What does cake really need to be at 8$ ?
This is what the numbers sayđđ»
#Uniswap is roughly 10x bigger as a business.
But #CAKE sends far more of its earnings to token holders.
The market values #UNI at 6.7x CAKE mostly because it pays a much higher multiple for UNI's brand and position, not because UNI's token earns more.
1ïžâŁFees (business size)
âą UNI generates about $5.0M a day in fees
âą CAKE's $519K, roughly 9.7x more.
This is the real gap.
2ïžâŁRevenue capture
âą CAKE keeps about 33% of its fees as revenue ($170.5K of $519K).
âą UNI keeps only about 8% ($412K of $5.02M). So UNI's revenue lead shrinks to about 2.4x.
3ïžâŁ Valuation
âą On P/F, UNI is actually cheaper (3.0x vs 4.34x), meaning you get more protocol activity per dollar of market cap.
âą On P/S, CAKE is about 2.8x cheaper (13.2x vs 36.5x).
The market is paying for UNI's fee base and brand, not for what currently accrues to the token.
4ïžâŁDilution
âą CAKE's FDV is almost equal to its market cap, so there's very little supply overhang.
âą UNI's FDV is about 43% above its market cap, so more unlock pressure lies ahead.
5ïžâŁLiquidity
âą UNI turns over about 18.5% of its market cap daily, compared with about 11% for CAKE.
âąUNI has deeper, more institutional trading.
6ïžâŁConclusion
If CAKE traded at UNI's 36.5x P/S on today's revenue, its market cap would be about $2.3B, or roughly $7 a token.
Even 20x would put it near $1.24B, about $3.90.
That requires the market to trust CAKE's revenue as durable, which comes from things like broader exchange access, institutional attention, and a consistent burn story.
