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Pancakeswap Burns Additional 9,122,074 CAKE Tokens this Week

Twitter icon  •  Published 1ヶ月前  •  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 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.

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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.