Back to News

Pancakeswap Burns 8,159,935 CAKE Tokens This Week

Twitter icon  •  Published 1 year ago  •  Hassan Maishera

The Pancakeswap team told its community via Twitter on Tuesday that it has burned 8,159,935 CAKE tokens (worth $14 million) this week.

The Pancakeswap team told its community via Twitter on Tuesday that it has burned 8,159,935 CAKE tokens (worth $14 million) this week. The decentralized exchange generated $230,000 (131k CAKE tokens) in trading fees for its V2 Swap and Perpetual market, down by 54% from the previous week. Pancakeswap also generated 74k CAKE ($131k) for V3. The Predictions and Lottery markets generated 126k CAKE ($221k) and 39k CAKE ($68k), respectively. The NFT marketplace generated 1k CAKE ($2k), up by 7% 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 $1.715.

Next article Bitcoin Slips Below $63K as China Eases Stimulus Plans

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.