As of February 2023, PancakeSwap has destroyed approximately 91.7 million Cake coins to reduce supply, increase value and sustainability. The destruction mechanism includes: 1) transaction fee destruction; 2) IHOP repurchase and destruction; 3) manual destruction. PancakeSwap plans to destroy Cake coins until the total supply reaches 100 million.
Total amount of Cake coins destroyed
As of February 2023, a total of approximately 91.7 million Cake coins have been destroyed.
Destruction mechanism
PancakeSwap implements a variety of destruction mechanisms, including:
Destruction Plan
PancakeSwap plans to continue to destroy Cake coins until the total supply reaches 100 million. The team aims to destroy 50% of Cake coins by the end of 2022.
The Significance of Burning
Cake coin burning has a positive impact on price by reducing the circulating supply. It can reduce selling pressure and increase demand, thereby increasing the value of Cake coins. Burning also makes PancakeSwap a more sustainable decentralized finance (DeFi) platform.
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