Hassan Maishera
The Pancakeswap team told its community via X on Tuesday that it has burned 8,908,216 CAKE tokens (worth $28 million) this week. The decentralized exchange generated 118k CAKE ($370k) in trading fees for its V2 Swap and Perpetual market, up by 103% from the previous week. Pancakeswap also generated 97k CAKE ($305k) for V3, up by 51%. The Predictions and Lottery markets generated 42k CAKE ($132k) and 29k CAKE ($91k), respectively. The NFT marketplace generated 300 CAKE ($1k), up by 16% 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 $3.211.
