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Pancakeswap Burns 9,201,869 CAKE Tokens this Week

Twitter icon  •  Published 1 day ago  •  Hassan Maishera

On Monday, the Pancakeswap team told its community via X that it had burned 9,201,869 CAKE tokens (worth $18 million) this week.

On Monday, the Pancakeswap team told its community via X that it had burned 9,201,869 CAKE tokens (worth $18 million) this week. The decentralized exchange generated 219k CAKE ($418k) in trading fees for its V2 Swap and Perpetual market, up 38% from the previous week. Pancakeswap also generated 210k CAKE ($402k), up 68%. Finally, the fees generated from Non-AMM like Perpetual, Position manager, etc) were 507 CAKE ($1.0k).

The Predictions and Lottery markets generated 71k CAKE ($137k) and 30k CAKE ($58k), respectively. The NFT marketplace generated 100 CAKE ($100), down 49% 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 1% today and is currently trading at $1.933.

 

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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.