PancakeSwap announced the results of the latest round of burning CAKE, the decentralized exchange’s native token. According to the data presented, 6.95 million tokens were burned, whose equivalent value at current prices is $28 million.
6,945,320 XNUMX XNUMX 🔥 $ TORTAS ką tik sudegė – tai 28 mln. USD!
💰 Prekybos mokesčiai (Swap ir Perpetual): 192k CAKE ($781k) -46%
🔮 Prognozė: 70 tūkst. TORTAS (287 tūkst. USD) +20 %
🎟️ Loterija ir keramika: 31 tūkst. TORTAS (126 tūkst. USD) -28 %
🔒 NFT rinka, profilis ir gamykla: 623 TORTAS (3 tūkst. USD) +33 % pic.twitter.com/lKAc1L7ALO- „BancakeSwap“ 🥞 #BSC (@PancakeSwap) Gruodis 5, 2022
If CoinMarketCap data is to be believed, the CAKE burned is 4.4% of the circulating token supply. Moreover, the total supply of CAKE is more than half of the token’s max supply, which also signals extensive token burning. Given that, until recently, PancakeSwap’s token offer was unlimited, such tokenomics is impressive.
Against the backdrop of the news, the Torto kaina continued the rally that began when the DeFi sector was revived by the collapse of centralized exchange FTX. The price of CAKE has risen by more than 12% in the last two weeks.
Cake paradox
Listed at $4 per token, PYRAGAS has a market capitalization of $640 million. If the entire token offering is considered, it would have a capitalization of $1.4 billion.
At the same time, the total value locked (TVL) of PancakeSwap already stands at $2.85 billion, not including another billion locked in staking. In other words, the exchange currently has four to five times more blockchain than its current market valuation. In addition, CAKE itself plays a key role on PancakeSwap and is a kind of fuel for the turnover of all those billions.
Source: https://u.today/pancakeswap-burns-28-million-worth-of-cake-price-shows-positive