- Coinbase, one of the biggest crypto exchanges in the U.S., has announced plans to list PancakeSwap’s native token, CAKE.
- This is a game-changer for PancakeSwap, giving it a major boost in visibility and helping it take a step forward in decentralized finance.
On June 4, Coinbase revealed plans to list PancakeSwap’s native token, CAKE, on its platform, a move that quickly caught the attention of the crypto community. Up to this point, CAKE had largely operated within the BNB Chain ecosystem, but the announcement marked a turning point, giving the token increased visibility and a greater sense of legitimacy, particularly among U.S. investors.
For the CAKE community, this listing is a “sign” that PancakeSwap is ready to step into a larger spotlight. With this, Coinbase gains another strong DeFi project to offer its users. And PancakeSwap now has a chance to expand beyond its base and engage with a much wider audience.
That said, Coinbase said that trading won’t begin immediately. It will need to sort out market-making support and technical checks first. Once that’s done, they’ll announce when trading actually starts. CAKE isn’t the only token coming. Coinbase is also listing Ethena (ENA), a synthetic dollar token built on Ethereum, and QCAD, a Canadian dollar stablecoin from Stablecorp.
Why does this matter? Well, Coinbase doesn’t just list any token. They’ve got a vetting process, legal checks, compliance reviews, technical evaluations, and more. CAKE made the cut, meaning it’s passed some pretty serious tests, which is a pretty big pat on the back for the team behind PancakeSwap.
While Coinbase continues working to expand its support across various blockchain networks and token standards like Ethereum’s ERC-20 or Solana’s SPL, only select projects that meet high standards are approved.
Recent Market Activity
Let’s talk numbers. In 24 hours, trading activity around CAKE has surged by nearly 58%, pushing its volume up to $154 million. But here’s the twist. The price actually dropped a bit over the past week, down around 12%, now sitting at $2.42. That brings its market cap to about $780 million. Analysts are watching that. If CAKE can break past the $2.90 resistance level, we might see it rally up to around $4.30 pretty soon.
PancakeSwap’s ecosystem is live. DefiLama shows us that it has a total value locked (TVL) of $1.311 billion and $18.53 million worth of CAKE available in liquidity pools. And the daily DEX volume? That’s hit a whopping $1.7 billion in just the past 24 hours. Sure, the price of CAKE might be bouncing around a bit lately, but these numbers really show that people are still very much using the platform.
PancakeSwap is getting an extra boost thanks to a new partnership with the Trump-backed World Liberty Financial (WLFI) crypto project, BNB Chain, and BUILDon. They have launched a $1 million incentive campaign for promoting the adoption of USD1. The program will run from June 4 to July 4.
🦅☝️Let’s supercharge DeFi together!
WLFI is co-sponsoring with @BUILDonBsc_AI, @PancakeSwap & @four_meme_ for the USD1 x BNB Chain Liquidity Drive.
🤑 Up to $1M in rewards, a 4-week trading campaign, and exclusive support for the top trading pools & meme projects. Also…
— WLFI (@worldlibertyfi) June 2, 2025
It will encourage more users to explore and use USD1 on the BNB Chain. Why is this meaningful?. For PancakeSwap, it’s a step in enhancing its presence in the DeFi space, this time by helping bring a politically charged stablecoin into the light through rewards and community engagement.
