According to BlockBeats, PancakeSwap, a decentralized exchange, has released its CAKE token burn report for March. The data reveals that by April 2nd, PancakeSwap had successfully destroyed 0.189% of the total supply of CAKE tokens in March, marking the seventh consecutive month of a decrease in the total amount of CAKE.
The report indicates that PancakeSwap achieved a net minting amount of -731,042 CAKE in March, implying that the number of tokens destroyed in the month exceeded the number minted. The total number of CAKE tokens minted in March was 1,058,264, primarily from farms, CAKE Syrup Pool, and other product uses. The total number of tokens destroyed reached 1,789,306, mainly from transaction fees, prediction markets, and the NFT market.
From September 2023 to March 2024, the cumulative net minting amount of CAKE reached -2,103,059, maintaining a deflationary trend.