- Over 7,004,489 $CAKE burned.
- CAKE emissions reduced to 14.5 CAKE per block.
The recent PancakeSwap burn is one of its biggest burns yet. With exactly 7, 004, 489 $CAKE token burnt with a market value of $139M, PancakeSwap is keeping to the promise made to investors when the company kicked off.
A breakdown of the burn event shows that the company bought back 196 thousand CAKE worth $3.9M from the market, including the Trading, Prediction, and NFT Market. This is not to mention the 187 thousand CAKE burnt from the NFT Profile and Vault, valued at $3.7M. Additionally, PancakeSwap burnt 35 thousand CAKE ($688) from its Lottery Market along with 37.8 thousand CAKE, worth $741k from its Auction Market.
Here, check out proof of burn: https://www.bscscan.com/tx/0x4c06457f8725654cd8a13a7404945b276fd788623fd858a2d4a7e45a271bbe33
While the PancakeSwap burn event happened a few hours ago, there hasn’t been any significant effect on the price of its native token, CAKE across exchanges. As of the time of putting together this report, CAKE was trading at $19.74 and down by 1.64% in the last 24 hours. It remains to be seen how CAKE reacts to this new burn event.
PancakeSwap And The New Reduced CAKE Emissions
Following the recent token burn, PancakeSwap announced a reduced CAKE emission, which now pegs the reward to 14.5 CAKE per block. That’s not all, the company also announced that a new vote for a new round of emission reduction will happen next month. This news should be music to investors, who have always lauded the project for their incredible insight aimed at ensuring that the CAKE token continues to soar in value.
While the recent PancakeSwap burn is a brilliant initiative, the community is still wondering if this series of burns will result in the CAKE token becoming deflationary.
PancakeSwap And The Fake IOS and Android Apps Making Rounds
In other news, there have been a couple of iOS and Android PancakeSwap apps showing up on both the Android Play Store and the Apple app store. But in a swift move, PancakeSwap has come out to dissociate itself from these apps, stating for the record that the company doesn’t currently have any app on the Android or Apple Stores.
According to PancakeSwap, “there is no PancakeSwap Android or iPhone app. Probably never will be: we run in your browser or in your wallet app. Watch out for fakes, and REPORT them to the app stores when you find them”.