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Pancakeswap Burns 8,886,563 CAKE Tokens This Week

Twitter icon  •  Published 2 years ago on September 5, 2023  •  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.

Pancakeswap Burns 8,886,563 CAKE Tokens This Week

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.

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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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