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Pancakeswap Burns 8,587,275 CAKE Tokens this Week

Twitter icon  •  Published vor 1 Monat on December 9, 2024  •  Hassan Maishera

On Monday, the Pancakeswap team told its community via X that it had burned 8,587,275 CAKE tokens (worth $34 million) this week.

Pancakeswap Burns 8,587,275 CAKE Tokens this Week

On Monday, the Pancakeswap team told its community via X that it had burned 8,587,275 CAKE tokens (worth $34 million) this week. The decentralized exchange generated 108k CAKE ($425k) in trading fees for its V2 Swap and Perpetual market, down 41% from the previous week. Pancakeswap also generated 151k CAKE ($592k), down 31%.

The Predictions and Lottery markets generated 45k CAKE ($176k) and 28k CAKE ($111k), respectively. The NFT marketplace generated 200 CAKE ($600), up 133% 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 19.5% today and is currently trading at $3.359.

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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.