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Pancakeswap Burns 7,213,070 CAKE Tokens This Week

Twitter icon  •  Published 2 years ago on April 18, 2023  •  Hassan Maishera

The Pancakeswap team told its community via Twitter on Tuesday that it has burned 7,213,070 CAKE tokens (worth $26 million) this week.

Pancakeswap Burns 7,213,070 CAKE Tokens This Week

The Pancakeswap team told its community via Twitter on Tuesday that it has burned 7,213,070 CAKE tokens (worth $26 million) this week. The decentralized exchange generated $449,000 (124k CAKE tokens) in trading fees for its Swap and Perpetual market, down by 19% from the previous week. The Predictions and Lottery markets generated 67k CAKE ($234k) and 35k CAKE ($127k), respectively. The NFT marketplace generated 417 CAKE ($2k), down by 41% 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 1% today and is currently trading at $3.588.

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Author

Hassan Maishera

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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