Changpeng Zhao (CZ) Reacts to PancakeSwap’s CAKE Token Burn

Changpeng Zhao (CZ), the founder and former CEO of the Binance crypto exchange, has responded to PancakeSwap burning over 330,000 CAKE tokens.

On Monday, PancakeSwap provided insights into its net burn update for the week, detailing the number of CAKE tokens minted and burned.

Weekly CAKE Stats:

CAKE Burned

• AMM V2: 136k CAKE ($342k)
• AMM V3: 358k CAKE ($904k)
• Other Sources (Prediction, Perpetual, etc.): 75k CAKE ($189k)

CAKE Minted and Allocated

• AMM V2: 78k CAKE ($196k)
• AMM V3: 117k CAKE ($295k)
• Other Sources (Lottery, CAKE pool, etc.): 35k…

According to the update, PancakeSwap burned a total of 569,000 CAKE tokens, worth around $1.44 million. This burn resulted from trading fees from AMM V2 and V3. In total, PancakeSwap minted and allocated 230,000 CAKE tokens worth about $526,000 over the past week.

After subtracting the burned tokens from the minted ones, PancakeSwap recorded a net deflation of 339,000 CAKE. This permanent removal suggests a 0.12% reduction in supply, equating to a current value of $800,040 at the exchange rate of $2.36.

Binance CZ Reacts

Changpeng Zhao, the former CEO of Binance, reacted positively to the recent token burn, emphasizing that it’s ‘always good to see deflation’ in the crypto realm.

Ongoing CAKE Burn Campaign

CAKE is the native token of PancakeSwap. The multi-chain DEX employs trading fees from AMM V2 and V3 to facilitate token burns. Previously, only the burned CAKE amount was disclosed weekly, but the latest updates also included minted tokens.

This improved reporting style provides a clearer understanding of net CAKE deflation, showing users how many tokens are permanently removed from circulation each week.

Following the latest burn, CAKE’s total supply stands at 372,497,738 (372.49 million), with 289,339,855 (289.34 million) currently in circulation. As of press time, CAKE’s value dropped by 10.89% over the past 24 hours to $2.36, a slight decrease of 0.70% in the past week.