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Pancakeswap Burns 8,087,324 CAKE Tokens This Week

Twitter icon  •  Published 3 years ago on June 13, 2023  •  Hassan Maishera

The Pancakeswap team told its community via Twitter on Tuesday that it has burned 8,087,324 CAKE tokens (worth $11 million) this week.

Pancakeswap Burns 8,087,324 CAKE Tokens This Week

The Pancakeswap team told its community via Twitter on Tuesday that it has burned 8,087,324 CAKE tokens (worth $11 million) this week. The decentralized exchange generated 218k CAKE ($297k) in trading fees for its V2 Swap and Perpetual market, down by 37% from the previous week. Pancakeswap also generated 55k CAKE ($76k) for V3. The Predictions and Lottery markets generated 100k CAKE ($136k) and 39k CAKE ($53k), respectively. The NFT marketplace generated 1k CAKE ($1k), down by 17% 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 2% today and is currently trading at $1.373.

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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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