The Pancakeswap team told its community via Twitter on Monday that it has burned 7,002,686 CAKE tokens (worth $32 million) this week. The decentralized exchange generated $1.13 million (246k CAKE tokens) in trading fees for its Swap and Perpetual market and $45k (10k CAKE tokens) from its NFT marketplace. The Predictions and Lottery markets generated 72k CAKE ($331k) and 33k CAKE ($151k), respectively.
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 more than 3% today and is currently trading at $4.725.