Pancakeswap Burns Nearly 7 Million Tokens

Twitter icon  •  Published 2년 전  •  Hassan Maishera

The Pancakeswap team announced on Twitter earlier today that it has burned 6,864,564 CAKE tokens.

The Pancakeswap team announced on Twitter earlier today that it has burned 6,864,564 CAKE tokens. The burnt tokens were worth approximately $53 million. The team also bought back 328k CAKE ($2.5M) from the trading, prediction and NFT markets. 

PancakeSwap is a Binance Smart Chain-based decentralized exchange (DEX) with an automated market maker (AMM) model for swapping BEP-20 tokens. CAKE is trading at $7.40 at press time, up by less than 1% so far today.

Author

Hassan Maishera

Hassan is a Nigeria-based financial content creator that has invested in many different blockchain projects, including Bitcoin, Ether, Stellar Lumens, Cardano, VeChain and Solana. He currently works as a financial markets and cryptocurrency writer and has contributed to a large number of the leading FX, stock and cryptocurrency blogs in the world.