The Pancakeswap team told its community via Twitter on Monday that it has burned 6,746,585 CAKE tokens (worth $26 million) this week. The decentralized exchange generated $610k (155k CAKE tokens) in trading fees for its Swap and Perpetual market. The Predictions and Lottery markets generated 72k CAKE ($283k) and 46k CAKE ($179k), respectively. The NFT marketplace generated 934 CAKE ($4k).
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 4% today and is currently trading at $3.750.