PancakeSwap burns CAKE worth $19m

PancakeSwap, the multi-chain decentralized exchange, has successfully burned 9 million of the native token CAKE.

The DEX platform, available across multiple chains, including BNB Chain, Ethereum, Aptos, Base, Arbitrum, and Linea, announced the token burn on Jan. 13. PancakeSwap (CAKE) has performed similar actions multiple times in the past, as part of its efforts to manage CAKE supply.

According to the team’s announcement on X, a total of 8,947,590 CAKE tokens were permanently removed from circulation, reducing the supply by approximately $19 million in value.

Currently, 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 shown significant growth, with the total value locked 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 rallied alongside Bitcoin. The token’s value of $2.24 is down 32% in the past month.