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Pancakeswap Burns 6,783,974 CAKE Tokens This Week

Twitter icon  •  Published 3 years ago on December 20, 2022  •  Hassan Maishera

The Pancakeswap team told its community via Twitter on Monday that it has burned 6,783,974 CAKE tokens (worth $23 million) this week.

Pancakeswap Burns 6,783,974 CAKE Tokens This Week

The Pancakeswap team told its community via Twitter on Monday that it has burned 6,783,974 CAKE tokens (worth $23 million) this week. The decentralized exchange generated $484,000 (141k CAKE tokens) in trading fees for its Swap and Perpetual market. The Predictions and Lottery markets generated 76k CAKE ($261k) and 35k CAKE ($121k), respectively. The NFT marketplace generated 2,171 CAKE ($7k). The Pancakeswap IFO also generated 6k CAKE ($21k) 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 1% today and is currently trading at $3.441.

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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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