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Pancakeswap Burns Another 8,743,965 CAKE Tokens This Week

Twitter icon  •  Published 2 years ago on November 21, 2023  •  Hassan Maishera

The Pancakeswap team told its community via X (formerly Twitter) on Monday that it has burned 8,743,965 CAKE tokens (worth $22 million) this week.

Pancakeswap Burns Another 8,743,965 CAKE Tokens This Week

The Pancakeswap team told its community via X (formerly Twitter) on Monday that it has burned 8,743,965 CAKE tokens (worth $22 million) this week. The decentralized exchange generated 128k CAKE ($323k) in trading fees for its V2 Swap and Perpetual market, down by 36% from the previous week. Pancakeswap also generated 101k CAKE ($253k) for V3. The Predictions and Lottery markets generated 48k CAKE ($122k) and 25k CAKE ($62k), respectively. The NFT marketplace generated 9k CAKE ($2k)), up by 9% 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 8% today and is currently trading at $2.675.

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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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