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Pancakeswap Burns 8,941,503 CAKE Tokens this Week

Twitter icon  •  Published il y a 3 jours  •  Hassan Maishera

On Monday, the Pancakeswap team told its community via X that it had burned 8,941,503 CAKE tokens (worth $19 million) this week.

On Monday, the Pancakeswap team told its community via X that it had burned 8,941,503 CAKE tokens (worth $19 million) this week. The decentralized exchange generated 170k CAKE ($354k) in trading fees for its V2 Swap and Perpetual market, up 2% from the previous week. Pancakeswap also generated 89k CAKE ($186k), up 7%. 

Furthermore, trading fees generated from non-AMM companies, such as perpetual, position manager, etc., were 253 CAKE ($0.5k), down 98% from the previous week. The Predictions and Lottery markets generated 53k CAKE ($110k) and 27k CAKE ($56k), respectively. The NFT marketplace generated 1.2k CAKE ($2.5k), up 607% from last week.

PancakeSwap is a BNB Chain-based decentralized exchange (DEX) with an automated market maker (AMM) model for swapping BEP-20 tokens. CAKE is down 1% today and is currently trading at $2.060.

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Author

Hassan Maishera

Hassan is a Nigeria-based financial content creator that has invested in many different blockchain projects, including Bitcoin, Ether, Stellar Lumens, Cardano, VeChain and Solana. He currently works as a financial markets and cryptocurrency writer and has contributed to a large number of the leading FX, stock and cryptocurrency blogs in the world.