The Pancakeswap team told its community via Twitter on Monday that it has burned 7,024,645 CAKE tokens (worth $27 million) this week. The decentralized exchange generated $1 million (236k CAKE tokens) in trading fees for its Swap and Perpetual market and $4k (1k CAKE tokens) from its NFT marketplace. The Predictions and Lottery markets generated 114k CAKE ($436k) and 47k CAKE ($179k), 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 less than 1% today and is currently trading at $3.876.