Hassan Maishera
The Pancakeswap team told its community via X (formerly Twitter) on Monday that it has burned 8,906,421 CAKE tokens (worth $11 million) this week. The decentralized exchange generated 236k CAKE ($287k) in trading fees for its V2 Swap and Perpetual market, down by 19% from the previous week. Pancakeswap also generated 49k CAKE ($60k) for V3. The Predictions and Lottery markets generated 65k CAKE ($80k) and 27k CAKE ($33k), respectively. The NFT marketplace generated 6k CAKE ($1k), down by 29% 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 5% today and is currently trading at $1.156.
