The Pancakeswap team told its community via Twitter on Monday that it has burned 6,840,003 CAKE tokens (worth $32 million) this week. The decentralized exchange generated $2 million in trading fees for its Spot and Perpetual market and $7k from its NFT marketplace. The Predictions and Lottery markets generated 133k CAKE ($622k) and 34k CAKE ($161k) 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 3% today and is currently trading at $4.321.