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News

PancakeSwap Takes Hit: $27 Million Lost In Cake’s Recent Announcement

March 6, 2023 - Around 2 mins mins to read

Key Points:

  • PancakeSwap, a decentralized trading platform, has reported that they have conducted a significant burn of CAKE tokens worth around 27 million US dollars (equivalent to 7,153,999 CAKE tokens).
  • PancakeSwap has declared that it is preparing to launch the V3 version of the platform in the first week of April. The upgraded version will come with new features such as airdrops and NFT.
PancakeSwap, a decentralized trading platform, has reported that they have conducted a significant burn of CAKE tokens worth around 27 million US dollars (equivalent to 7,153,999 CAKE tokens).
PancakeSwap Takes Hit

The burn was executed using fees accumulated from various operations, including trades, lotteries, NFT market, and prediction markets. The company has not provided any official source to back up this claim.

Moreover, PancakeSwap has declared that it is preparing to launch the V3 version of the platform in the first week of April. The upgraded version will come with new features such as airdrops and NFT. Nevertheless, it is crucial to mention that this announcement has not been independently verified, and there is no reliable source to confirm its authenticity.

It is noteworthy that the burning of CAKE tokens is a standard practice in the crypto world, where tokens are taken out of circulation to increase their scarcity, and therefore, their value. PancakeSwap’s move to burn such a massive amount of tokens suggests a commitment to making the token more valuable in the future.

Despite the absence of any verified source for this news, it is advisable to keep an eye on PancakeSwap in the coming weeks as they prepare to release the new version of their platform. PancakeSwap has become increasingly popular in the decentralized finance sector and is expected to continue attracting more users as the crypto market expands.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Annie

Coincu News

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Author

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.
News

PancakeSwap Takes Hit: $27 Million Lost In Cake’s Recent Announcement

Key Points:

  • PancakeSwap, a decentralized trading platform, has reported that they have conducted a significant burn of CAKE tokens worth around 27 million US dollars (equivalent to 7,153,999 CAKE tokens).
  • PancakeSwap has declared that it is preparing to launch the V3 version of the platform in the first week of April. The upgraded version will come with new features such as airdrops and NFT.
PancakeSwap, a decentralized trading platform, has reported that they have conducted a significant burn of CAKE tokens worth around 27 million US dollars (equivalent to 7,153,999 CAKE tokens).
PancakeSwap Takes Hit

The burn was executed using fees accumulated from various operations, including trades, lotteries, NFT market, and prediction markets. The company has not provided any official source to back up this claim.

Moreover, PancakeSwap has declared that it is preparing to launch the V3 version of the platform in the first week of April. The upgraded version will come with new features such as airdrops and NFT. Nevertheless, it is crucial to mention that this announcement has not been independently verified, and there is no reliable source to confirm its authenticity.

It is noteworthy that the burning of CAKE tokens is a standard practice in the crypto world, where tokens are taken out of circulation to increase their scarcity, and therefore, their value. PancakeSwap’s move to burn such a massive amount of tokens suggests a commitment to making the token more valuable in the future.

Despite the absence of any verified source for this news, it is advisable to keep an eye on PancakeSwap in the coming weeks as they prepare to release the new version of their platform. PancakeSwap has become increasingly popular in the decentralized finance sector and is expected to continue attracting more users as the crypto market expands.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Annie

Coincu News

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