Hassan Maishera
The Pancakeswap team told its community via Twitter on Monday that it has burned 6,936,586 CAKE tokens (worth $20 million) this week. The decentralized exchange generated $1 million (491k CAKE tokens) in trading fees for its Spot and Perpetual market and $4k (2k CAKE tokens) from its NFT marketplace. The Predictions and Lottery markets generated 160k CAKE ($471k) and 38k CAKE ($113k), 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 1% today and is currently trading at $3.022.
