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Pancakeswap Burns 8,826,196 CAKE Tokens This Week

Twitter icon  •  Published 2 years ago on July 4, 2023  •  Hassan Maishera

The Pancakeswap team told its community via Twitter on Tuesday that it has burned 8,826,196 CAKE tokens (worth $14 million) this week.

Pancakeswap Burns 8,826,196 CAKE Tokens This Week

The Pancakeswap team told its community via Twitter on Tuesday that it has burned 8,826,196 CAKE tokens (worth $14 million) this week. The decentralized exchange generated 311k CAKE ($498k) in trading fees for its V2 Swap and Perpetual market, up by 80% from the previous week. Pancakeswap also generated 59k CAKE ($95k) for V3. The Predictions and Lottery markets generated 94k CAKE ($151k) and 28k CAKE ($45k), respectively. The NFT marketplace generated 1.6k CAKE ($3k), up 32% 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 $1.585.

 

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Hassan Maishera

Hassan is a Nigeria-based financial content creator that has invested in many different blockchain projects, including Bitcoin, Ether, Stellar Lumens, Cardano, VeChain and Solana. He currently works as a financial markets and cryptocurrency writer and has contributed to a large number of the leading FX, stock and cryptocurrency blogs in the world.

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