PancakeSwap Completes CAKE Burning Event; Burns Tokens Worth $31M

• PancakeSwap tweeted that the blockchain burnt 6,780,013 CAKE.
• The burnt CAKE is worth $31 million.
• The tokens were gained through trading, auction, prediction, NFT, and lottery.

The decentralized finance (DeFi) blockchain, PancakeSwap tweeted that 6,780,013 $CAKE, worth almost $31 million, was burnt on October 3. It was also mentioned that the tokens were obtained from trading fees, prediction, NFT market, auctions, and the lottery.

The token burn event is a major part of the blockchain’s deflationary mechanism. The burning mechanism would also help to lessen the selling pressure.

Interestingly, PancakeSwap is considered one of the top decentralized exchange platforms, built on the Binance Smart Chain (BSC), with the highest trading volumes in the DEX ecosystem.

PancakeSwap’s native token Cake currently has a price of $4.55 and a market capital of $635613397.17.

From the tweet posted by PancakeSwap, it is understood the detailed source of the burnt tokens. Almost 124k tokens were gained through trading; both swap and perpetual trading. The tokens made through trading which cost almost $565k were burnt during the burning event.

Similarly, through forecasting the price, 73k CAKE tokens which costs $332k was gained and was completely burnt. 39k CAKE of $177k which were attained through the lottery was also burnt during the burning event.

Moreso, 7k CAKE ($34k) gained from the NFT market and 21k CAKE ($98) were also burnt along with the token achieved from other sources.

Reportedly, PancakeSwap successfully completed its burning event, the proof of which is published at the official site of Binance Smart Chain (BSC).