The Pancakeswap team told its community via Twitter on Monday that it has burned 6,893,057 CAKE tokens (worth $21 million) this week. The decentralized exchange generated $1 million (215k CAKE tokens) in trading fees for its Spot and Perpetual market and $13k (4k CAKE tokens) from its NFT marketplace. The Predictions and Lottery markets generated 152k CAKE ($459k) and 47k CAKE ($141k), 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 $3.150