The Fairest Launch Ever
Fortunately, the chef is not going to burn out nor fade away. Instead, he has committed to burn some CAKE to celebrate the 1-day anniversary of PancakeSwap.
Can you smell the pancakes burning? Very likely not (if so, please check your kitchen ASAP)!
The expected burn amount will represent roughly 9.09% of the total supply. The burn transaction (from the BSCscan explorer) will be shared once it is completed.
The celebration has started and the pancakes are flipping. (#CAKEburn)
After 24 hours of live activity, here are some stats about PancakeSwap that are stickier than any sort of delicious syrup:
RANK 1 ON BSCSCAN.COM FOR EVERY METRIC!
⁃ CAKE had more than 6,250+ unique users, with 570+ unique addresses currently holding it.
⁃ SYRUP now represents more than 40% of the CAKE circulating supply.
⁃ CAKE was the most transacted token on BSC with over 87,500+ transactions. WBNB ranked second (over the same period) with less than 30,000 transactions.
⁃ More than one CAKE transaction has occurred every second since the launch.
⁃ Staking CAKE to SYRUP cost less than $0.08 on average.
Why did this project have a development fund?
The chef allocated 9.09% of the total CAKE issuance to a wallet to reward development activity work.
So far, it has accumulated more than 121,000 CAKE, representing ~ 9.09% of the total supply of CAKE/SYRUP.
Why does the chef want to burn the development fund?
To make the launch of PancakeSwap as fair as possible for market participants, this burn mechanism prevents the dev team from obtaining many CAKE tokens: the burn effectively makes the development team own 0 CAKE.
As it happened with projects like SushiSwap, one person securing control over a sizable amount can lead to incidents and distort incentives for developers.
No need to panic, though! The treasury fund is still active to cover potential expenses like future audits to make your new favorite exchange more secure! The chef turned on the switch to start collecting 0.03% of all swap transactions for future expenses.
Will the chef burn more?
Yes, the chef will continue to periodically burn all the funds (#CAKEburn) collected for the development fund.
Is this approach decentralized? Not at all, but it allows the CAKE token supply to decrease, ultimately benefiting all token holders fairly.
We have put an amendment through in the CAKE smart contract to replace the dev address with the burn address at 0x000000000000000000000000000000000000000, so that all future dev funds are automatically sent to this address and burned straight away. You can find the amendment here. As we have a 6 hour time-lock in place, this amendment will be able to be executed at around 2:30 AM SGT.
Wanted to be more involved in future governance? No need to throw your CAKE tokens to the trash, though! The chef is now building the community governance portal to allow future control of these decisions to make PancakeSwap more community-driven.
Additional crumbs
- Is PancakeSwap The Next Big DeFi Food Farm? — CoinGape
- A Guide to PancakeSwap — Binance Academy
- How to Earn, Farm and Stake CAKE on PancakeSwap with Trust Wallet
- Listed on BCSscan yield farms
Stack’em!
