Hassan Maishera
The Pancakeswap team told its community via Twitter on Tuesday that it has burned 7,176,570 CAKE tokens (worth $23 million) this week. The decentralized exchange generated $505,000 (157k CAKE tokens) in trading fees for its Swap and Perpetual market, up by 26% from the previous week. The Predictions and Lottery markets generated 65k CAKE ($210k) and 23k CAKE ($73k), respectively. The NFT marketplace generated 441 CAKE ($1k), up by 6% 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 15% today and is currently trading at $2.792.
