Hassan Maishera
The Pancakeswap team told its community via Twitter on Tuesday that it has burned 8,924,462 CAKE tokens (worth $15 million) this week. The decentralized exchange generated 344k CAKE ($588,000) in trading fees for its V2 Swap and Perpetual market, up by 163% from the previous week. Pancakeswap also generated 49k CAKE ($85k) for V3. The Predictions and Lottery markets generated 100k CAKE ($171k) and 31k CAKE ($53k), respectively. The NFT marketplace generated 1k CAKE ($2k), up by 15% 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 8% today and is currently trading at $1.575.
