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Pancakeswap Burns 9,139,213 CAKE Tokens this Week

Twitter icon  •  Published 1 month ago  •  Hassan Maishera

On Monday, the Pancakeswap team told its community via X that it had burned 9,139,213 CAKE tokens (worth $18 million) this week.

On Monday, the Pancakeswap team told its community via X that it had burned 9,139,213 CAKE tokens (worth $18 million) this week. The decentralized exchange generated 178k CAKE ($341k) in trading fees for its V2 Swap and Perpetual market, up 4% from the previous week. Pancakeswap also generated 141k CAKE ($271k), up 59%. 

The Predictions and Lottery markets generated 58k CAKE ($111k) and 29k CAKE ($56k), respectively. The NFT marketplace generated 100 CAKE ($200), down 91% 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 4% today and is currently trading at $1.849.

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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.