- PancakeSwap ranked second on zkSync and third on zkEVM in terms of trading volume.
- CAKE was down by over 17% last month as metrics were bearish.
Over the last four months, PancakeSwap [CAKE] v3 has achieved quite a few milestones, making it the top DEX on BNB Chain [BNB] in both trading volume and TVL. The DEX also secured top spots on other chains, such as Ethereum [ETH].
(1/8)?September just began and we're already excited to share our v3 progress: we've achieved a trading volume of $16B on v3 & our TVL has skyrocketed to $295M!
?We're the #1 DEX on BNB Chain in both trading volume & TVL
?Hold #6 spot on Ethereum in trading volume & TVL? pic.twitter.com/SqlDIN8Drv— PancakeSwap?Everyone's Favorite D3X (@PancakeSwap) September 4, 2023
Read PancakeSwap’s [CAKE] Price Prediction 2023-24
Though the last few months have witnessed multiple launches amidst CAKE’s efforts to go multi-chain, investors were having a hard time at press time.
PancakeSwap’s DEX in overdrive
Over the past months, PancakeSwap has expanded its reach to multiple L2s, including zkSync Era and zkEVM, ranking second and third respectively. The other L2s included Arbitrum [ARB] and Base.
Another major update was the introduction of a revenue-sharing pool. The utility allowed fixed-term CAKE stakers to benefit directly from the growth of PancakeSwap.
The DEX also unveiled a new proposal, which was under voting at press time. The proposal is aimed at adding CAKE allocation to bootstrap Base liquidity.
For the uninitiated, PancakeSwap proposed to deploy new farms on Base to boost liquidity and provide juicy APRs to liquidity providers. The proposal was submitted on 4 September, and, at the time of writing, more than 97% of the voters were in its favor.
? Proposal for Adding CAKE Allocation to Bootstrap Base Liquidity ?
? We propose to deploy new Farms on Base to boost the liquidity and provide juicy APRs to Liquidity providers.
⚡The kitchen will not increase emissions to enable these farms but draw from the “Multichain… pic.twitter.com/MmMpyZNIL3
— PancakeSwap?Everyone's Favorite D3X (@PancakeSwap) September 4, 2023
CAKE investors are worried
While a lot was going on in terms of development, CAKE investors were bearing losses. According to CoinMarketCap, CAKE was down by more than 17% in the last 30 days.
At press time, it was trading at $1.23 with a market capitalization of over $265 million, making it the 102nd-largest crypto.
Source: Santiment
A look at CAKE’s on-chain metrics shed light on what went against PancakeSwap in the last month. The token’s trading volume went up each time its value dropped, which legitimized the plummets. Whale activity during those periods was also high.
So, the chances of whales selling off seemed likely.
Realistic or not, here’s CAKE’s market cap in BTC’s terms
Negative sentiment around PancakeSwap also spiked quite a few times last month. At the same time, its network growth plunged, meaning that fewer new addresses were created to transfer the token.
However, it was interesting to note that while PancakeSwap’s TVL rose on L2s, its overall TVL sank sharply over the last few months.
Source: DeFiLlama
