Hassan Maishera
The Pancakeswap team told its community via X on Monday that it has burned 9,003,400 CAKE tokens (worth $40 million) this week. The decentralized exchange generated 122k CAKE ($541k) in trading fees for its V2 Swap and Perpetual market, down by 35% from the previous week. Pancakeswap also generated 197k CAKE ($874k) for V3, up by 53%. The Predictions and Lottery markets generated 45k CAKE ($201k) and 22k CAKE ($100k), respectively. The NFT marketplace generated 600 CAKE ($3k), down by 27% 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 5% today and is currently trading at $4.415.
