CAKE Remains Under Pressure Despite PancakeSwap Dominating BSC

CAKE, the utility token of the decentralized exchange, PancakeSwap, remains under pressure days after the Uniswap community voted to launch the exchange on the BNB Smart Chain (BSC), a smart contracting platform. Uniswap v3 went live on the BSC on March 15, bringing stiff competition to PancakeSwap, which has long been dominant on the smart contracting platform.

Timeline of Bowscoin, Pancakeswap

The team of Scam Sniffer analytical group, developers of holistic anti-fraud software, shared the statistics of wallets affected by the LaunchZone DeFi hack. Although the event took place five weeks ago, thousands of users still did not revoke their approvals on the hacked DeFi.

PancakeSwap [CAKE] is all set to release its latest version on 14 April, which might play a role in increasing the network's transactions. According to Dune, CAKE's number of transactions has taken a sideways path lately.

PancakeSwap and Uniswap have been locked in a battle of the DEXes for some time but the latter has been winning. There have been instances where PancakeSwap almost took the lead and recent observations suggest that it might flip Uniswap soon.

PancakeSwap (CAKE), the leading multichain decentralized exchange (DEX) running on the Binance Smart Chain (BSC), has suffered a significant 12% drop in its total value locked (TVL) to $2.4 billion. The crypto crackdown by regulators targeting Binance's stablecoin BUSD triggered a decrease in the stablecoin supply.

PancakeSwap has recently emerged as the market's leading DEX by the number of daily active users. Ergo, the question – Is this enough to support a sentiment shift among CAKE holders?

This innovative platform quickly became one of the most popular DEXs on Binance's Smart Chain (BSC), allowing users to trade various cryptocurrencies with high-speed transactions and low fees.

PancakeSwap [CAKE] has been setting up its game in terms of network performance over the last few months. Dune's data revealed that the total number of transactions on PancakeSwap has been on an uptrend since the beginning of this year, after a disappointing Q4 2022.

The ever-evolving crypto space is home to a host of promising and competent projects. One such project is Pancake Swap, which boasts its native token “CAKE”. The DeFi token has been one of the exemplary cryptocurrencies in the DeFi space.

According to a tweet by BNB chain, PancakeSwap [CAKE] became the most used dApp on the network. PancakeSwap stood first in the list of top 15 dApps on the BNB Chain, accounting for 62% of the total users.

PancakeSwap removed more than seven million CAKE tokens out of circulation as part of its burn program, intended to add deflationary pressure on the coin. The tokens burned were worth $30 million in value.