Now you can buy a cake with $CAKE!
A restaurant in Japan called Tsubaki Salon has begun accepting cryptocurrency, $CAKE, for payments. Aptly named PancakePay, the service lets customers pay with $CAKE tokens when they order pancakes and cakes at the restaurant.
What’s $CAKE? $CAKE is the native token for PancakeSwap, a fully decentralised crypto exchange that allows users to buy and sell crypto without any third party interference.
Essentially, decentralised exchanges like PancakeSwap act as a marketplace for cryptocurrencies. It’s like eBay, Jumia or Depop. The seller uploads what they have to sell, and anybody willing to buy makes an offer. No interference.
PancakeSwap created $CAKE to incentivise other crypto holders to use the platform. When people add their crypto to the platform, they can earn $CAKE.
The case of use cases: We’ve seen with other cryptocurrencies like Dogecoin, Bitcoin and Ethereum, how the introduction of new use cases can boost the value of a cryptocurrency. It’s possible that if more use cases are introduced, the value of $CAKE will rise, which will encourage more cryptocurrency holders to use PancakeSwap and earn the token.