The Pancakeswap team told its community via Twitter on Monday that it has burned 7,060,367 CAKE tokens (worth $32 million) this week. The decentralized exchange generated $1.43 million (317k CAKE tokens) in trading fees for its Swap and Perpetual market and $7k (2k CAKE tokens) from its NFT marketplace. The Predictions and Lottery markets generated 89k CAKE ($401k) and 34k CAKE ($152k), 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 more than 3% today and is currently trading at $4.380.