digital currency CAKE
The CAKE token is the digital currency of the PancakeSwap platform, which is one of the most popular decentralized exchanges (DEX) built on the Binance Smart Chain. The platform was established in September 2020 and allows users to exchange cryptocurrencies without the need for an intermediary, through an Automated Market Maker (AMM) system.
PancakeSwap is distinguished by offering lower transaction fees compared to other platforms like Uniswap, and it uses BEP-20 tokens on the Binance Smart Chain. The platform also allows users to earn rewards through Yield Farming, provide liquidity, purchase NFT tokens, and participate in lotteries and competitions.
The CAKE token is used within the platform for governance, rewards, farming, and investment within the platform. The current price of CAKE is around 3.3 US dollars, with a market cap of approximately 1.15 billion dollars, and a daily trading volume exceeding 220 million dollars. Its price reached an all-time high of about 44 dollars since its launch, and it is subject to the usual market fluctuations of cryptocurrencies[2][3][4][6][9].
