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Pancakeswap Burns $23 Million Worth Of CAKE Tokens

Twitter icon  •  Published 4 years ago on July 19, 2022  •  Hassan Maishera

The Pancakeswap team told its community via Twitter on Monday that it has burned 6,708,159 CAKE tokens (worth $23 million) this week.

Pancakeswap Burns $23 Million Worth Of CAKE Tokens

The Pancakeswap team told its community via Twitter on Monday that it has burned 6,708,159 CAKE tokens (worth $23 million) this week. The decentralized exchange generated $730k (212k CAKE tokens) in trading fees for its Spot and Perpetual market and $5k (2k CAKE tokens) from its NFT marketplace. The Predictions and Lottery markets generated 136k CAKE ($468k) and 33k CAKE ($114k), respectively. 

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 more than 2% today and is currently trading at $3.390.

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Hassan Maishera Senior Reporter

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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