PancakeSwap Initiates Token Burn of up to 9,039,859 $CAKE Tokens
PancakeSwap recently made an announcement on social media platform X regarding a token burn event. The purpose of this event, as explained by the company, is to reduce the supply of $CAKE tokens and increase their value. In addition to this, the post also provided information on trading fees and various activities taking place on the platform.
In terms of trading fees, PancakeSwap reported that the trading fees generated from Automated Market Maker V2 amounted to 89,000 $CAKE tokens, valued at $156,000. This represents an increase of more than 9% compared to the previous week. On the other hand, trading fees from Automated Market Maker V3 accounted for approximately 71,000 $CAKE tokens, with a value of $124,000. This indicates a decrease of 50% from the previous week.
The platform also observed significant spikes in revenue from different sections. Non-AMM trading fees, which include position manager and perpetual trading, totaled 300 $CAKE tokens, equivalent to $527 in value. This reflects a decrease of 27% compared to the previous week. The Prediction Market generated 82,000 $CAKE tokens, valued at $143,000, showing an increase of 30% from the previous week. The Lottery section contributed 31,000 $CAKE tokens, worth $54,000, with a 29% increase from the previous week. Additionally, NFTs accounted for 400 $CAKE tokens, amounting to $1,000, and experienced a significant increase of 62% compared to the previous week.
These substantial revenue surges highlight the potential of PancakeSwap to generate income from various sources.