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Pancakeswap Burns Over 6 Million CAKE Tokens

Twitter icon  •  Published 4 years ago on April 19, 2022  •  Hassan Maishera

The Pancakeswap team announced via Twitter on Monday that it burned six million tokens.

Pancakeswap Burns Over 6 Million CAKE Tokens

The Pancakeswap team announced via Twitter on Monday that it burned six million tokens (worth $54 million). In recent months, the team had been burning tokens to reduce the total number of tokens in circulation. Furthermore, the team generated over $2 million in trading fees for Swap and Perpetual markets. 

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 more than 1% today and is currently trading at $8.41

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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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