PancakeSwap Burns Tokens Worth $27M Before V3 Launch

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.

Source: BeInCrypto

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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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