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Pancakeswap Burns 9,039,859 CAKE Tokens this Week

Twitter icon  •  Published 6 months ago on July 9, 2024  •  Hassan Maishera

The Pancakeswap team told its community via X on Monday that it has burned 9,039,859 CAKE tokens (worth $16 million) this week.

Pancakeswap Burns 9,039,859 CAKE Tokens this Week

The Pancakeswap team told its community via X on Monday that it has burned 9,039,859 CAKE tokens (worth $16 million) this week. The decentralized exchange generated 89k CAKE ($156k) in trading fees for its V2 Swap and Perpetual market, up 9% from the previous week. Pancakeswap also generated 71k CAKE ($124k), down by 50%. The Predictions and Lottery markets generated 82k CAKE ($143k) and 31k CAKE ($54k), respectively. The NFT marketplace generated 400 CAKE ($1k), up 69% 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 by 2% today and is currently trading at $1.809.

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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.