Hassan Maishera
The Pancakeswap team told its community via X (formerly Twitter) on Monday that it has burned 9,199,677 CAKE tokens (worth $24 million) this week. The decentralized exchange generated 104k CAKE ($274k) in trading fees for its V2 Swap and Perpetual market, down by 3% from the previous week. Pancakeswap also generated 86k CAKE ($228k) for V3, down by 16%. The Predictions and Lottery markets generated 39k CAKE ($104k) and 32k CAKE ($84k), respectively. The NFT marketplace generated 0.7k CAKE ($2k), down by 42% 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 4% today and is currently trading at $2.564.
