering the circulating supply every day.
Details
Token: CAKE
Burn Amount (Tokens): 6,864,564.35
Value in USD: $53,000,000.00
Other relevant information
- Tx Hash: 0x344ff23abfc5f27887bf3eef8ea6a5540657719f892308e988da99eec59f0b2a
- Status: Success
- Block Height: 15446652
- Timestamp: Feb-21-2022 09:54:16 AM
- Transaction fee: 0.00039929 BNB
On February 21st, 2022, PancakeSwap conducted its weekly token burn. The project burned 6,864,564 CAKE, amounting to approximately $53 million USD.
The token burn amount reflected was based on CAKE tokenomics for the last 7 days. Approximately 1,152,000 CAKE is newly minted every day. For the last 7 days, the 6,864,564 CAKE burned was approximately 85% of the total amount of minted tokens, which was about 8,064,000 CAKE, leading to 1,199,436 CAKE being newly introduced into the CAKE total supply.
ETC reduction countdown
ETC reduction is expected to be completed on June 16, 2024
tokenómicaApproval: 87%
Token Unlock
Pixels will unlock 54.38 million $PIXEL tokens on 19 April, constituting approximately 7.05% of the currently circulating supply.
tokenómicaApproval: 93%Token Unlock
Immutable will unlock 34.19 $IMX tokens on 19 April, constituting approximately 2.40% of the currently circulating supply.
tokenómicaApproval: 85%