The teams behind PancakeSwap have recently made an announcement about a major token-burning activity. The decentralized exchange (DEX) has reportedly burned millions worth of CAKE tokens prior to the launch of V3.

CAKE Tokens Burning 

The officials have confirmed that they have reportedly burned a total of 7,153,999 CAKE tokens. The total valuation of the burned tokens stands at around $27 million.

The burning activity has been carried out prior to the launch of the V3 protocol that is scheduled to take place in April 2023.

It was on Monday when the official Twitter account of the DEX was used to make the announcement regarding the recent burn.

The teams also confirmed how they were able to accumulate so many CAKE tokens in the first place. As communicated, these tokens were collected from the marketplaces for non-fungible tokens, lotteries, predictions, and trading fees.

Multiple mediums were involved in the accumulation of the CAKE tokens.

PancakeSwap has confirmed that they are all set for launching the V3 for their protocol in April of 2023. They will be doing it in the first week of the particular month.

Although it is quite exciting news for the entire PancakeSwap and CAKE community, some community members have not shied away from sharing their displeasure.

Some of the community members have reportedly shared their concerns pertaining to the CAKE tokens’ price action. They are not happy with the way the price of the token has acted recently.

Airdrop Announced by PancakeSwap

The PancakeSwap teams have also announced the launch of an airdrop prior to the launch of the V3 upgrade.

For the upgrade, the teams were excited to share that it would be offering the users very competitive trading fees. The users will gain access to improved liquidity provisioning and they will have access to competitive trading incentives.

The protocol will also aim to enhance the interaction experience of the users by offering them an advanced utility. With the integration of the upgrade, the users will gain access to yield farming.

The V3 upgrade will be taking place in the form of a major migration for the entire protocol. The teams behind the development of the upgrade do not want to treat the moment as something common or usual.

They have decided to celebrate the event and for this purpose, they have announced the launch of an airdrop. As per the officials, the particular airdrop is going to be worth $135,000.

This means that throughout the airdrop, the users will have access to accumulating CAKE tokens with a top limit of $135,000.

A Major Portion is dedicated to Existing Users

According to the officials, they have decided to dedicate the majority of the funds for the airdrop for the existing users.

They want to incentivize them for their loyalty and for this purpose, they have allotted $105,000 worth of CAKE tokens just for them.

As for the remainder of the airdrop amount, $30,000 worth of CAKE tokens has been allotted for the new users on the protocol.

The firm has confirmed that there are also eligibility criteria that the users must meet for the airdrop. The users seeking eligibility must have invested at least $500 through the liquidity pools.

NFT for the Eligible Users

In addition to the CAKE tokens, the airdrop will also carry the non-fungible tokens. The winners of the airdrop will also gain access to the NFTs as a reward for their participation.

The protocol has gone all out when it comes to launching the V3 protocol. They want to make it one of the largest events they are going to host and want the users to benefit the most.

The teams have also clarified that the users who get their hands on the non-fungible tokens will not be able to transfer or sell them on other wallets.