The Pancakeswap team told its community via Twitter on Monday that it has burned 7,005,221 CAKE tokens (worth $33 million) this week. The decentralized exchange generated $3 million in trading fees for its Spot and Perpetual market and $10k from its NFT marketplace. The Predictions and Lottery markets generated 144k CAKE ($677k) and 40k CAKE ($187k) 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 less than 1% today and is currently trading at $4.696.