Hassan Maishera
The Pancakeswap team told its community via X (formerly Twitter) on Monday that it has burned 8,628,169 CAKE tokens (worth $10 million) this week. The decentralized exchange generated 216k CAKE ($251k) in trading fees for its V2 Swap and Perpetual market, down by 7% from the previous week. Pancakeswap also generated 80k CAKE ($93k) for V3. The Predictions and Lottery markets generated 58k CAKE ($67k) and 29k CAKE ($34k), respectively. The NFT marketplace generated 6k CAKE ($1k), down by 50% 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 2% today and is currently trading at $1.157.
