Hassan Maishera
The Pancakeswap team told its community via X (formerly Twitter) on Monday that it has burned 13,234,231 CAKE tokens (worth $16 million) this week. The decentralized exchange generated 233k CAKE ($283k) in trading fees for its V2 Swap and Perpetual market, up by 8% from the previous week. Pancakeswap also generated 38k CAKE ($47k) for V3. The Predictions and Lottery markets generated 76k CAKE ($92k) and 43k CAKE ($52k), respectively. The NFT marketplace generated 1.2k CAKE ($1k), down by 13% 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 4% today and is currently trading at $1.240.
