Hassan Maishera
The Pancakeswap team told its community via Twitter on Tuesday that it has burned 8,123,327 CAKE tokens (worth $16 million) this week. The decentralized exchange generated $381,000 (199k CAKE tokens) in trading fees for its Swap and Perpetual market, down by 3% from the previous week. The Predictions and Lottery markets generated 105k CAKE ($201k) and 25k CAKE ($48k), respectively. The NFT marketplace generated 745 CAKE ($1k), down by 15% 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 2% today and is currently trading at $1.872.
