• PancakeSwap [CAKE] has seen a decline in volume and users on its v3.
• CAKE announced the launch of a new platform that could help change this situation.
• The price of CAKE increased by more than 2% in the last 24 hours.
Overview of PancakeSwap v3
PancakeSwap v3 has been witnessing a decline in its volume and users on both Ethereum [ETH] and BNB Chain [BNB]. However, the recent launch of bCAKE for v3 Farm could help improve user numbers. Despite these bearish metrics, CAKE’s price increased by more than 2% in the last 24 hours.
Declining Volume and Users on PancakeSwap V3
A look at Dune’s data revealed that PancakeSwap v3 had been dwindling over time. The weekly transactions and number of users have been decreasing. Though some volume was increasing on Ethereum, it wasn’t enough to offset the declines elsewhere.
Launch of bCAKE for V3 Farm
To turn around its declining metrics, PancakeSwap recently launched its new bCAKE for V3 Farm feature. This allows users to boost multiple farming positions simultaneously and discover a broader range of available Farms with bCAKE. To use this feature, users must stake their CAKE tokens into the fixed-term staking pool.
Price Increase Despite Bearish Metrics
Sentiments around PancakeSwap improved due to an uptrend in the price of CAKE despite bearish indicators such as whale transaction count and one-day volatility index dropping sharply over time. As per CoinMarketCap, CAKE’s price increased by more than 2% in the last 24 hours, currently trading at $1.45 with a market capitalization of over $298 million USDT equivalent tokens (USDT).
Even though investors are optimistic about Pancake Swap’s future thanks to the latest developments, there is still uncertainty surrounding what will happen next given current bearish market indicators such as whale transaction count and one-day volatility index dropping sharply over time. Therefore, Altcoin CAKE investors may witness some turbulence despite this latest development from Max Cake Finance Incorporated (Max Cake).