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Pancakeswap Burns 9,092,771 CAKE Tokens this Week

Twitter icon  •  Published 2 weeks ago  •  Hassan Maishera

On Monday, the Pancakeswap team told its community via X that it had burned 9,092,771 CAKE tokens (worth $15 million) this week.

On Monday, the Pancakeswap team told its community via X that it had burned 9,092,771 CAKE tokens (worth $15 million) this week. The decentralized exchange generated 232k CAKE ($378k) in trading fees for its V2 Swap and Perpetual market, up 25% from the previous week. Pancakeswap also generated 132k CAKE ($215k), up 15%. Finally, the fees generated from Non-AMM like Perpetual, Position manager, etc) were 246 CAKE ($0.4k).

The Predictions and Lottery markets generated 68k CAKE ($111k) and 28k CAKE ($45k), respectively. The NFT marketplace generated 100 CAKE ($100), down 28% 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% today and is currently trading at $1.61.

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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.