Hassan Maishera
The Pancakeswap team told its community via X (formerly Twitter) on Monday that it has burned 8,252,631 CAKE tokens (worth $9 million) this week. The decentralized exchange generated 215k CAKE ($246k) in trading fees for its V2 Swap and Perpetual market, down by 20% from the previous week. Pancakeswap also generated 52k CAKE ($59k) for V3. The Predictions and Lottery markets generated 67k CAKE ($77k) and 33k CAKE ($37k), respectively. The NFT marketplace generated 1.3k CAKE ($2k), up by 72% 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 up by 1% today and is currently trading at $1.153.
