Hassan Maishera
On Monday, the Pancakeswap team told its community via X that it had burned 9,065,577 CAKE tokens (worth $22 million) this week. The decentralized exchange generated 137k CAKE ($328k) in trading fees for its V2 Swap and Perpetual market, up 8% from the previous week. Pancakeswap V3 also generated 121k CAKE ($292k), down 33%.
The Predictions and Lottery markets generated 65k CAKE ($157k)and 27k CAKE ($64k), respectively. The NFT marketplace generated 200 CAKE ($400), down 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 5.5% today and is currently trading at $2.512.
