PancakeSwap, the leading multi-chain decentralized exchange, has successfully executed a significant burn of 9 million CAKE tokens. This move, announced on January 13, continues the platform’s strategy to effectively manage the supply of its native token across various networks, including BNB Chain, Ethereum, Aptos, Base, Arbitrum, and Linea.
In a detailed announcement, PancakeSwap revealed that a total of 8,947,590 CAKE tokens have been permanently removed from circulation, equating to a reduction in supply valued at approximately $19 million. Following this burn, the current total supply of CAKE now exceeds 380 million, with a circulating supply of 291.69 million and a maximum cap of 450 million tokens.
As of December’s end, PancakeSwap has burned a cumulative total of 36.1 million CAKE tokens, valued at over $113.3 million, which includes $4.5 million sourced through the platform’s buyback program. During the same period, the exchange recorded a net mint of -955,146 CAKE, marking a 0.25% decrease in total supply.
The platform has also demonstrated substantial growth, with total value locked eclipsing $2.1 billion. In December alone, PancakeSwap’s trading volume soared to $53.46 billion, averaging $1.72 billion daily, while unique traders climbed to an impressive 2.61 million.
However, despite these developments, the price of CAKE has seen a decline, dropping from a high of $4.20 last month to its current value of $2.24, reflecting a 32% decrease in the past month.
