Decentralized exchange and finance platform Pancakeswap (CAKE) started to attract investors as a result of developments in metrics.
Despite the decreases in CAKE price, the interest in the platform is increasing day by day. The project stands out thanks to its social metrics and fast integrations. Although the Pancakeswap platform has been made interesting and fun, the influence of the crypto bear market continues. The divergence of investors from the crypto market has also affected Pancakeswap total assets locked (TVL) rates.
Pancakeswap Is Growing, Will Cake Rise?
According to social media analytics firm LunarCrush, there has been an increase in social media posts about Pancakeswap. This rate corresponds to an increase of approximately 97 percent in the last month. CAKE also experienced a 6 percent growth in interactions on social media.
A positivity was observed in the average weighted progress of the project. If CAKE manages to maintain all these metrics, it could experience a strong rise.
Pancakeswap platform was also included in the Aptos (APT) wind in the crypto money market. To seize this opportunity, the team offered its community to launch the Aptos network. According to the proposal, the CAKE platform will also offer Aptos services. In such a case, the shift of the new trend and increasing interest to the platform is among the most important signals of the rise.
Although positive signals were mentioned, no noticeable momentum was gained on the TVL side. The TVL rate, which moves on a fixed plane, is around $2.82 billion.
In addition, the platform continues to lose revenue in the light of all these developments. On the DEX side, there was a decrease in revenue from taxes and transaction fees. The platform raised $362k on the 24-hour chart. Only 43 thousand dollars of this went into the pocket of the company.
The biggest reason for the falling revenues is the depreciation on the DEX side in general. Declining demand and transaction volume was also an impressive reason for CAKE.
However, the burning, distribution and reward systems on the platform still continue to attract attention. After a positive development and event, CAKE can be priced with an increase in trading volume. The platform, which is preparing for the bull market, was among the most popular products in the previous bull market.
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