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Pancakeswap Burns 8,977,246 CAKE Tokens this Week

Twitter icon  •  Published vor 1 Woche on January 7, 2025  •  Hassan Maishera

On Monday, the Pancakeswap team told its community via X that it had burned 8,977,246 CAKE tokens (worth $25 million) this week.

Pancakeswap Burns 8,977,246 CAKE Tokens this Week

On Monday, the Pancakeswap team told its community via X that it had burned 8,977,246 CAKE tokens (worth $25 million) this week. The decentralized exchange generated 144k CAKE ($406k) in trading fees for its V2 Swap and Perpetual market, down 31% from the previous week. Pancakeswap V3 also generated 116k CAKE ($326k), down 63%. The trading fees generated from non-AMMs like Perpetual, Position manager, etc, was 94 CAKE ($0.3k).

The Predictions and Lottery markets generated 42k CAKE ($117k) and 26k CAKE ($73k, respectively. The NFT marketplace generated 100 CAKE ($400), down 66% 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 1.5% today and is currently trading at $2.770.

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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.