Pancakeswap Burns Over 6 Million CAKE Tokens

Twitter icon  •  Published há 1 ano  •  Hassan Maishera

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

Author

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.