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Pancakeswap Burns 8,990,496 CAKE Tokens this Week

Twitter icon  •  Published 1 month ago on November 12, 2024  •  Hassan Maishera

On Monday, the Pancakeswap team told its community via X that it had burned 8,990,496 CAKE tokens (worth $18 million) this week.

Pancakeswap Burns 8,990,496 CAKE Tokens this Week

On Monday, the Pancakeswap team told its community via X that it had burned 8,990,496 CAKE tokens (worth $18 million) this week. The decentralized exchange generated 159k CAKE ($315k) in trading fees for its V2 Swap and Perpetual market, down 32% from the previous week. Pancakeswap also generated 125k CAKE ($248k), down 5%.

The Predictions and Lottery markets generated 73k CAKE ($145k) and 28k CAKE ($56k). The NFT marketplace generated 100 CAKE ($200), up 7% 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 6% today and is currently trading at $2.111.

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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.