The Pancakeswap team told its community via Twitter on Tuesday that it has burned 7,024,922 CAKE tokens (worth $27 million) this week. The decentralized exchange generated $477,000 (126k CAKE tokens) in trading fees for its Swap and Perpetual market, up by 24% from the previous week. The Predictions and Lottery markets generated 71k CAKE ($271k) and 26 CAKE ($100k), respectively. The NFT marketplace generated 1,028 CAKE ($4k), up by 143% 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 down by 2% today and is currently trading at $3.700.