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Pancakeswap Burns 8,951,793 CAKE Tokens this Week

Twitter icon  •  Published 2 years ago on July 23, 2024  •  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.

Pancakeswap Burns 8,951,793 CAKE Tokens this Week

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.

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Hassan Maishera

Hassan is a Nigeria-based financial content creator that has invested in many different blockchain projects, including Bitcoin, Ether, Stellar Lumens, Cardano, VeChain and Solana. He currently works as a financial markets and cryptocurrency writer and has contributed to a large number of the leading FX, stock and cryptocurrency blogs in the world.

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