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Pancakeswap Burns 6.7 Million CAKE Tokens This Week

Share on X icon · Published 4 years ago on June 14, 2022 · Hassan Maishera

The Pancakeswap team told its community via Twitter on Monday that it has burned 6,770,615 CAKE tokens (worth $22 million) this week.

Pancakeswap Burns 6.7 Million CAKE Tokens This Week

The Pancakeswap team told its community via Twitter on Monday that it has burned 6,770,615 CAKE tokens (worth $22 million) this week. The decentralized exchange generated $1 million (247k CAKE tokens) in trading fees for its Spot and Perpetual market and $6k (2k CAKE tokens) from its NFT marketplace. The Predictions and Lottery markets generated 130k CAKE ($425k) and 37k CAKE ($122k), respectively. 

PancakeSwap is a BNB Chain-based decentralized exchange (DEX) with an automated market maker (AMM) model for swapping BEP-20 tokens. CAKE is down by more than 11% today and is currently trading at $3.222.

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Hassan Maishera
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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