A multichain DEX PancakeSwap has recently announced a token burn event. As per the platform, the respective episode takes into account the burning of up to 9,039,859 $CAKE tokens with a value of up to $16 million. The company took to the social media platform X to disclose further details of this development.

🔥 9,039,859 $CAKE just burned – that’s $16M!💰 Trading fees (AMM V2): 89k CAKE ($156k) +9%💰 Trading fees (AMM V3): 71k CAKE ($124k) -50%💰 Trading fees (Non-AMM like Perpetual, Position manager etc): 0.3k CAKE ($k) -27%🔮 Prediction: 82k CAKE ($143k) +30%🎟️ Lottery: 31k… pic.twitter.com/bl5YK83W4V

— PancakeSwap v4｜ETHCC 🇧🇪 (@PancakeSwap) July 8, 2024

PancakeSwap Commences a Token Burn of up to 9,039,859 $CAKE Tokens

In its recent X post, the firm revealed that this burn event works as a part of PancakeSwap’s broader efforts. According to the platform, the current endeavors thereof focus on minimizing the $CAKE token’s supply and increasing its value. Apart from that, the post also offered insights into the trading fees. Additionally, it also discussed the activity across diverse sections of the platform.

In terms of trading fees, PancakeSwap noted that trading fees from Automated Market Maker V2 accounted for 89,000 $CAKE tokens. These coins had a value of up to $156,000, denoting a more than 9% change from the previous week. Nonetheless, trading fees from Automated Maker V3 accounted for nearly 71,000 $CAKE coins. This figure equaled the value of up to $124,000, signifying a change of -50% from the previous week.

Diverse Revenue Streams of the Platform See Significant Spikes

On the other hand, the Non-AMM trading fees (including position manager, perpetual, and so on) accounted for 300 $CAKE. This figure accounts for approximately $527 in terms of value, representing a -27% change from the previous week. Along with that Prediction Market accounted for 82,000 $CAKE of $143,000 worth, specifying a +30% change from the previous week.

Lottery accounted for 31,000 $CAKE with $54,000 worth, showing a +29% change from the previous week. Moreover, NFTs accounted for 400 $CAKE (equaling $1,000), indicating a +62% change from the previous week. These substantial surges signify the potential of PancakeSwap for diverse revenue streams.