More than 750 million CAKE tokens have been burned till date Weekly trading volume on PancakeSwap recorded a 10% drop As part of its latest burning round, popular decentralized exchange (DEX) PancakeSwap removed about 7.15 million CAKE tokens out of circulation. The burned tokens were worth $27 million in value. More than 750 million tokens have […]
Despite the development, the altcoin’s price failed to react positively, however, and fell down by 1.68%. It could be due to the fact that the recently burned tokens formed just about 2% of the total supply of CAKE. From a macro perspective, this was a not a very significant number.
However, since they add deflationary pressure, coin burning is one of the most sought after events in the crypto-space.PancakeSwap managed to generate immense hype of late because of the upcoming launch of its third iterationon the BNB chain in April. This development comes after Uniswap V3’s proposed deployment on the BNB got a go-ahead from its community members.
Alas, the hype failed to boost on-chain trading activity for PancakeSwap. The weekly trading volume recorded a 10% drop while the weekly average of daily users also fell marginally, data from Token Terminal revealed.On top of this, its vital DeFi indicator disappointed too. The total value locked on the network declined by almost 15% since it hit the $4 billion-mark on 9 February.
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