Hassan Maishera
The Pancakeswap team told its community via X on Monday that it has burned 8,924,466 CAKE tokens (worth $25 million) this week. The decentralized exchange generated 119k CAKE ($332k in trading fees for its V2 Swap and Perpetual market, down by 31% from the previous week. Pancakeswap also generated 160k CAKE ($448k) for V3, up by 78%. The Predictions and Lottery markets generated 52k CAKE ($145k) and 25k CAKE ($69k), respectively. The NFT marketplace generated 300 CAKE ($1k), down by 19% 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 2% today and is currently trading at $2.649.
