Hassan Maishera
On Monday, the Pancakeswap team told its community via X that it had burned 9,022,220 CAKE tokens (worth $18 million) this week. The decentralized exchange generated 167k CAKE ($330k) in trading fees for its V2 Swap and Perpetual market, up 8% from the previous week. Pancakeswap also generated 83k CAKE ($165k), up 9%.
Furthermore, trading fees generated from non-AMM companies, such as perpetual, position manager, etc., were 10,955 CAKE ($21.7k), up 2,968% from the previous week. The Predictions and Lottery markets generated 68k CAKE ($135k) and 31k CAKE ($61k), respectively. The NFT marketplace generated 200 CAKE ($300), up 64% 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 2% today and is currently trading at $2.043.
