The Pancakeswap team told its community via Twitter on Monday that it has burned 6,780,013 CAKE tokens (worth $31 million) this week. The decentralized exchange generated $565k (124k CAKE tokens) in trading fees for its Swap and Perpetual market and $34k (7k CAKE tokens) from its NFT marketplace. The Predictions and Lottery markets generated 73k CAKE ($332k) and 39k CAKE ($177k), 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 1% today and is currently trading at $4.608.