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Pancakeswap Burns Another 8,855,330 CAKE Tokens this Week

Twitter icon  •  Published 2 years ago on January 30, 2024  •  Hassan Maishera

The Pancakeswap team told its community via X (formerly Twitter) on Monday that it has burned 8,855,330 CAKE tokens (worth $23 million) this week.

Pancakeswap Burns Another 8,855,330 CAKE Tokens this Week

The Pancakeswap team told its community via X (formerly Twitter) on Monday that it has burned 8,855,330 CAKE tokens (worth $23 million) this week. The decentralized exchange generated 83k CAKE ($216k) in trading fees for its V2 Swap and Perpetual market, down by 20% from the previous week. Pancakeswap also generated 63k CAKE ($162k) for V3, down by 28%. The Predictions and Lottery markets generated 41k CAKE ($105k) and 25k CAKE ($64k), respectively. The NFT marketplace generated 0.6k CAKE ($1k), down by 12% 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 2% today and is currently trading at $2.628

 

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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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