Hassan Maishera
The Pancakeswap team told its community via X (formerly Twitter) on Monday that it has burned 8,710,165 CAKE tokens (worth $11 million) this week. The decentralized exchange generated 208k CAKE ($259k) in trading fees for its V2 Swap and Perpetual market, up by 9% from the previous week. Pancakeswap also generated 77k CAKE ($96k) for V3. The Predictions and Lottery markets generated 77k CAKE ($96k) and 38k CAKE ($47k), respectively. The NFT marketplace generated 5k CAKE ($1k), down by 33% 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 1% today and is currently trading at $1.243.
