The Pancakeswap team told its community via Twitter on Tuesday that it has burned 6,992,717 CAKE tokens (worth $27 million) this week. The decentralized exchange generated $816,000 (212k CAKE tokens) in trading fees for its Swap and Perpetual market, up by 68% from the previous week. The Predictions and Lottery markets generated 61k CAKE ($236k) and 36k CAKE ($138k), respectively. The NFT marketplace generated 1,134 CAKE ($4k), up by 13% from last week.
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 8% today and is currently trading at $4.152.