PancakeSwap(CAKE) Token burn 6,605,537 CAKE ($81,000,000)
PancakeSwapPurpose 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
Amount (Tokens): 6605537.31950237
Value in USD: 81000000.0
Announcement Type
Reporting Results
Other relevant information
- Tx Hash: 0xbffa2d70e0b2676ccdd4b949093bef252a6a8dcc6822660bcc31bfe8a67afb80
- Status: Success
- Block Height: 13634274
- Timestamp: Dec-20-2021 07:35:17 AM +UTC
- Transaction fee: 0.000398475 BNB
On December 20th, 2021, PancakeSwap conducted its weekly token burn. The project burned6,605,537 CAKE, amounting to approximately $81 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 6,605,537 CAKE burned was approximately 82% of the total amount of minted tokens, which was about 8,064,000 CAKE, leading to 1,458,463 CAKE being newly introduced into the CAKE total supply. According to CoinMarketCap, the current circulating supply of CAKE is 250,700,376 CAKE (as of writing this disclosure on December 21, 2021 at 10:04 am KST (UTC+9)).
Applicable Date
2021-12-20
