PancakeSwap burns 7,822,421 CAKE tokens

PancakeSwap is a BNB Chain-based decentralized exchange (DEX) with an automated market maker (AMM) model for swapping BEP-20 tokens

The PancakeSwap team told its community via Twitter on Tuesday that it has burned 7,822,421 CAKE tokens (worth $20 million) this week. The decentralized exchange generated $538,000 (205k CAKE tokens) in trading fees for its Swap and Perpetual market, up by 31% from the previous week. The Predictions and Lottery markets generated 83k CAKE ($216k) and 30k CAKE ($78k), respectively. The NFT marketplace generated 878 CAKE ($2k), up by 99% from last week.

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 4% today and is currently trading at $2.515.

Also read: Security Strategy for CISO’s in 2023 and ahead

Do Follow: CIO News LinkedIn Account | CIO News Facebook | CIO News Youtube | CIO News Twitter

About us:

CIO News, a proprietary of Mercadeo, produces award-winning content and resources for IT leaders across any industry through print articles and recorded video interviews on topics in the technology sector such as Digital Transformation, Artificial Intelligence (AI), Machine Learning (ML), Cloud, Robotics, Cyber-security, Data, Analytics, SOC, SASE, among other technology topics

Credit: Source link