Hassan Maishera
The Pancakeswap team told its community via X (formerly Twitter) on Monday that it has burned 8,886,563 CAKE tokens (worth $11 million) this week. The decentralized exchange generated 292k CAKE ($361k) in trading fees for its V2 Swap and Perpetual market, up by 174% from the previous week. Pancakeswap also generated 72k CAKE ($89k) for V3. The Predictions and Lottery markets generated 67k CAKE ($83k) and 37k CAKE ($45k), respectively. The NFT marketplace generated 9k CAKE ($1k), up 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 less than 1% today and is currently trading at $1.236.
