🥞 The Reason PancakeSwap (CAKE) Exploded 100% in Two Weeks
📈 CAKE from PancakeSwap is one of the most popular tokens in the crypto community, as its price has surged by over 92% in the last seven days, making it one of the fastest-growing tokens in the market.
📉 In the early months of 2023, $CAKE stocks plummeted and remained unchanged until the end of the year. On October 31st, CAKE began to rise, surpassing the $2.45 mark, a price unseen since May.
🔄 Recently, PancakeSwap announced the release of Position Manager, a collaborative integration between DEX and other protocol partners. The collaboration aims to enhance capital deployment efficiency through liquidity provisioning automation, allowing users to reap higher yields compared to manual farming.
💰 The "Position Manager" feature supports several coins and stablecoins, including $USDT , $BNB , $BTC , and $ETH . To incentivize its usage, PancakeSwap increased the CAKE rewards for the first four weeks, leading to further token value growth.
📊 According to Coingecko data, DEX platforms registered new monthly lows every month starting from May, reaching levels not seen since 2020. However, in October, we witnessed a surge in trading volumes, with the TVL of most protocols turning green.
📈 We've seen volumes decline every month, primarily due to the lack of incentives and new features on DEX (and DeFi in general). Nevertheless, DeFi users are always seeking higher yields, and one of the primary sectors that has been delivering yields above 10% is RWA, with some RWA-based protocols offering 10% APY, while the median DeFi APY barely reaches 3%.
