PancakeSwap burns 8.5 million CAKE: In a strategic move, PancakeSwap burned 8.5 million CAKE tokens, equivalent to 34 million USD. This initiative aims to reduce the token supply, thus enhancing the value of CAKE. Such token burns are pivotal in creating a deflationary effect within the market.

Impact on decentralized finance: PancakeSwap’s burn signifies its commitment to stabilizing its token economy. By decreasing supply, the platform expects increased demand for CAKE, benefiting its DeFi services like token swaps and liquidity provision, reinforcing its influence in the ecosystem.