Hassan Maishera
On Monday, the Pancakeswap team told its community via X that it had a deflation of 342k CAKE ($861k). The deflation figure comes after AMM V2 burned 106k CAKE ($267k), down 42%, and AMM V3 destroyed 352k CAKE ($887k), down 17%. Other Sources (Prediction, Perpetual, etc.) burned 69k CAKE ($173k), down 13%.
Pancakeswap added that approximately 5.29 million CAKE has been delegated from the CAKE Pool: 1.17 million to StakeDAO and 4.12 million to CakePie. The 5.29 million CAKE delegated from the CAKE Pool is now permanently locked in the original CAKE pool (burned and irrecoverable by any party). However, it will need to be returned to those protocols for full redemption.
PancakeSwap is a BNB Chain-based decentralized exchange (DEX) with an automated market maker (AMM) model for swapping BEP-20 tokens. CAKE is down 6.3% today and is currently trading at $2.294.
