PancakeSwap has burned 7,153,999 CAKE tokens as the decentralized exchange (DEX) prepares for the V3 launch scheduled in April.
The DEX tweeted on Monday that it burned a total of $27 million worth of CAKE tokens. The protocol collected these tokens through various mediums such as trading fees, predictions, lottery, and non-fungible token (NFT) marketplace.
PancakeSwap also announced upgrading to V3 from the first week of April 2023. But, some community members have expressed displeasure with the poor price-action of CAKE.
PancakeSwap Announces $135,000 Airdrop
In a medium article, the DEX claims that V3 will bring competitive trading fees, trading incentives, improved liquidity provisioning, and yield farming experience. It has also announced a $135,000 worth of airdrop in CAKE tokens to celebrate its migration.
Out of the total airdrop amount, $105,000 is allotted to incentivize the existing users. At the same time, the protocol has planned to reward new users with the remaining $30,000. Users who provide liquidity of a minimum of $500 in specified liquidity pools are eligible for the airdrop.
PancakeSwap will also airdrop an NFT to the winners, along with CAKE tokens. But, the NFT will be non-transferable to any other wallets.
Despite the positive developments in the project, the price of the CAKE token has been down by 1.38% in the past 24 hours. It is down 91% from an all-time high of $44. According to DefiLlama, it has over $2.48 billion in Total Value Locked.
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BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.
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