Back to News

Pancakeswap Burns 6,721,328 CAKE Tokens This Week

Twitter icon  •  Published 1 year ago  •  Hassan Maishera

The Pancakeswap team told its community via Twitter on Monday that it has burned 6,721,328 CAKE tokens (worth $26 million) this week.

The Pancakeswap team told its community via Twitter on Monday that it has burned 6,721,328 CAKE tokens (worth $26 million) this week. The decentralized exchange generated $1 million (287k CAKE tokens) in trading fees for its Swap and Perpetual market and $9k (5k CAKE tokens) from its NFT marketplace. The Predictions and Lottery markets generated 91k CAKE ($349k) and 32k CAKE ($121k), 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 6% today and is currently trading at $4.107.

Author

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.