DeFi exchange PancakeSwap's CAKE token rose last month, supported by increased trading volumes and a steady token burn rate. The exchange attracted attention in March after Binance officially integrated it into its platform.
CAKE was up nearly 40% in March and surpassed $10 on Monday, April 4. The DeFi project is the first DeFi program powered by Binance and supports trading in the BEP20 Token standard. According to Defi Llama, the total value locked into the platform (TVL) increased by nearly $1 billion last month, making Pancake the 10th largest DeFi exchange.
The exchange's weekly statistics show a 22% increase in transaction fees compared to last week. This allows it to rise to $3.7 million. Indicates a higher amount of activity in Pancake. The project has also burned 13 million CAKEs, or approximately $21 million worth of assets, in the past two weeks.
Data from WhaleStats also showed that CAKE is the 12th most held token by Binance Smartchain Whales. However, despite its strong performance through March, the token is still priced 76% below the record level of around $46 reached in April 2021.
DeFi exchanges saw a widespread rebound throughout the month of March. Many major platforms, including Pancake, saw their TVLs hit double digits over the course of the month. Recently, AAVE, the native token on the namesake platform, has risen 25% as its TVL exceeds $14 billion, a significant level.
PancakeSwap price at the time of writing, according to CoinGecko data; CAKE's last 24-hour trading volume is $367,754,401 while it stands at around $9.64. CAKE price is down -0.7% in the last 24 hours. PancakeSwap (v2) is currently the most active market for CAKE trading.
PancakeSwap is an automated market maker (“AMM”) that allows two tokens to be exchanged on the Binance Smart Chain. It is fast, cheap, and allows anyone to participate.