$CAKE is the digital currency of the PancakeSwap platform, which is a decentralized exchange operating on the Binance Smart Chain (BSC). PancakeSwap allows users to exchange cryptocurrencies and provide liquidity through farming and staking. The platform was launched in September 2020 and uses an Automated Market Maker (AMM) model, where users trade against liquidity pools funded by liquidity providers who deposit their funds into the pools and receive CAKE or other tokens in return.
CAKE is used as a reward for users who contribute to providing liquidity for the platform, and it can be used in staking operations to earn additional tokens. The platform also allows users to participate in lotteries and trade non-fungible tokens (NFTs).
As of March 18, 2025, CAKE is trading at $2.76, with an increase of $0.16 (0.06154%) from the previous close. The lowest price during the day reached $2.40, while the highest price was $2.78.