PancakeSwap: The total amount of CAKE decreased by 0.189% in March, marking the seventh consecutive month of deflation

Decentralized exchange PancakeSwap released its CAKE token burn report for March. The data shows that as of April 2nd, PancakeSwap successfully burned 0.189% of the total supply of CAKE in March, marking the seventh consecutive month of decline in the total amount of CAKE.

The report points out that PancakeSwap achieved a net minting volume of -731,042 CAKE in March, which means more tokens were destroyed than minted during the month. The total number of CAKE minted in March was 1,058,264 tokens mainly from farms, CAKESyrupPool and other product uses while a total destruction volume reached 1,789,306 tokens primarily from transaction fees, prediction markets and NFT markets etc.