Hassan Maishera
The Pancakeswap team told its community via X (formerly Twitter) on Monday that it has burned 9,096,154 CAKE tokens (worth $20 million) this week. The decentralized exchange generated 126k CAKE ($279k in trading fees for its V2 Swap and Perpetual market, down by 40% from the previous week. Pancakeswap also generated 89k CAKE ($197k) for V3. The Predictions and Lottery markets generated 45k CAKE ($100k) and 28k CAKE ($62k), respectively. The NFT marketplace generated 6k CAKE ($1k), down by 31% 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 down by 4% today and is currently trading at $2.193.
