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Pancakeswap Burns Over 6.7 Million CAKE Tokens This Week

Twitter icon  •  Published 3 years ago on June 28, 2022  •  Hassan Maishera

The Pancakeswap team told its community via Twitter on Monday that it has burned 6,750,313 CAKE tokens (worth $23 million) this week.

Pancakeswap Burns Over 6.7 Million CAKE Tokens This Week

The Pancakeswap team told its community via Twitter on Monday that it has burned 6,750,313 CAKE tokens (worth $23 million) this week. The decentralized exchange generated $1 million (266k CAKE tokens) in trading fees for its Spot and Perpetual market and $5k (2k CAKE tokens) from its NFT marketplace. The Predictions and Lottery markets generated 140k CAKE ($481k) and 41k CAKE ($142k), respectively. 

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 more than 2% today and is currently trading at $3.321.

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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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