Hassan Maishera
The Pancakeswap team told its community via X on Monday that it has burned 8,851,107 CAKE tokens (worth $26 million) this week. The decentralized exchange generated 62k CAKE ($181k) in trading fees for its V2 Swap and Perpetual market, down by 49% from the previous week. Pancakeswap also generated 79k CAKE ($233k)for V3, up by 13%. The Predictions and Lottery markets generated 45k CAKE ($132k) and 29k CAKE ($86k), respectively. The NFT marketplace generated 200 CAKE ($1k), down by 21% 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 $2.946.
