Hassan Maishera
The Pancakeswap team told its community via X on Tuesday that it has burned 8,593,250 CAKE tokens (worth $21 million) this week. The decentralized exchange generated 96k CAKE ($230k) in trading fees for its V2 Swap and Perpetual market, up by 15% from the previous week. Pancakeswap also generated 139k CAKE ($334k) for V3, up by 122%. The Predictions and Lottery markets generated 41k CAKE 37k CAKE ($88k) and 32k CAKE ($77k), respectively. The NFT marketplace generated 0.3k CAKE ($1k), down by 47% 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 1% today and is currently trading at $2.436.
