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Pancakeswap Burned $58 Million Worth Of Tokens This Week

Twitter icon  •  Published 3 years ago on April 26, 2022  •  Hassan Maishera

The Pancakeswap team announced via Twitter on Monday that it burned 6,711,720 CAKE tokens, worth $58 million.

Pancakeswap Burned $58 Million Worth Of Tokens This Week

The Pancakeswap team announced via Twitter on Monday that it burned 6,711,720 CAKE tokens, worth $58 million. The decentralized exchange earned 231,000 CAKE tokens ($2 million) from trading fees last week, down by 19% from the previous week. The fees generated from the NFT and Predictions markets increased week-over-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 more than 5% today and is currently trading at $8.563.

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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.

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