Hassan Maishera
On Monday, the Pancakeswap team told its community via X that it had burned 8,587,275 CAKE tokens (worth $34 million) this week. The decentralized exchange generated 108k CAKE ($425k) in trading fees for its V2 Swap and Perpetual market, down 41% from the previous week. Pancakeswap also generated 151k CAKE ($592k), down 31%.
The Predictions and Lottery markets generated 45k CAKE ($176k) and 28k CAKE ($111k), respectively. The NFT marketplace generated 200 CAKE ($600), up 133% 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 19.5% today and is currently trading at $3.359.
