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Pancakeswap Burns 9,155,328 CAKE Tokens this Week

Twitter icon  •  Published 2 days ago on December 31, 2024  •  Hassan Maishera

On Monday, the Pancakeswap team told its community via X that it had burned 9,155,328 CAKE tokens (worth $23 million) this week.

Pancakeswap Burns 9,155,328 CAKE Tokens this Week

On Monday, the Pancakeswap team told its community via X that it had burned 9,155,328 CAKE tokens (worth $23 million) this week. The decentralized exchange generated 209k CAKE ($530k) in trading fees for its V2 Swap and Perpetual market, up 53% from the previous week. Pancakeswap V3 also generated 316k CAKE ($802k), up 160%. The trading fees generated from non-AMMs like Perpetual, Position manager, etc, was 4,095 CAKE ($10.4k)

The Predictions and Lottery markets generated 56k CAKE ($143k) and 28k CAKE ($71k), respectively. The NFT marketplace generated 400 CAKE ($1000), down 13% 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 3% today and is currently trading at $2.464.

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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.