Token

Maker

PancakeSwap

Burn

<p>A multichain DEX PancakeSwap has recently announced a token burn event. As per the platform, the respective episode takes into account the burning of up to 9,039,859 $CAKE tokens with a value of up to $16 million. The company took to the social media platform X to disclose further details of this development.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="500" data-dnt="true">
   <p lang="en" dir="ltr">🔥 9,039,859 <a href="https://twitter.com/search?q=%24CAKE&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$CAKE</a> just burned – that’s $16M!<br><br>💰 Trading fees (AMM V2): 89k CAKE ($156k) +9%<br>💰 Trading fees (AMM V3): 71k CAKE ($124k) -50%<br>💰 Trading fees (Non-AMM like Perpetual, Position manager etc): 0.3k CAKE ($k) -27%<br>🔮 Prediction: 82k CAKE ($143k) +30%<br>🎟️ Lottery: 31k… <a href="https://t.co/bl5YK83W4V" target="_blank">pic.twitter.com/bl5YK83W4V</a></p>— PancakeSwap v4｜ETHCC 🇧🇪 (@PancakeSwap) <a href="https://twitter.com/PancakeSwap/status/1810255465940455794?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">July 8, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<h2 class="wp-block-heading" id="pancakeswap-commences-a-token-burn-of-up-to-9-039-859-cake-tokens">PancakeSwap Commences a Token Burn of up to 9,039,859 $CAKE Tokens</h2> 
<p>In its recent X post, the firm revealed that this burn event works as a part of PancakeSwap’s broader efforts. According to the platform, the current endeavors thereof focus on minimizing the $CAKE token’s supply and increasing its value. Apart from that, the post also offered insights into the trading fees. Additionally, it also discussed the activity across diverse sections of the platform.</p> 
<p>In terms of trading fees, <a href="https://pancakeswap.finance/" target="_blank" rel="noopener">PancakeSwap</a> noted that trading fees from Automated Market Maker V2 accounted for 89,000 $CAKE tokens. These coins had a value of up to $156,000, denoting a more than 9% change from the previous week. Nonetheless, trading fees from Automated Maker V3 accounted for nearly 71,000 $CAKE coins. This figure equaled the value of up to $124,000, signifying a change of -50% from the previous week.</p> 
<h2 class="wp-block-heading" id="diverse-revenue-streams-of-the-platform-see-significant-spikes">Diverse Revenue Streams of the Platform See Significant Spikes</h2> 
<p>On the other hand, the Non-AMM trading fees (including position manager, perpetual, and so on) accounted for 300 $CAKE. This figure accounts for approximately $527 in terms of value, representing a -27% change from the previous week. Along with that Prediction Market accounted for 82,000 $CAKE of $143,000 worth, specifying a +30% change from the previous week.</p> 
<p>Lottery accounted for 31,000 $CAKE with $54,000 worth, showing a +29% change from the previous week. Moreover, <a href="https://blockchainreporter.net/glossary/non-fungible-token/" data-type="glossary" data-id="21208">NFTs</a> accounted for 400 $CAKE (equaling $1,000), indicating a +62% change from the previous week. These substantial surges signify the potential of PancakeSwap for diverse revenue streams.</p>

PancakeSwap Announces 9,039,859 $CAKE Token Burn

Table of Contents

BlockchainReporter

Другие статьи, опубликованные 8 июл. 2024 г.

HashKey teases launch date for its Ethereum layer-2 network

Analysts Project MoonBag Price Surge as Toncoin and Theta See Price Drop

Venezuela Sees Surge in Crypto Remittances Amid Economic Crisis and Government Clampdown on Mining

Bitcoin’s sell-off could put ETF shares on the discount rack

Tether CEO Calls For Localized AI Model After OpenAI Hack

Solana Price Hints A Bullish Surge! SOL Price To Reclaim $180?

Join our free newsletter for daily crypto updates!