The Pancakeswap team told its community via Twitter on Tuesday that it has burned 6,808,702 CAKE tokens (worth $22 million) this week. The decentralized exchange generated $448,000 (136k CAKE tokens) in trading fees for its Swap and Perpetual market. The Predictions and Lottery markets generated 67k CAKE ($221k) and 39k CAKE ($129k), respectively. The NFT marketplace generated 594 CAKE ($2k).
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 1% today and is currently trading at $3.266.