Hassan Maishera
The Pancakeswap team told its community via X on Tuesday that it has burned 8,969,474 CAKE tokens (worth $25 million) this week. The decentralized exchange generated 58k CAKE ($162k) in trading fees for its V2 Swap and Perpetual market, up by 8% from the previous week. Pancakeswap also generated 64k CAKE ($178k) for V3, up by 35%. The Predictions and Lottery markets generated 41k CAKE ($115k) and 35k CAKE ($96k), respectively. The NFT marketplace generated 300 CAKE ($1k), down 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 $2.807.
