The Pancakeswap team told its community via Twitter on Monday that it has burned 6,763,735 CAKE tokens (worth $31 million) this week. The decentralized exchange generated $724,000 (156k CAKE tokens) in trading fees for its Swap and Perpetual market. The Predictions and Lottery markets generated 55k CAKE ($255k) and 43k CAKE ($200k), respectively. The NFT marketplace generated 2k CAKE ($9k).
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 1% today and is currently trading at $4.768.