While PancakeSwap dominates the DeFi space, its native token CAKE continues to trail behind in performance. Despite technical advancements and rising market share, the token’s price has not yet reflected the platform’s success.
PancakeSwap Gains Ground in the DeFi Market
PancakeSwap, a leading decentralized exchange (DEX) on the BNB Chain, is making major moves in DeFi. According to Dune Analytics, the platform held a 66.9% share of trading volume over the past week—far ahead of its rivals.
Meanwhile, data from DefiLlama shows a monthly trading volume of $149 billion, beating Ethereum-based Uniswap, which posted $86 billion. PancakeSwap also collected over $120 million in fees in the past 30 days, ranking among the top 3 DeFi platforms and even surpassing Pump.fun.
Technical Upgrades Boost Performance
A recent upgrade from the PancakeSwap team improved the platform’s efficiency. On May 22, PancakeSwap announced that it had resolved issues with Total Value Locked (TVL) data delays. By deploying an internal indexer, the team fixed routing problems on Binance Wallet Swap and worked with external data providers to avoid future disruptions.
Additionally, the Infinity upgrade (formerly v4), launched in late April 2025, introduced:
- Capital-efficient liquidity pools
- Hooks for customization
- Flexible fee structures
These improvements made the platform more attractive for liquidity providers, especially on BNB Chain.
CAKE Token Price Still Lags Behind
Despite the platform’s growth, the CAKE token continues to struggle. CoinGecko reports that CAKE dropped 9% in the past 24 hours and gained only 1.6% over the last week. Trading around $2.53, it remains 93.9% below its all-time high.
Still, some traders see long-term potential. One user noted on X:
“As long as Binance Alpha grows, CAKE will eventually shine. It captures 30% of Alpha’s transaction fees and could become DeFi’s most profitable protocol.”
What’s Next for PancakeSwap and CAKE?
PancakeSwap has proven itself as a top DeFi platform through smart upgrades and market share dominance. However, CAKE’s price recovery still needs to catch up. If the platform’s momentum continues, a rebound could be on the horizon.
