PancakeSwap Surpasses Ethereum's Daily Transactions As CAKE Token Hits New High

Decentralized exchange PancakeSwap (CRYPTO: CAKE) recorded over 2 million transactions in the past 24-hours, surpassing Ethereum’s 1.55 million daily transactions.

What Happened: “The craziest part? Looks like things are just getting started,” stated the DeFi protocol on Twitter.

The Binance smart chain-based decentralized exchange has seen a steady increase in its daily transaction count after its cheaper transaction fees drew in users from Ethereum-based decentralized exchange Uniswap.

Following its success, the DeFi protocol’s native token CAKE has also rallied over 30% over the past 24-hours (at press time), hitting a new all-time high of $28.47.

Since its launch in September 2020, the token has surged 7600% from a low of $0.36 to today’s value above $28.

Why It Matters: The protocol now has $4.37 billion in market cap, and has climbed ten places over the past month to become the 34th largest cryptocurrency by this measure.

Coupled with rising demand for the decentralized exchange, the team recently burned over 5 million CAKE tokens, resulting in the overall reduction of CAKE token supply.

PancakeSwap users can use their CAKE tokens to enter a lottery on the exchange.

According to CoinMarketCap, a single ticket costs 10 CAKE and comes with a random combination of four numbers between 1 and 14.

To win the jackpot, which equals 50% of the entire lottery pool, the numbers in a user’s ticket need to match all four of the numbers in the winning ticket.

© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights
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(Excerpt) Read more Here | 2021-04-21 07:13:00
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