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Pancakeswap Burned $56 Million Worth Of CAKE Tokens

Twitter icon  •  Published 2 years ago  •  Hassan Maishera

The Pancakeswap team announced via a tweet on Monday that it had burned over 6.6 million CAKE tokens (approximately $56 million).

The Pancakeswap team announced via a tweet on Monday that it had burned over 6.6 million CAKE tokens (approximately $56 million). In addition to the token burn, the team also generated $3 million in trading fees, up by 42% from the previous 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 by less than 1% so far today and is currently trading at $8.29.

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.