PancakeSwap published its burn report for the month of September, showcasing its accomplishments in reducing the supply of native token CAKE.
Coin burning is one of the most sought-after events in the crypto space as it exerts a significant deflationary pressure on the asset and raises hopes for an upward swing in its value.its burn report for the month of September, showcasing the protocol’s accomplishments in reducing the supply of native token CAKE.removed about 1.8 million CAKE tokens out of circulation in September. Adjusted against newly minted tokens, PancakeSwap recorded a net mint of -23,618 CAKE.
It remains to be seen if CAKE could replicate something on those lines in the future.At the time of writing, PancakeSwap was the second-largest DEX, registering traders worth nearly $200 million in the last 24 hours, according toHowever, volumes have steadily fallen in recent months, as shown below. Since the memecoin frenzy in May which drove a record number of users to the DEX, trading activity slipped lower with each passing month.
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