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Pancakeswap Burns 8,851,107 CAKE Tokens this Week

Twitter icon  •  Published 7 months ago on May 28, 2024  •  Hassan Maishera

The Pancakeswap team told its community via X on Monday that it has burned 8,851,107 CAKE tokens (worth $26 million) this week.

Pancakeswap Burns 8,851,107 CAKE Tokens this Week

The Pancakeswap team told its community via X on Monday that it has burned 8,851,107 CAKE tokens (worth $26 million) this week. The decentralized exchange generated 62k CAKE ($181k) in trading fees for its V2 Swap and Perpetual market, down by 49% from the previous week. Pancakeswap also generated 79k CAKE ($233k)for V3, up by 13%. The Predictions and Lottery markets generated 45k CAKE ($132k) and 29k CAKE ($86k), respectively. The NFT marketplace generated 200 CAKE ($1k), down by 21% 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 $2.946.

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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.