Hassan Maishera
The Pancakeswap team told its community via Twitter on Tuesday that it has burned 8,222,066 CAKE tokens (worth $11 million) this week. The decentralized exchange generated 108k CAKE ($141k in trading fees for its V2 Swap and Perpetual market, up by 103% from the previous week. Pancakeswap also generated 37k CAKE ($48k) for V3. The Predictions and Lottery markets generated 66k CAKE ($86k) and 36k CAKE ($47k), respectively. The NFT marketplace generated 7k CAKE ($1k), down by 3% 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 3% today and is currently trading at $1.269.
