PancakeSwap Burns $17 Million in CAKE

IconCryptoNewsTerminal Staff15 Jul, 2024

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PancakeSwap Burns $17 Million in CAKE

PancakeSwap, a leading decentralized exchange (DEX) on Binance Smart Chain (BSC), has recently burned approximately 8.82 million of its native token, CAKE, with a total value of $17 million. This burn is part of PancakeSwap's ongoing token burn program, which utilizes a portion of the platform's protocol revenue to reduce the overall supply of CAKE. By reducing the circulating supply of CAKE, the burn process aims to enhance its scarcity and potentially contribute to an increase in its value over time. PancakeSwap has established a track record of conducting regular token burns, aligning with its commitment to long-term sustainability and value creation for its users.

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