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

While it may have been created only in 2020, Shiba Inu – a decentralized cryptocurrency that operates on the Ethereum blockchain – has already gained a significant following because of its catchy dog-themed branding and low transaction fees. In fact, Shiba Inu is the second-biggest meme coin, and it has an enthusiastic community known as the “SHIB Army.”

One of the most significant developments in the Shiba Inu ecosystem is the Shiba Inu Burn initiative, whose main objective is to limit supply of the coins in circulation, create scarcity, and force an increase in the token’s price.

Shiba Inu: Burning Milestone

A total of 2 billion SHIB tokens have been burned since Thursday morning, a remarkable feat for the SHIB Army.

With around 590 trillion SHIB in circulation, the overall goal of the ecosystem is to reduce the supply and increase the demand for SHIB tokens. This scarcity ultimately forces a price increase, making the SHIB token more valuable to investors.

However, the increase in burn rate has not lifted the price of the meme coin. At the time of writing, SHIB was trading at $0.00001008, down 11.00% in the last seven days.

SHIB has lost 30% of its price in the last 30 days, up 7% from its bi-weekly figure, according to data from crypto market tracker Coingecko.

In the last 24 hours, the meme coin has shed nearly 9% of its value as a result of the negativity surrounding the broader crypto market, data shows.

Shibarium Beta Launch This Week

Meanwhile, Shibarium, the rapid layer-2 upgrade for the SHIB ecosystem, is kicking off.

On Thursday, the Shiba Inu development team announced that a beta testnet, or a blockchain that mimics real-world functioning, is scheduled to be live this week. Users have been advised to keep an eye out for more information on how to access the Beta version.

Thousands of developers and proponents of SHIB have shown their support for the Shibarium protocol. As interest in SHIB tokens accelerates, it is anticipated that the number of coins purchased will likewise soar.

Members of the Shiba Inu community are now enthusiastic about the impending network expansion.

Significantly, the launch might substantially strengthen Shiba’s fundamentals as the “Dogecoin Killer” strives to become a more serious project instead of just being content about its meme coin status.

#shibainu #shibarium #burn #koinmilyoner #buildtogether

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

Token burning involves removing a digital asset from circulation indefinitely and reducing its supply. But how does this work in practice?

Burning cryptocurrencies and NFTs is similar to burning cash or artwork, but the process is a bit more complicated than lighting a match.

But why would a crypto project want to destroy its own tokens? There are many reasons for this, and we will explore them.

What is token burning?

What does burning a token actually mean? Burning a digital asset involves sending tokens to a location from which they can never be recovered. These are also known as burn addresses, which effectively remove digital assets from circulation by locking them up forever.

A burning address is a digital wallet that cannot be accessed because it does not have a private key. Like a lock without a keyhole. Burning addresses are sometimes called "eater addresses".

Sending tokens to a burn address effectively removes the digital asset from the entire supply. That way, no one will have access to it, so no one can trade with it.

Burning tokens can also lead to an increase in the price of tokens that are still in circulation. The price of an asset can be understood as the relationship between supply and demand. If there is less of an asset available to investors than there is demand for it, the asset will become more valuable. See for example Bitcoin, of which there will be a total of 21 million available. On the other hand, if there is plenty of stock and enough to satisfy demand, the price of the asset often falls. An example is the Shiba Inu, which has an infinite amount of tokens, which can also be seen in its price.

By reducing the supply of tokens, burning tokens can create an imbalance with demand, which generally moves the price of the token upwards due to the increased scarcity of the asset.

Why is it necessary to burn tokens?

Occasionally, crypto projects burn their tokens in much the same way that companies buy back their shares, absorbing the cost of the shares. For this reason, projects burning tokens can even be interpreted as positive news, but they do not always have an immediate impact on prices.

This is because some token burns have been automated so that they happen regularly. But it also happens that they are released much earlier, so they are actually priced at the value that the token was trading at long before the burn. But it is also possible that other news related to digital assets has a greater influence on its price movement.

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#crypto #crypto101 #cryptocurrency #burn #SHIB

SHIB price slides despite burn rate drawing close to 40,000% for second time this week

Shiba Inu (SHIB) may be seeing a mild slump in its price at this time, but it is showcasing unique strength in other areas that define its network strength. The second largest meme coin by market capitalization is seeing a parabolic upshot in its burn rate, a showcase of a healthy network.

SHIB burn rate almost 40,000%

According to data from Shibburn, Shiba Inu's burn rate recorded 3,8986.28% growth over the past 24 hours. One surprising revelation from this milestone is that the SHIB token burn rate is seeing such massive growth for the second time this week, as reported earlier by U.Today.

Image Source: Shibburn

Effectively, more than 1.69 billion SHIB tokens were sent to dead wallets this time, a figure somewhat lower than the two billion tokens burnt earlier in the week. The active wallet that helped burn the token was responsible for more than 95% of the total tokens burnt at this time.

The burn rate has a major role in determining the positivity of the Shiba Inu network; however, with one address accounting for the majority of the recorded figures, the network's health appears questionable.

Inherent price outlookW

ith a burn rate that has crossed more than 75,000% cumulative for the week, the price outlook has remained rather on the bearish side. At the time of writing, the SHIB token is changing hands at a price of $0.000009954, down by 0.74% over the past 24 hours. For the week, the meme coin is also down by 3.43%.

With the erratic rally the digital currency ecosystem has recorded over the past week, SHIB actually lost one zero in what is classified as one of the most ambitious moves for this year. Shiba Inu may be slow in its growth, but we can say it has been largely consistent since it was first introduced.

source: u.today

mage source: ai

#shibainu #burn #SHIB #dyor #crypto2023

Disclaimer

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Ethereum is one of the most important projects in the cryptocurrency world, and a recent update has brought significant changes that will shape the future of ETH. This update, known as Ethereum Improvement Proposal 1159 (EIP-1159), has fundamentally changed the fee model of the network. In this article, we will learn more about Ethereum's burning process and the future of burning rate. #ether

Ethereum Burning Process:

EIP-1159 was integrated into the Ethereum network on August 5, 2021. This update introduced a variable base fee for each transaction, which adjusts based on the current demand for block space. However, it also brought another significant change: transaction fees are now burned, effectively removed from circulation. The burning process involves sending the transaction fees to an unusable wallet. This process enhances the deflationary feature of the Ethereum network. #Ethereum

Ether Burning and Supply Reduction:

The burning process continuously reduces the Ethereum supply. The amount of Ether burned in each transaction varies depending on demand. The burning amount increases in proportion to the increase in transaction fees. For example, on a Sunday, it was reported that a total of 3,680.57 Ether worth $6,881,195 was burned from Ethereum transactions. This represents a significant amount of Ether being removed from circulation and reducing the supply. #ETH $ETH

Future Ether Burning Rate:

As part of the Ethereum 2.0 update, the annual issuance rate of Ether is expected to decrease to 0.5-1%. When this happens, it is predicted that the burning rate of Ether will exceed the token issuance rate. In other words, as transaction volume and base fees increase on the Ethereum network, more Ether will be burned, leading to further supply reduction. This indicates that Ether will become a deflationary currency. #burn

In Summary:

EIP-1159 update for Ethereum brought a significant milestone by changing the fee model of the network. The burning process reduces the Ether supply continuously, creating a deflationary economy. In the future, with the Ethereum 2.0 update, it is expected that the burning rate of Ether will surpass the token issuance rate. This implies a reduction in Ethereum's supply and potentially an increase in the value of Ether.