Hassan Maishera
The Pancakeswap team told its community via X (formerly Twitter) on Monday that it has burned 9,000,841 CAKE tokens (worth $19 million) this week. The decentralized exchange generated 187k CAKE ($397k) in trading fees for its V2 Swap and Perpetual market, up by 40% from the previous week. Pancakeswap also generated 102k CAKE ($217k) for V3, up by 56%. The Predictions and Lottery markets generated 46k CAKE ($98k) and 28k CAKE ($60k), respectively. The NFT marketplace generated 5k CAKE ($1k), down by 13% 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 by 2% today and is currently trading at $2.252.
