PancakeSwap Burns 8.89M CAKE Tokens Worth $18M, Prepares to Launch V4 Platform

PancakeSwap has so far burned more than 78 percent of the total CAKE supply to date, thus significantly increasing the value of the existing coins.

PancakeSwap Burned 8,888,476 CAKE Tokens, Bringing Total Burn to 78%

Leading decentralized exchange (DEX) on Binance Smart Chain (BSC) burned 8,888,476 of its native tokens, CAKE, on Monday. According to an announcement from PamcakeSwap, the DEX collected fees from its different versions, which contributed to the latest burn.

PancakeSwap is a leading automated market maker (AMM) DEX that facilitates user-to-user cryptocurrency trades. The platform also offers a range of decentralized finance (DeFi) services, including staking, yield farming, and lottery games.

PancakeSwap Team Burned 1.384 Billion CAKE Tokens

The PancakeSwap team has burned a total of 1.384 billion CAKE tokens, which is equivalent to about 4.7 million BNB coins and is valued at around $2.79 billion, according to the latest data from Binance. On-chain data showed that PancakeSwap conducted five major token burns in July.

Most Web3 projects use large-scale token burns as a top-notch marketing strategy. Moreover, the continued token burn, coupled with rising demand from the mainstream adoption of digital assets and Web3 platforms, increases the value of the existing tokens. Other projects led by BNB and Shiba Inu (SHIB), among many others, also use a similar strategy.

As Coinspeaker previously reported, Binance announced its quarterly burn of over 1.6 million BNB units, valued at more than $971 million, recently.

The notable token burns on the Binance network will play a crucial role in helping BNB regain and maintain the fourth position as the most valuable digital asset. According to the latest market data, BNB had been outstripped by Solana (SOL) from the fourth place.

PancakeSwap project has largely benefited from the mainstream adoption of Web3 technology, boasting over 1.7 million on-chain holders. According to the latest market data, PancakeSwap DEX has more than $1.8 billion in total value locked (TVL).

Over the years, the PancakeSwap team has expanded to other chains, including Ethereum (ETH), Aptos (APT), and Arbitrum (ARB).

Currently, the PancakeSwap team is preparing to launch the V4 platform later this year to enhance community engagement in liquidity provision and the security of underlying swap transactions.

PancakeSwap is already facing significant competition from other DEX platforms, including Uniswap (UNI), Bakeryswap (BAKE), and Sushi Swap, among many others. However, the PancakeSwap team has built a robust online community that ensures its sustainable future growth prospects.

CAKE Price Rallies Amid Crypto Rebound

In the midst of an ongoing crypto rebound led by Bitcoin (BTC) price, which rallied over $69K on Monday, CAKE price signaled an imminent bullish breakout on the horizon. According to the latest market data, CAKE price rallied over 3% in the past 24 hours to trade at about $2.03 on Monday during the early New York session.

From a technical perspective, CAKE price has been retesting the macro bullish breakout in the last few months. Having established a multi-year logarithmic support on the weekly chart, CAKE price is on the cusp of a major bullish uproar towards double digits in the near term.

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