PancakeSwap Launches Gaming Marketplace, CAKE "Pumps" Strongly

Introduction

At around 08:00 PM on November 14th (Vietnam time), the decentralized exchange (DEX) PancakeSwap officially launched its gaming marketplace. This new platform allows projects to build, launch, and update crypto and NFT-related games.

Initial Game Launches

The platform debuted with two games: Pancake Protectors, developed in collaboration with Mobox, and Pancake Mayor, a joint product with Binary X. Pancake Protectors was first released in May 2023 and has attracted over 25,000 daily active users.

Supported Blockchains

The PancakeSwap marketplace currently supports nine blockchains, including Ethereum, Polygon zkEVM, Base, BNB Chain, OpBNB, zkSync Era, Arbitrum One, Linea, and Aptos.

Official Statement

A representative from PancakeSwap stated:

"Gaming marketplace of PancakeSwap marks a new chapter in our commitment to innovation and enhancing user experience. We hope the project will be well received by the community, gamers, and builders on our journey to create a vibrant, creative, and immensely exciting gaming ecosystem."

Market Share and Expansion

PancakeSwap holds nearly 15% of the DEX market share, making it the second-largest decentralized exchange in the crypto market, only behind Uniswap. According to The Block, the spot trading volume on the platform reached $5.97 billion in October.

PancakeSwap Market Share
Source: The Block

In recent times, PancakeSwap has continually expanded its platform to new blockchains, including Polygon zkEVM, zkSync Era, Arbitrum One, Linea, and most recently, Base. The exchange also commits to sharing trading fee revenue with users holding CAKE tokens.

Impact on CAKE Price

Following the announcement of the marketplace, the price of CAKE experienced a significant positive shift, with a 24-hour increase of over 20%. This upward trend has been maintained for several hours, with CAKE trading around $2.72.

1-hour Chart of CAKE/USDT on Binance as of 00:00 AM on November 16, 2023

Conclusion

PancakeSwap's launch of its gaming marketplace is a significant milestone that highlights its commitment to innovation and user engagement. The positive response from the community, reflected in the rise of CAKE's price, suggests a promising future for PancakeSwap's new gaming ecosystem.