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Pancakeswap Burns 8,180,543 CAKE Tokens This Week

Twitter icon  •  Published 1 year ago on January 3, 2024  •  Hassan Maishera

The Pancakeswap team told its community via X (formerly Twitter) on Monday that it has burned 8,180,543 CAKE tokens (worth $29 million) this week.

Pancakeswap Burns 8,180,543 CAKE Tokens This Week

The Pancakeswap team told its community via X (formerly Twitter) on Monday that it has burned 8,180,543 CAKE tokens (worth $29 million) this week. The decentralized exchange generated 124k CAKE ($443k) in trading fees for its V2 Swap and Perpetual market, down by 6% from the previous week. Pancakeswap also generated 128k CAKE ($457k for V3, up by 63%. The Predictions and Lottery markets generated 35k CAKE ($125k) and 25k CAKE ($88k)), respectively. The NFT marketplace generated 7k CAKE ($3k), up by 42% 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 $3.537.

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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.

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