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Thursday, July 25, 2024
AltcoinsCAKE Token Burn of 9039859 Declared by PancakeSwap

CAKE Token Burn of 9039859 Declared by PancakeSwap

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PancakeSwap, a multichain DEX, recently made an exciting announcement about a token burn event. The platform revealed that they are burning a staggering 9,039,859 $CAKE tokens, which amounts to a value of $16 million. To share more details about this development, the company turned to the popular social media platform X.

In their recent post, PancakeSwap explained that this token burn is part of their broader efforts to reduce the supply of $CAKE tokens and increase their value. The post also shed light on the trading fees and provided insights into the platform’s various sections.

When it comes to trading fees, PancakeSwap reported that they earned 89,000 $CAKE tokens from Automated Market Maker V2. These tokens were valued at $156,000, indicating a positive change of more than 9% compared to the previous week. On the other hand, trading fees from Automated Market Maker V3 amounted to around 71,000 $CAKE tokens, equivalent to $124,000. This represented a significant decrease of 50% from the previous week.

The platform also experienced significant spikes in revenue from other sources. Non-AMM trading fees, including position manager and perpetual, accounted for 300 $CAKE tokens, which translates to approximately $527 in value. This marked a decrease of 27% compared to the previous week. The Prediction Market contributed 82,000 $CAKE tokens worth $143,000, showing an increase of 30% from the previous week. Additionally, the Lottery generated 31,000 $CAKE tokens with a value of $54,000, reflecting a 29% increase from the previous week. Furthermore, NFT sales brought in 400 $CAKE tokens, amounting to $1,000 and indicating a remarkable 62% increase from the previous week.

These significant surges across various revenue streams highlight the immense potential of PancakeSwap to generate income from diverse sources.

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