PancakeSwap, a multi-chain decentralized exchange (DEX), has burned nearly 9 million of its native token CAKE as part of its ongoing efforts to manage the token's supply and scarcity.
The DEX platform, which spans multiple chains like BNB Chain, Ethereum, Aptos, Base, Arbitrum, and Linea, announced the token burn on Friday.
According to the team's announcement on Subscan, a total of 8,947,590 CAKE tokens were permanently removed from circulation, reducing the supply by approximately $19 million based on current prices.
Presently, PancakeSwap's total supply stands at just over 380 million CAKE, with a circulating supply of 291.69 million. The maximum supply is capped at 450 million CAKE.
As of the end of December, PancakeSwap had burned a cumulative total of 36.1 million CAKE, valued at over $113.3 million. Of this, $4.5 million was acquired for burning through the platform's buyback program. The exchange recorded a monthly net mint of -955,146 CAKE, reducing the total supply by 0.25%.
The DEX has experienced substantial growth, with the total value locked (TVL) surpassing $2.1 billion. In December, the platform's total trading volume reached $53.46 billion, with an average daily volume of $1.72 billion. PancakeSwap also reported an increase in unique traders, reaching 2.61 million.
CAKE price, on the other hand, has declined from the highs of $4.20 reached last month as altcoins enjoyed a rally alongside Bitcoin. The token's value of $2.24 is down 32% in the past month.
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