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:
- Transaction fee destruction:Every Each transaction will incur a transaction fee of 0.05%, half of which is used to repurchase and destroy Cake coins.
- IHOP Buyback and Destruction: PancakeSwap uses a portion of its revenue to buy back and destroy Cake coins every quarter.
- Manual destruction: The PancakeSwap team regularly manually destroys Cake coins to reduce supply.
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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