Hassan Maishera
The Pancakeswap team told its community via Twitter on Monday that it has burned 6,721,328 CAKE tokens (worth $26 million) this week. The decentralized exchange generated $1 million (287k CAKE tokens) in trading fees for its Swap and Perpetual market and $9k (5k CAKE tokens) from its NFT marketplace. The Predictions and Lottery markets generated 91k CAKE ($349k) and 32k CAKE ($121k), respectively.
PancakeSwap is a BNB Chain-based decentralized exchange (DEX) with an automated market maker (AMM) model for swapping BEP-20 tokens. CAKE is up by more than 6% today and is currently trading at $4.107.
