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Pancakeswap Burns 8,928,831 CAKE Tokens this Week

Twitter icon  •  Published há 1 mês  •  Hassan Maishera

On Monday, the Pancakeswap team told its community via X that it had burned 8,928,831 CAKE tokens (worth $15 million) this week.

On Monday, the Pancakeswap team told its community via X that it had burned 8,928,831 CAKE tokens (worth $15 million) this week. The decentralized exchange generated 150k CAKE ($247k) in trading fees for its V2 Swap and Perpetual market, down 15% from the previous week. Pancakeswap also generated 129k CAKE ($212k), down 17%. 

Furthermore, trading fees generated from non-AMM companies, such as perpetual, position manager, etc., were 290 CAKE ($0.5k), down 19% from the previous week. The Predictions and Lottery markets generated 59k CAKE ($97k) and 27k CAKE ($44k), respectively. The NFT marketplace generated 100 CAKE ($200), down 1% 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 3.3% today and is currently trading at $1.685.

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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.