Hassan Maishera
The Pancakeswap team told its community via Twitter on Monday that it has burned 7,128,288 CAKE tokens (worth $27 million) this week. The decentralized exchange generated $709,000 (190k CAKE tokens) in trading fees for its Swap and Perpetual market, down by 8% from the previous week. The Predictions and Lottery markets generated 86k CAKE ($320k) and 33k CAKE ($86k), respectively. The NFT marketplace generated 546 CAKE ($2k), up by 9% 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 4% today and is currently trading at $3.578.
