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Pancakeswap Burns Over 7 Million CAKE Tokens

Twitter icon  •  Published 3 years ago on May 24, 2022  •  Hassan Maishera

The Pancakeswap team told its community via Twitter on Monday that it has burned 7,153,582 CAKE tokens (worth $36 million) this week.

Pancakeswap Burns Over 7 Million CAKE Tokens

The Pancakeswap team told its community via Twitter on Monday that it has burned 7,153,582 CAKE tokens (worth $36 million) this week. The decentralized exchange generated $4 million in trading fees for its Spot and Perpetual market and $21k from its NFT marketplace. The Predictions and Lottery markets generated 123k CAKE ($619k) and 29k CAKE ($146k) 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 less than 1% today and is currently trading at $4.940.

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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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