PancakeSwap(CAKE) Token burn 6,734,837 CAKE ($53,000,000)
PancakeSwapApplicable Date
2022-02-13
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): 6,734,837.24
Value in USD: $53,000,000.00
Other relevant information
- Tx Hash: 0x4714b1d2160e0582c5456125e97fc037aa1adb28bde0ccd440bf6d983c6989d7
- Status: Success
- Block Height: 15243622
- Timestamp: Feb-14-2022 08:07:57 AM +UTC
- Transaction fee: 0.000398415 BNB
On February 14th, 2022, PancakeSwap conducted its weekly token burn. The project burned 6,734,837 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 6,734,837 CAKE burned was approximately 84% of the total amount of minted tokens, which was about 8,064,000 CAKE, leading to 1,329,163 CAKE being newly introduced into the CAKE total supply.
