CAKE is the native utility token of PancakeSwap, a decentralized exchange (DEX) operating on multiple blockchains, including Binance Smart Chain (BSC) and Ethereum. Launched in September 2020, PancakeSwap utilizes an automated market maker (AMM) model, allowing users to trade cryptocurrencies directly from their wallets without intermediaries.
Key Features of CAKE:
Governance: CAKE holders can participate in the governance of the PancakeSwap platform by exercising their voting rights, thereby influencing the development direction of the platform.
Staking and Yield Farming: Users can stake CAKE tokens in Syrup Pools to earn additional tokens. Liquidity providers can also earn rewards through yield farming by depositing token pairs into liquidity pools and receiving liquidity provider (LP) tokens in return.
Participation in Exclusive Features: Holding CAKE allows users to engage in various platform activities, such as lotteries and prediction markets, enhancing user engagement within the PancakeSwap ecosystem.
PancakeSwap has experienced significant growth, becoming a leading DEX on BSC and expanding its services across multiple chains. The platform's continuous innovation and user-friendly DeFi tools have solidified its position in the decentralized finance ecosystem.
As of today, CAKE is trading at approximately $27.90, with a market capitalization of around $4.48 billion and a circulating supply of 159,991,908 CAKE tokens.
