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Pancakeswap Burns 8,905,798 CAKE Tokens this Week

Twitter icon  •  Published 2 months ago  •  Hassan Maishera

The Pancakeswap team told its community via X on Monday that it has burned 8,905,798 CAKE tokens (worth $23 million) this week.

The Pancakeswap team told its community via X on Monday that it has burned 8,905,798 CAKE tokens (worth $23 million) this week. The decentralized exchange generated 109k CAKE ($285k) in trading fees for its V2 Swap and Perpetual market, up by 16% from the previous week. Pancakeswap also generated 137k CAKE ($359k) for V3, up by 26%. The Predictions and Lottery markets generated 54k CAKE ($141k) and 32k CAKE ($85k), respectively. The NFT marketplace generated 800 CAKE ($2k), down by 23% 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 4% today and is currently trading at $2.565.

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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.