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Pancakeswap Burns 10,166,225 CAKE Tokens This Week

Twitter icon  •  Published 2 years ago on December 27, 2023  •  Hassan Maishera

The Pancakeswap team told its community via X (formerly Twitter) on Tuesday that it has burned 10,166,225 CAKE tokens (worth $34 million) this week.

Pancakeswap Burns 10,166,225 CAKE Tokens This Week

The Pancakeswap team told its community via X (formerly Twitter) on Tuesday that it has burned 10,166,225 CAKE tokens (worth $34 million) this week. The decentralized exchange generated 132k CAKE ($438k) in trading fees for its V2 Swap and Perpetual market, down by 29% from the previous week. Pancakeswap also generated 79k CAKE ($260k)) for V3, down by 23%. The Predictions and Lottery markets generated 34k CAKE ($112k) and 35k CAKE ($116k), respectively. The NFT marketplace generated 5k CAKE ($2k), up by 6% 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 by 14% today and is currently trading at $3.322.

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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.

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