Hassan Maishera
The Pancakeswap team told its community via X on Monday that it has burned 9,039,859 CAKE tokens (worth $16 million) this week. The decentralized exchange generated 89k CAKE ($156k) in trading fees for its V2 Swap and Perpetual market, up 9% from the previous week. Pancakeswap also generated 71k CAKE ($124k), down by 50%. The Predictions and Lottery markets generated 82k CAKE ($143k) and 31k CAKE ($54k), respectively. The NFT marketplace generated 400 CAKE ($1k), up 69% 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 $1.809.
