Hassan Maishera
The Pancakeswap team told its community via X on Tuesday that it has burned 9,106,675 CAKE tokens (worth $30 million) this week. The decentralized exchange generated 158k CAKE ($514k) in trading fees for its V2 Swap and Perpetual market, up by 34% from the previous week. Pancakeswap also generated 142k CAKE ($461k) for V3, up by 46%. The Predictions and Lottery markets generated 43k CAKE ($140k) and 33k CAKE ($106k), respectively. The NFT marketplace generated 600 CAKE ($2k), up by 74% 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 8% today and is currently trading at $2.975.
