In a recent announcement, PancakeSwap, a decentralized exchange built on Binance Smart Chain (BSC), has burned a staggering 6,991,501 CAKE tokens, which is equivalent to $27 million. The news has caused a stir in the cryptocurrency market, and investors are eagerly awaiting the impact of this event.

The token burn event is a regular occurrence in the world of cryptocurrencies, where a certain percentage of the tokens in circulation are destroyed to reduce the total supply. In PancakeSwap’s case, the token burn is a deflationary measure designed to increase the value of its native token, CAKE, and protect it from inflation.

According to the tweet by PancakeSwap, the token burn includes various revenue streams generated by the platform. The trading fees from swap and perpetual contracts contributed the most to the burn, with 134k CAKE tokens worth $510k, representing a decrease of 47% from the previous week. The prediction market contributed 86k CAKE tokens worth $329k, an increase of 3% from the previous week. The lottery contributed 24k CAKE tokens worth $91k, representing a decrease of 32% from the previous week. The NFT market, profile, and factory contributed 422 CAKE tokens worth $2k, a decrease of 25% from the previous week.

The token burn is expected to have a positive impact on the value of CAKE, as it reduces the total supply of the token, making it scarcer and more valuable. PancakeSwap’s popularity has been growing in recent months, with the exchange gaining traction due to its low transaction fees and high liquidity. The exchange has been successful in attracting investors from other platforms such as Uniswap, which has led to a surge in the value of its native token.

PancakeSwap’s token burn event is a sign of its commitment to the long-term growth of its platform and the value of its native token. The deflationary measure is expected to help maintain the token’s value and protect it from inflation, making it a more attractive investment option for cryptocurrency traders and investors.

In conclusion, PancakeSwap’s token burn event has caused a stir in the cryptocurrency market, with investors eagerly awaiting the impact of the event. The deflationary measure is expected to increase the value of CAKE and protect it from inflation, making it a more attractive investment option for cryptocurrency traders and investors.

Read more: https://azcoinnews.com/pancakeswap-destroys-over-27m-worth-of-cake-tokens-in-latest-burn-event.html

#pancakeswap #cake #Binance #BTC #burn

Subtitle: Salmonation for Indonesia (SUI) Prepares for the Be-One Chain Mainnet Launch Amid Global Market Uncertainty

In the face of an unpredictable crypto market and challenging macroeconomic conditions, Salmonation for Indonesia (SUI) remains steadfast in its mission to develop the Be-One Chain - Indonesia's first high-security, high-performance DeFi blockchain.

Ahead of the mainnet launch, the Salmonation development team has taken several crucial steps to ensure a seamless transition for the Salmonation token ($SUI) from the Binance Smart Chain (BSC) to the Be-One blockchain. With a current market capitalization nearing $1 million, $SUI is set to become a native coin on the Be-One Chain.

Initially launched on Binance Smart Chain (BSC) on March 17, 2022, the $SUI token has seen a promising surge in interest. Its holders have nearly doubled in the past month, signaling strong investor confidence despite lingering market turbulence. As a token with a fair launch approach, $SUI has garnered this support without relying on presale participants.

In response to growing community curiosity about the future of the $SUI token post-mainnet, PT SUI CEO Meidy Salmon has outlined two potential options for the locked 50 percent supply of Salmonation tokens:

Transfer the tokens to the bridge protocol and convert them into Be-One Coin (BOC), subsequently locking the supply in FunDex as liquidity for One Token – a utility token for projects built on the Be-One blockchain.

Burn the SUI tokens and exchange them for native Be-One Chain coins (One Token) that will continue to function as liquidity for the asset's price and market value.

Salmon assures that the latter option eliminates the risk of system leaks, which have been known to occur within bridge protocols.

As the mainnet launch approaches, Salmonation's focus also shifts towards forging strategic partnerships, particularly with venture capital firms interested in investing in blockchain technology. These investments will not involve coins but will be centered on technological advancements.

Post-mainnet, Salmonation will explore listing the digital asset on centralized exchanges (CEX), though it is not a top priority during the initial mainnet phase. With their commitment to innovation and strong community support, the future of the $SUI token and the Be-One Chain looks promising.

#salmonation #Binance #pancakeswap #DeFi #burn

Although CAKE's NFT space saw a dip, sales rose. Market indices and metrics continue to favor the bears. Recently, PancakeSwap presented a new proposal, which is presently up for voting. A new Syrup Pool being formed with Ternoa is the subject of the new plan.

A layer 1 blockchain infrastructure called Ternoa was created to support widespread NFT adoption. The plan calls for PancakeSwap to allow users to stake CAKE tokens in exchange for CAPS tokens. Along with the CAPS Syrup Pool, PancakeSwap will offer a CAPS-BNB farm. According to the idea, there will be 7,000,000 CAPS in total, and the distribution period would last 90 days. This Syrup Pool will have no CAKE cap and allow for unlimited CAKE staking. #pancakeswap