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. 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.
