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Pancakeswap Burns 8,502,679 CAKE Tokens This Week

Share on X icon · Published 3 years ago on July 25, 2023 · Hassan Maishera

The Pancakeswap team told its community via Twitter on Tuesday that it has burned 8,502,679 CAKE tokens (worth $13 million) this week.

Pancakeswap Burns 8,502,679 CAKE Tokens This Week

The Pancakeswap team told its community via Twitter on Tuesday that it has burned 8,502,679 CAKE tokens (worth $13 million) this week. The decentralized exchange generated 170k CAKE ($256k) in trading fees for its V2 Swap and Perpetual market, up by 8% from the previous week. Pancakeswap also generated 60k CAKE ($91k) for V3. The Predictions and Lottery markets generated 88k CAKE ($133k) and 37k CAKE ($55k), respectively. The NFT marketplace generated 1.0k CAKE ($2k), down by 14% 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 4% today and is currently trading at $1.486.

 

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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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