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Pancakeswap Burns 8,589,242 CAKE Tokens this Week

Twitter icon  •  Published 2ヶ月前  •  Hassan Maishera

The Pancakeswap team told its community via X on Monday that it has burned 8,589,242 CAKE tokens (worth $18 million) this week.

The Pancakeswap team told its community via X on Monday that it has burned 8,589,242 CAKE tokens (worth $18 million) this week. The decentralized exchange generated 82k CAKE ($176k) in trading fees for its V2 Swap and Perpetual market, down 44% from the previous week. Pancakeswap also generated 144k CAKE ($309k), up by 82%. The Predictions and Lottery markets generated 63k CAKE ($136k) and 33k CAKE ($69k), respectively. The NFT marketplace generated 300 CAKE ($1k), down 89% 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 by 2% today and is currently trading at $2.112.

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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.