PancakeSwap’s Native Token CAKE Soars 92% After Unveiling Position Manager Tool
Decentralized exchange PancakeSwap has caused a stir after its native token, CAKE, surged 92% over the past week to trade at $2.38.
This remarkable rally comes on the heels of PancakeSwap unveiling its Position Manager tool, an innovative feature allowing users to easily deposit funds into a vault for automated yield farming liquidity pools.
According to PancakeSwap’s blog, Position Manager enhances capital efficiency by providing users with an opportunity to maximize their yield through simplified liquidity provisioning.
This new level of automation perfectly aligns with the growing demand for simplicity, in the decentralized finance (DeFi) space
According to latest data from CoinGecko, CAKE’s 24-hour trading volume exceeded $523 million. Over the last day alone, CAKE has jumped 32.43% amid an overwhelmingly bullish sentiment, thereby solidifying its position in the Defi sector and boasting a market capitalization exceeding $553 million.
Additionally, other prominent Defi tokens have also seen remarkable price increases. Uniswap’s UNI experienced a 12.27% gain, while SushiSwap’s SUSHI soared by an impressive 58.12% throughout the week, signifying substantial growth in the DeFi sector. THORChain’s RUNE also climbed by 34% while the Graph’s GRT rose 21.62%.
Also read:PancakeSwap Launches on Coinbase Ethereum Layer 2 Base
