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Pancakeswap Burns 8,419,320 CAKE Tokens This Week

Share on X icon · Published 3 years ago on August 15, 2023 · 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.

Pancakeswap Burns 8,419,320 CAKE Tokens This Week

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.

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Hassan Maishera
Hassan Maishera Senior Reporter

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.

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