Hassan Maishera
The Pancakeswap team told its community via X on Monday that it has burned 8,820,499 CAKE tokens (worth $17 million) this week. The decentralized exchange generated 76k CAKE ($151k) in trading fees for its V2 Swap and Perpetual market, down 14% from the previous week. Pancakeswap also generated 115k CAKE ($228k), up 62%. The Predictions and Lottery markets generated 71k CAKE ($141k) and 24k CAKE ($48k), respectively. The NFT marketplace generated 2,000 CAKE ($3k), up 24% 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 4% today and is currently trading at $2.054.
