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Pancakeswap Burns 7,070,534 CAKE Tokens This Week

Twitter icon  •  Published 3 years ago on February 7, 2023  •  Hassan Maishera

The Pancakeswap team told its community via Twitter on Tuesday that it has burned 7,070,534 CAKE tokens (worth $31 million) this week.

Pancakeswap Burns 7,070,534 CAKE Tokens This Week

The Pancakeswap team told its community via Twitter on Tuesday that it has burned 7,070,534 CAKE tokens (worth $31 million) this week. The decentralized exchange generated $791,000 (182k CAKE tokens) in trading fees for its Swap and Perpetual market, up by 11% from the previous week. The Predictions and Lottery markets generated 67k CAKE ($290k) and 38k CAKE ($168k), respectively. The NFT marketplace generated 730 CAKE ($3k), up by 58% 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 $4.483.

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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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