Hassan Maishera
The Pancakeswap team told its community via Twitter on Tuesday that it has burned 8,419,320 CAKE tokens (worth $12 million) this week. The decentralized exchange generated 53k CAKE ($79k) in trading fees for its V2 Swap and Perpetual market, down by 52% from the previous week. Pancakeswap also generated 40k CAKE ($59k) for V3. The Predictions and Lottery markets generated 81k CAKE ($121k) and 29k CAKE ($42k), respectively. The NFT marketplace generated 8k CAKE ($1k), down by 33% 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 $1.476.
