Hassan Maishera
The Pancakeswap team told its community via Twitter on Tuesday that it has burned 8,142,266 CAKE tokens (worth $13 million) this week. The decentralized exchange generated 173k CAKE ($266k) in trading fees for its V2 Swap and Perpetual market, down by 15% from the previous week. Pancakeswap also generated 58k CAKE ($89k) for V3. The Predictions and Lottery markets generated 74k CAKE ($114k) and 39k CAKE ($60k), respectively. The NFT marketplace generated 79k CAKE ($111k), up 2% 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 $1.548.
