Hassan Maishera
The Pancakeswap team told its community via Twitter on Tuesday that it has burned 7,059,088 CAKE tokens (worth $29 million) this week. The decentralized exchange generated $673,000 (164k CAKE tokens) in trading fees for its Swap and Perpetual market, up by 24% from the previous week. The Predictions and Lottery markets generated 66k CAKE ($272k) and 35k CAKE ($145k), respectively. The NFT marketplace generated 462 CAKE ($2k), up by 143% 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 down by 2% today and is currently trading at $4.003.
