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. 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.
