The Pancakeswap team told its community via Twitter on Monday that it has burned 6,839,989 CAKE tokens (worth $33 million) this week. The decentralized exchange generated $1 million (214k CAKE tokens) in trading fees for its Swap and Perpetual market. The Predictions and Lottery markets generated 59k CAKE ($283k) and 30k CAKE ($146k), respectively. The NFT marketplace generated 1k CAKE ($4k).
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 5% today and is currently trading at $4.568.