Hassan Maishera
The Pancakeswap team told its community via X on Monday that it has burned 8,703,247 CAKE tokens (worth $35 million) this week. The decentralized exchange generated 115k CAKE ($465k)) in trading fees for its V2 Swap and Perpetual market, down by 35% from the previous week. Pancakeswap also generated 99k CAKE ($400k) for V3, down by 45%. The Predictions and Lottery markets generated 40k CAKE ($160k) and 19k CAKE ($76k), respectively. The NFT marketplace generated 3,800 CAKE ($7k), up by 443% 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 $4.004.
