The CAKE token is the native currency of the PancakeSwap platform, which is a decentralized exchange (DEX) operating on the BNB Chain. This currency allows users to provide liquidity, earn rewards, and participate in voting on governance decisions within the platform's ecosystem. Users can farm CAKE by staking it in Staking vaults or by earning it through providing liquidity in trading pools. CAKE is characterized by low transaction fees and high execution speed compared to centralized trading platforms. PancakeSwap also supports mechanisms such as lotteries, an NFT system, and initial token offerings (IFO), making it a comprehensive platform for decentralized finance (DeFi) enthusiasts.