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Pancakeswap Burns 8,820,499 CAKE Tokens this Week

Twitter icon  •  Published 5 months ago on July 16, 2024  •  Hassan Maishera

The Pancakeswap team told its community via X on Monday that it has burned 8,820,499 CAKE tokens (worth $17 million) this week.

Pancakeswap Burns 8,820,499 CAKE Tokens this Week

The Pancakeswap team told its community via X on Monday that it has burned 8,820,499 CAKE tokens (worth $17 million) this week. The decentralized exchange generated 76k CAKE ($151k) in trading fees for its V2 Swap and Perpetual market, down 14% from the previous week. Pancakeswap also generated 115k CAKE ($228k), up 62%. The Predictions and Lottery markets generated 71k CAKE ($141k) and 24k CAKE ($48k), respectively. The NFT marketplace generated 2,000 CAKE ($3k), up 24% 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 4% today and is currently trading at $2.054.

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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.