Pancakeswap Burns 6,992,717 CAKE Tokens This Week

Twitter icon  •  Published 2 weeks ago  •  Hassan Maishera

The Pancakeswap team told its community via Twitter on Tuesday that it has burned 6,992,717 CAKE tokens (worth $27 million) this week.

The Pancakeswap team told its community via Twitter on Tuesday that it has burned 6,992,717 CAKE tokens (worth $27 million) this week. The decentralized exchange generated $816,000 (212k CAKE tokens) in trading fees for its Swap and Perpetual market, up by 68% from the previous week. The Predictions and Lottery markets generated 61k CAKE ($236k) and 36k CAKE ($138k), respectively. The NFT marketplace generated 1,134 CAKE ($4k), up by 13% 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 8% today and is currently trading at $4.152.

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.

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