PancakeSwap(CAKE) Token burn 6,687,229 CAKE ($82,000,000)
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): 6687229.0
Value in USD: 82000000.0
Announcement Type
Reporting Results
Other relevant information
- Tx Hash: 0xde08b1582b37b34c063b2a2e4c40d4fcf606491d403e3a42b0b386defc47e7e5
- Status: Success
- Block Height:14036105
- Timestamp: Jan-03-2022 07:28:49 AM +UTC
- Transaction fee: 0.00039935 BNB
On January 3rd, 2022, PancakeSwap conducted its weekly token burn. The project burned6,687,229CAKE, amounting to approximately $82 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 6,687,229CAKE burned was approximately 83% of the total amount of minted tokens, which was about 8,064,000 CAKE, leading to 1,376,771 CAKE being newly introduced into the CAKE total supply.
Applicable Date
2022-01-03
