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Pancakeswap Burns 9,497,984 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 9,497,984 CAKE tokens (worth $25 million) this week.

On Monday, the Pancakeswap team told its community via X that it had burned 9,497,984 CAKE tokens (worth $25 million) this week. The decentralized exchange generated 184k CAKE ($549k) in trading fees for its V2 Swap and Perpetual market, up 40% from the previous week. Pancakeswap also generated 221k CAKE ($658k), up 1%. Finally, the fees generated from Non-AMM like Perpetual, Position manager, etc) were 278 CAKE ($0.8k), down 94%. 

The Predictions and Lottery markets generated 49k CAKE ($148k) and 25k CAKE ($74k), respectively. The NFT marketplace generated 100 CAKE ($200), down 68% 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 9% today and is currently trading at $3.263.

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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.