Hassan Maishera
The Pancakeswap team told its community via X (formerly Twitter) on Monday that it has burned 9,170,886 CAKE tokens (worth $22 million) this week. The decentralized exchange generated 133k CAKE ($322k) in trading fees for its V2 Swap and Perpetual market, down by 22% from the previous week. Pancakeswap also generated 66k CAKE ($159k) for V3, down by 31%. The Predictions and Lottery markets generated 37k CAKE ($90k) and 30k CAKE ($73k), respectively. The NFT marketplace generated 6k CAKE ($1k), up by 20% 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 5% today and is currently trading at $2.504.
