Hassan Maishera
The Pancakeswap team told its community via X on Monday that it has burned 8,904,817 CAKE tokens (worth $24 million) this week. The decentralized exchange generated 171k CAKE ($457k in trading fees for its V2 Swap and Perpetual market, up by 28% from the previous week. Pancakeswap also generated 90k CAKE ($241k) for V3, down by 37%. The Predictions and Lottery markets generated 44k CAKE ($119k) and 34k CAKE ($91k), respectively. The NFT marketplace generated 400 CAKE ($1k), up by 10% 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 less than 1% today and is currently trading at $2.700.
