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. 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.
