The Pancakeswap team told its community via Twitter on Monday that it has burned 6,770,615 CAKE tokens (worth $22 million) this week. The decentralized exchange generated $1 million (247k CAKE tokens) in trading fees for its Spot and Perpetual market and $6k (2k CAKE tokens) from its NFT marketplace. The Predictions and Lottery markets generated 130k CAKE ($425k) and 37k CAKE ($122k), 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 more than 11% today and is currently trading at $3.222.