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Pancakeswap Burns 8,864,331 CAKE Tokens this Week

Twitter icon  •  Published 1 year ago on August 6, 2024  •  Hassan Maishera

The Pancakeswap team told its community via X on Monday that it has burned 8,864,331 CAKE tokens (worth $12 million) this week.

Pancakeswap Burns 8,864,331 CAKE Tokens this Week

The Pancakeswap team told its community via X on Monday that it has burned 8,864,331 CAKE tokens (worth $12 million) this week. The decentralized exchange generated 97k CAKE ($130k) in trading fees for its V2 Swap and Perpetual market, down 31% from the previous week. Pancakeswap also generated 206k CAKE ($276k), up 97%. The Predictions and Lottery markets generated 72k CAKE ($96k) and 28k CAKE ($37k), respectively. The NFT marketplace generated 200 CAKE ($300), down 16% 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 13% today and is currently trading at $1.497.

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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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