The CAKE token is the digital currency of the PancakeSwap platform, a decentralized exchange (DEX) built on the BSC (Binance Smart Chain). CAKE is used as rewards on this platform, and users can utilize it in a range of activities such as yield farming, providing liquidity, and voting on governance proposals.

PancakeSwap allows users to quickly exchange digital assets on the BSC network at low costs, and it is one of the most popular alternatives to Uniswap, which operates on the Ethereum network.