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Pancakeswap Burns 8,936,093 CAKE Tokens this Week

Twitter icon  •  Published vor 2 Monaten  •  Hassan Maishera

On Monday, the Pancakeswap team told its community via X that it had burned 8,936,093 CAKE tokens (worth $16 million) this week.

On Monday, the Pancakeswap team told its community via X that it had burned 8,936,093 CAKE tokens (worth $16 million) this week. The decentralized exchange generated 155k CAKE ($272k) in trading fees for its V2 Swap and Perpetual market, up 3% from the previous week. Pancakeswap also generated 76k CAKE ($134k), down 41%. 

Furthermore, trading fees generated from non-AMM companies, such as perpetual, position manager, etc., were 57 CAKE ($0.6k), up 23% from the previous week. The Predictions and Lottery markets generated 74k CAKE ($131k) and 28k CAKE ($50k), respectively. The NFT marketplace generated 100 CAKE ($200), down 14% 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 2% today and is currently trading at $1.720.

 

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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.