Hassan Maishera
The Pancakeswap team told its community via X on Monday that it has burned 8,927,968 CAKE tokens (worth $27 million) this week. The decentralized exchange generated 134k CAKE ($403k) in trading fees for its V2 Swap and Perpetual market, down by 29% from the previous week. Pancakeswap also generated 143k CAKE ($432k) for V3, up by 58%. The Predictions and Lottery markets generated 53k CAKE ($159k) and 23k CAKE ($70k), respectively. The NFT marketplace generated 400 CAKE ($1k), down by 30% 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 $3.007.
