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Pancakeswap Burns 9,022,220 CAKE Tokens this Week

Twitter icon  •  Published 2 months ago  •  Hassan Maishera

On Monday, the Pancakeswap team told its community via X that it had burned 9,022,220 CAKE tokens (worth $18 million) this week.

On Monday, the Pancakeswap team told its community via X that it had burned 9,022,220 CAKE tokens (worth $18 million) this week. The decentralized exchange generated 167k CAKE ($330k) in trading fees for its V2 Swap and Perpetual market, up 8% from the previous week. Pancakeswap also generated 83k CAKE ($165k), up 9%. 

Furthermore, trading fees generated from non-AMM companies, such as perpetual, position manager, etc., were 10,955 CAKE ($21.7k), up 2,968% from the previous week. The Predictions and Lottery markets generated 68k CAKE ($135k) and 31k CAKE ($61k), respectively. The NFT marketplace generated 200 CAKE ($300), up 64% 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 $2.043.

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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.