PancakeSwap (CAKE) has emerged as a rising star in the decentralized finance (DeFi) sector with the recent surge in price helping the food-themed token become the first billion-dollar project on the Binance Smart Chain (BSC).
Data from Cointelegraph Markets and Tradingview shows that the price of CAKE has risen 520% since reaching a low of $1.89 on Feb. 3 to establish a new all-time high of $11.12 on Feb. 17. This propelled its total market cap above $1 billion for the first time.
CAKE/BUSD 4-hour chart. Source: TradingView
As DeFi has grown in prominence with a majority of top projects currently operating on the Ethereum network, protocols that are based on other networks such as the BSC are beginning to see an increase in active users seeking respite from high transaction costs and delayed confirmation times.
The recent decision by the BSC community to lower the gas fee from 15 Gwei to 10 Gwei in response to a rise