Token of the week: Cake

Hello guys, welcome back to the blog. It's time to discuss the new token of the week: Pancake Swap (Cake).

Your first question might be, what is Cake? Well, I am glad you asked. Cake is the native token of Pancake Swap, a decentralized exchange. Here are some of the reasons to buy it.

Voting on proposals.

Voting is one of the ways you can use your Cake. Here's how it works; whenever the Pancake team proposes a change, owners of Cake can vote on whether they will accept the proposal or reject it. However, not everyone's vote is equal. For example, let's say Bob has one Cake in his wallet and Bill has ten; when Bob votes his vote will only count as one vote, but when Bill votes his vote counts as ten. The voting system was made like this, so people who are heavily invested in Cake will have more weight than people who are lightly invested.

One of my favorite things to do with the Pancake Swap token is farming it. Farming is taking two coins, like Cake and BNB, and putting them in a liquidity pool. Then whenever someone swaps from Cake to BNB or vice-versa, you get a small percentage of that swap. On top of getting rewards from the liquidity pool, you also get bonus rewards paid out in Cake. The farms on Pancake Swap have very high-interest rates. About 50% on average.

One of the reasons that Cake is so attractive is its high volume. Right now Cake has a daily volume of $136,307,186, and its market cap is only at $1,990,895,823, which means that it still has plenty of room to grow. On top of all that, its all-time high was over $40, right now the price of Cake is valued at about $8, which is way lower than its all-time high.

Conclusion.

Between its voting abilities, high-interest farming, and increased volume, Cake has big potential in 2022.

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