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Pancakeswap Burns 8,889,897 CAKE Tokens this Week

Twitter icon  •  Published há 1 mês  •  Hassan Maishera

On Monday, the Pancakeswap team told its community via X that it had burned 8,889,897 CAKE tokens (worth $16 million) this week.

On Monday, the Pancakeswap team told its community via X that it had burned 8,889,897 CAKE tokens (worth $16 million) this week. The decentralized exchange generated 173k CAKE ($314k) in trading fees for its V2 Swap and Perpetual market, down 3% from the previous week. Pancakeswap also generated 82k CAKE ($149k), down 42%. Finally, the fees generated from Non-AMM like Perpetual, Position manager, etc) were 8,328 CAKE ($15.1k).

The Predictions and Lottery markets generated 57k CAKE ($103k) and 27k CAKE ($50k), respectively. The NFT marketplace generated 900 CAKE ($1,700), up 715% 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 2% today and is currently trading at $1.901.

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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.