Hassan Maishera
The Pancakeswap team told its community via X on Monday that it has burned 9,122,074 CAKE tokens (worth $40 million) this week. The decentralized exchange generated 178k CAKE ($781k) in trading fees for its V2 Swap and Perpetual market, up by 46% from the previous week. Pancakeswap also generated 79k CAKE ($783k) for V3, down by 9%. The Predictions and Lottery markets generated 38k CAKE ($167k) and 28k CAKE ($123k), respectively. The NFT marketplace generated 700 CAKE ($3k), up by 20% 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 10% today and is currently trading at $4.105.
