The Pancakeswap team told its community via Twitter on Monday that it has burned 7,349,735 CAKE tokens (worth $28 million) this week. The decentralized exchange generated $801,000 (208k CAKE tokens) in trading fees for its Swap and Perpetual market. The Predictions and Lottery markets generated 113k CAKE ($433k) and 31k CAKE ($120k), respectively. The NFT marketplace generated 502 CAKE ($2k).
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 1% today and is currently trading at $3.819.