Hassan Maishera
The Pancakeswap team told its community via Twitter on Tuesday that it has burned 6,939,920 CAKE tokens (worth $22 million) this week. The decentralized exchange generated $579,000 (180k CAKE tokens) in trading fees for its Swap and Perpetual market, up by 32% from the previous week. The Predictions and Lottery markets generated 63k CAKE ($203k) and 23k CAKE ($73k), respectively. The NFT marketplace generated 373 CAKE ($1k), down by 37% 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 1% today and is currently trading at $3.181.
