The Pancakeswap team told its community via Twitter on Monday that it has burned 6,871,565 CAKE tokens (worth $27 million) this week. The decentralized exchange generated $652k (164k CAKE tokens) in trading fees for its Swap and Perpetual market. The Predictions and Lottery markets generated 59k CAKE ($236k) and 38k CAKE ($152k), respectively. The NFT marketplace generated 1k CAKE ($5k).
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 $3.953.