PancakeSwap, a decentralized exchange platform on the Binance Smart Chain, announced a token burn of over 8.9 million
CAKE
tokens, collected from trading fees across Automated Market Makers (AMM) Version 2 and 3. The $25 million token burn likely helped the
CAKE
price recover from recent losses. The DeFi token, which was initially valued at $2.808, rose nearly 3% on the day after the announcement.
The DEX burned 8,924,466
CAKE
tokens worth nearly $25 million. PancakeSwap had collected 119,000
CAKE
worth $332,000 as trading fees for its AMM Version 2 and 160,000 CAKE worth $448,000 for its AMM Version 3. The DEX is integrated with market makers on Ethereum and Binance Smart Chain to help traders execute their trades at a relatively low cost. The DEX recently announced plans to redirect
CAKE
emissions from farming pools to bribe locker protocols and boost the liquidity of the DeFi token for users, which has no impact on
CAKE
supply since it simply redirects emissions to liquidity pools.
The DEX burned 8,924,466
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