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. 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.
