Hassan Maishera
The Pancakeswap team told its community via X on Monday that it has burned 9,007,896 CAKE tokens (worth $23 million) this week. The decentralized exchange generated 120k CAKE ($313k) in trading fees for its V2 Swap and Perpetual market, up by 48% from the previous week. Pancakeswap also generated 70k CAKE ($183k) for V3, up by 45%. The Predictions and Lottery markets generated 50k CAKE ($130k) and 24k CAKE ($61k), respectively. The NFT marketplace generated 300 CAKE ($1k), up by 27% 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 6% today and is currently trading at $2.781.
