PancakeSwap: CAKE Token Supply Continues to Decrease for 8 Consecutive Months

Bittime - PancakeSwap has just released an official report on May 6, 2024, stating that they have managed to burn 0.123% of the total CAKE supply. This marks the eighth consecutive month of decline in total CAKE supply, with total burning reaching 2,575,069 CAKE.

PancakeSwap Report

Based on the PancakeSwap report uploaded on the official PancakeSwap website, it explains in detail how PancakeSwap manages the CAKE token supply through a strategic burning mechanism and pursuing the CAKE ultrasound concept. This concept aims to make CAKE an increasingly rare and highly valuable asset.

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Details of CAKE Supply Reduction

• Total CAKE Burn: On May 6 2024, PancakeSwap has managed to burn -0.123% (-472,010 CAKE) of the total CAKE supply for the period April 2024. This figure is obtained by dividing the total net burn (net mint) by the total initial supply of CAKE on April 1 2024.
• 8 Consecutive Months of Decline: April 2024 burn marks the eighth consecutive month of decline in total CAKE supply. Accumulated net burning from September 2023 to April 2024 reached -2,575,069 CAKE.

Achieving CAKE Supply Reduction through Net Minting

To achieve a decrease in CAKE supply, PancakeSwap uses the concept of “net minting.” Negative net minting indicates that more CAKE tokens were burned than minted during the period.

In April 2024, PancakeSwap recorded a net minting of -472,010 CAKE. This negative number indicates that more CAKE is burning than is being printed.

Also Read: What is Minting in Cryptocurrency?

Details of CAKE Mint April 2024 

In the report, PancakeSwap transparently explains the source of the creation of new CAKE. It is important to note that this figure does not include direct burnt CAKE generation, but instead focuses on raw CAKE block emissions to provide a more accurate monthly burn estimate.

• Farms: 800,697 CAKE
• CAKE Syrup Pool: 101,622 CAKE
• Other Product Use: 119,963 CAKE
• April Production Total: 1,022,282 CAKES

Also Read: What is Proof of Burn (PoB)? What are the advantages?

Details of CAKE Burn April 2024

This report also details the CAKE burn categories that occurred in April 2024. By understanding the burn categories, users can see how their activity on PancakeSwap contributed to the decline in CAKE supply.

• Swap and Perpetual Trading Fees: 1,175,338 CAKE
• Prediction: 199,508 CAKE
• Pancake Protectors: 2,950 CAKE
• Lottery, NFT Market, Profile & Factory: 113,292 CAKE
• CAKE Domain (Space ID): 3,203 CAKE
• Total April Burn: 1,494,292 CAKE

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Increasing the Value of CAKE Tokens

By seeing eight consecutive months of negative net burn data, PancakeSwap demonstrated their commitment to reducing CAKE supply and realizing the concept of “ultrasound CAKE.” 

This has the potential to increase the value of the CAKE token in the long term. As a user, you can continue to follow PancakeSwap's developments and contribute to CAKE burning through trading, staking and using other products on their platform.

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How to Buy Crypto with Bittime

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Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

Also Read:

Get to know BNB Auto-Burn and how it works

Understanding Injective Burn Auction (INJ) and its Mechanisms

BNB Foundation Conducts 27th BNB Token Burn Worth $1.17 Billion!

DISCLAIMER : This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.