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Pancakeswap Burns 8,989,683 CAKE Tokens this Week

Twitter icon  •  Published 1 year ago on December 17, 2024  •  Hassan Maishera

On Monday, the Pancakeswap team told its community via X that it had burned 8,989,683 CAKE tokens (worth $30 million) this week.

Pancakeswap Burns 8,989,683 CAKE Tokens this Week

On Monday, the Pancakeswap team told its community via X that it had burned 8,989,683 CAKE tokens (worth $30 million) this week. The decentralized exchange generated 127k CAKE ($417k) in trading fees for its V2 Swap and Perpetual market, up 17% from the previous week. Pancakeswap also generated 181k CAKE ($594k), up 19%.

The Predictions and Lottery markets generated 54k CAKE ($178k) and 32k CAKE ($105k), respectively. The NFT marketplace generated 200 CAKE ($600), up 20% 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 2.5% today and is currently trading at $3.242.

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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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