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. 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.
