Hassan Maishera
The Pancakeswap team told its community via X on Monday that it has burned 8,951,793 CAKE tokens (worth $18 million) this week. The decentralized exchange generated 84k CAKE ($174k) in trading fees for its V2 Swap and Perpetual market, up 11% from the previous week. Pancakeswap also generated 94k CAKE ($193k), down 18%. The Predictions and Lottery markets generated 61k CAKE ($125k) and 29k CAKE ($60k), respectively. The NFT marketplace generated 300 CAKE (13k), up 9% 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 3% today and is currently trading at $1.994.
