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Pancakeswap Burns 8,670,969 CAKE Tokens This Week

Twitter icon  •  Published 2 years ago on August 29, 2023  •  Hassan Maishera

The Pancakeswap team told its community via X (formerly Twitter) on Monday that it has burned 8,670,969 CAKE tokens (worth $11 million) this week.

Pancakeswap Burns 8,670,969 CAKE Tokens This Week

The Pancakeswap team told its community via X (formerly Twitter) on Monday that it has burned 8,670,969 CAKE tokens (worth $11 million) this week. The decentralized exchange generated 107k CAKE ($134k) in trading fees for its V2 Swap and Perpetual market, down by 1% from the previous week. Pancakeswap also generated 75k CAKE ($95k) for V3. The Predictions and Lottery markets generated 67k CAKE ($84k) and 27k CAKE ($34k), respectively. The NFT marketplace generated 7k CAKE ($1k), down by 4% 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 less than 1% today and is currently trading at $1.269.

 

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Hassan Maishera

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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