Hassan Maishera
The Pancakeswap team told its community via Twitter on Tuesday that it has burned 8,543,018 CAKE tokens (worth $13 million) this week. The decentralized exchange generated 154k CAKE ($231k) in trading fees for its V2 Swap and Perpetual market, down by 5% from the previous week. Pancakeswap also generated 47k CAKE ($70k) for V3. The Predictions and Lottery markets generated 94k CAKE ($142k) and 33k CAKE ($49k), respectively. The NFT marketplace generated 9k CAKE ($1k), up 32% 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 $1.519.
