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. 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.
