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Pancakeswap Burns Additional 8,924,466 CAKE Tokens this Week

Twitter icon  •  Published hace 1 año on May 7, 2024  •  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.

Pancakeswap Burns Additional 8,924,466 CAKE Tokens this Week

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.

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Hassan Maishera

Hassan is a Nigeria-based financial content creator that has invested in many different blockchain projects, including Bitcoin, Ether, Stellar Lumens, Cardano, VeChain and Solana. He currently works as a financial markets and cryptocurrency writer and has contributed to a large number of the leading FX, stock and cryptocurrency blogs in the world.

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