Hassan Maishera
On Monday, the Pancakeswap team told its community via X that it had burned 8,990,496 CAKE tokens (worth $18 million) this week. The decentralized exchange generated 159k CAKE ($315k) in trading fees for its V2 Swap and Perpetual market, down 32% from the previous week. Pancakeswap also generated 125k CAKE ($248k), down 5%.
The Predictions and Lottery markets generated 73k CAKE ($145k) and 28k CAKE ($56k). The NFT marketplace generated 100 CAKE ($200), up 7% 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 6% today and is currently trading at $2.111.
