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Pancakeswap Burns 8,898,610 CAKE Tokens this Week

Twitter icon  •  Published 4 months ago on August 27, 2024  •  Hassan Maishera

The Pancakeswap team told its community via X on Monday that it has burned 8,898,610 CAKE tokens (worth $18 million) this week.

Pancakeswap Burns 8,898,610 CAKE Tokens this Week

The Pancakeswap team told its community via X on Monday that it has burned 8,898,610 CAKE tokens (worth $18 million) this week. The decentralized exchange generated 195k CAKE ($386k) in trading fees for its V2 Swap and Perpetual market, up 92% from the previous week. Pancakeswap also generated 65k CAKE ($129k), down 32%. The Predictions and Lottery markets generated 68k CAKE ($134k) and 29k CAKE ($58k), respectively. The NFT marketplace generated 200 CAKE ($300), up 18% 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 1% today and is currently trading at $1.961.

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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.