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. 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.
