Hassan Maishera
The Pancakeswap team told its community via Twitter on Tuesday that it has burned 8,730,145 CAKE tokens (worth $12 million) this week. The decentralized exchange generated 203k CAKE ($284k) in trading fees for its V2 Swap and Perpetual market, down by 7% from the previous week. Pancakeswap also generated 80k CAKE ($111k) for V3. The Predictions and Lottery markets generated 114k CAKE ($159k and 27k CAKE ($37k), respectively. The NFT marketplace generated 800 CAKE ($1k), down by 17% 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 1% today and is currently trading at $1.389.
