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Pancakeswap Burns 10,068,711 CAKE Tokens this Week

Twitter icon  •  Published för 2 månader sedan  •  Hassan Maishera

The Pancakeswap team told its community via X on Tuesday that it has burned 10,068,711 CAKE tokens (worth $23 million) this week.

The Pancakeswap team told its community via X on Tuesday that it has burned 10,068,711 CAKE tokens (worth $23 million) this week. The decentralized exchange generated 94k CAKE ($213k) in trading fees for its V2 Swap and Perpetual market, down 16% from the previous week. Pancakeswap also generated 123k CAKE ($279k), down by 10%. The Predictions and Lottery markets generated 61k CAKE ($138k) and 23k CAKE ($53k), respectively. The NFT marketplace generated 1000 CAKE ($2k), up by 37% 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 up by 1% today and is currently trading at $2.293.

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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.