Hassan Maishera
The Pancakeswap team told its community via X on Monday that it has burned 8,905,798 CAKE tokens (worth $23 million) this week. The decentralized exchange generated 109k CAKE ($285k) in trading fees for its V2 Swap and Perpetual market, up by 16% from the previous week. Pancakeswap also generated 137k CAKE ($359k) for V3, up by 26%. The Predictions and Lottery markets generated 54k CAKE ($141k) and 32k CAKE ($85k), respectively. The NFT marketplace generated 800 CAKE ($2k), down by 23% 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 4% today and is currently trading at $2.565.
