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Pancakeswap Burns 6,991,501 CAKE Tokens This Week

Share on X icon · Published 3 years ago on March 14, 2023 · Hassan Maishera

The Pancakeswap team told its community via Twitter on Monday that it has burned 7,070,534 CAKE tokens (worth $27 million) this week.

Pancakeswap Burns 6,991,501 CAKE Tokens This Week

The Pancakeswap team told its community via Twitter on Monday that it has burned 7,070,534 CAKE tokens (worth $27 million) this week. The decentralized exchange generated $510,000 (134k CAKE tokens) in trading fees for its Swap and Perpetual market, down by 47% from the previous week. The Predictions and Lottery markets generated 86k CAKE ($329k) and 24k CAKE ($91k), respectively. The NFT marketplace generated 422 CAKE ($2k), down by 25% 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 3% today and is currently trading at $3.798.

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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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