Hassan Maishera
The Pancakeswap team told its community via X (formerly Twitter) on Monday that it has burned 8,927,136 CAKE tokens (worth $10 million) this week. The decentralized exchange generated 191k CAKE ($219k) in trading fees for its V2 Swap and Perpetual market, down by 14% from the previous week. Pancakeswap also generated 51k CAKE ($58k) for V3. The Predictions and Lottery markets generated 69k CAKE ($80k) and 29k CAKE ($34k), respectively. The NFT marketplace generated 7k CAKE ($800), up 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 up by 5% today and is currently trading at $1.203.
