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

Decentralized exchange PancakeSwap CAKE/USD 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 34^th 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.