$CAKE CAKE is the native token of PancakeSwap, a leading decentralized exchange (DEX) on the Binance Smart Chain (BSC). It powers the ecosystem, allowing users to trade BEP-20 tokens, provide liquidity, and earn rewards through staking and yield farming. CAKE is deflationary, with mechanisms like token burns reducing its supply over time, and it also serves as a governance token, giving holders voting rights on platform decisions. Launched in September 2020, it’s designed to incentivize participation and enhance the DEX’s functionality.