The Pancakeswap team told its community via Twitter on Monday that it has burned 6,945,974 CAKE tokens (worth $27 million) this week. The decentralized exchange generated $2 million (413k CAKE tokens) in trading fees for its Spot and Perpetual market and $7k (2k CAKE tokens) from its NFT marketplace. The Predictions and Lottery markets generated 108k CAKE ($426k) and 27k CAKE ($105k), respectively.
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 6% today and is currently trading at $3.714.