Hassan Maishera
The Pancakeswap team told its community via X on Monday that it has burned 8,699,996 CAKE tokens (worth $23 million) this week. The decentralized exchange generated 81k CAKE ($212k) in trading fees for its V2 Swap and Perpetual market, down by 31% from the previous week. Pancakeswap also generated 49k CAKE ($127k) for V3, down by 70%. The Predictions and Lottery markets generated 47k CAKE ($124k) and 32k CAKE ($83k), respectively. The NFT marketplace generated 200 CAKE ($1k), down by 26% 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 2% today and is currently trading at $2.586.
