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Pancakeswap Burns 9,031,092 CAKE Tokens this Week

Twitter icon  •  Published 1 hour ago  •  Hassan Maishera

On Monday, the Pancakeswap team told its community via X that it had burned 9,031,092 CAKE tokens (worth $26 million) this week.

On Monday, the Pancakeswap team told its community via X that it had burned 9,031,092 CAKE tokens (worth $26 million) this week. The decentralized exchange generated 131k CAKE ($381k) in trading fees for its V2 Swap and Perpetual market, down 41% from the previous week. Pancakeswap also generated 219k CAKE ($637k), up 4%. Finally, the fees generated from Non-AMM like Perpetual, Position manager, etc) were 4,587 CAKE ($13.3k), up 805%. 

The Predictions and Lottery markets generated 54k CAKE ($158k) and 30k CAKE ($88k, respectively. The NFT marketplace generated 200 CAKE ($600), up 340% 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 3% today and is currently trading at $2.775.

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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.