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Pancakeswap Burns Another $55 Million Worth Of CAKE Tokens

Share on X icon · Published 4 years ago on April 12, 2022 · Hassan Maishera

The Pancakeswap team announced via Twitter on Monday that it burned 6,728,554 CAKE tokens (worth $55 million).

Pancakeswap Burns Another $55 Million Worth Of CAKE Tokens

Pancakeswap has been reducing the number of CAKE tokens in circulation by burning some tokens weekly. The Pancakeswap team announced via Twitter on Monday that it burned 6,728,554 CAKE tokens (worth $55 million). The decentralized exchange generated 238k CAKE ($2M) in trading fees for Swap and Perpetual markets, down by 37% from the previous week. However, it saw a 61% increase in the fees generated from the NFT Market, Profile & Factory after generating 7,000 CAKE tokens. 

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 less than 10% today and is currently trading at $7.72.

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Hassan Maishera
Hassan Maishera Senior Reporter

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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