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.