PancakeSwap set a new record of $2.053 trillion in trading volume in the first quarter of 2025, an increase of 921% compared to 2023, with 5.83 million independent traders and 114.4 million transactions. Despite the platform's rapid development and the launch of CAKE Tokenomics 3.0, the price of the CAKE token still hovers around $2, down 36.2% year-on-year and down 95.6% from its historical peak. The disconnect between platform usage and token performance has sparked heated discussions in the community, with some believing that CAKE is severely undervalued, while others remain skeptical.