The Pancakeswap team told its community via Twitter on Monday that it has burned 6,912,886 CAKE tokens (worth $29 million) this week. The decentralized exchange generated $1 million (274k CAKE tokens) in trading fees for its Spot and Perpetual market and $7k (2k CAKE tokens) from its NFT marketplace. The Predictions and Lottery markets generated 104k CAKE ($442k) and 32k CAKE ($138k), 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 3% today and is currently trading at $4.178.