BNB Chain Projects Gain Momentum With PancakeSwap Now Trading on Kraken

CAKE, the native token of PanCakeSwap trading on Kraken exchange, has raised the enthusiasm among decentralised (DeFi) observers. Investors believe this potential move is a key step towards BNB Chain projects’ expansion in the crypto industry. PancakeSwap has been one of the more user-engaging yet powerful names in decentralized finance, and now, with CAKE trading live on Kraken, it’s stepping into more “mainstream” territory. This listing isn’t just about adding another token; it’s a recognition of how far DeFi has come and how centralized exchanges are beginning to embrace what was once considered experimental tech. However, the CAKE live price is around $2.5. Can this resistance break, and will it rise to $3?

CAKE Live Price and Market Performance

As of May 1, 2025, CAKE is trading at $2.06, with a modest 1% uptick over the last 24 hours as shown in the weekly chart below. The token’s market cap is approximately $654.9 million, with around $50.5 million daily trading volume. CAKE has risen 5% over the last week; however, it is still unable to cross $3. 

Chart 1- CAKE/USDT Live Price, published on TradingView, May 1, 2025. 

Looking deeper, the fully diluted valuation (FDV) is close to $928 million, based on a total supply of 372.83 million tokens. While these numbers aren’t explosive, they reflect stability, a word investors don’t often associate with DeFi tokens. This new listing could nudge those numbers upward, as more traders on Kraken gain access to CAKE without needing BNB wallets or swapping through decentralized interfaces.

CZ Reaction: PanCakeSwap Trading on Kraken

The CAKE listing on Kraken exchange isn’t just about one token; it’s part of a broader shift. Even Changpeng Zhao (CZ), Binance’s founder, pointed out how encouraging it is to see BNB Chain projects getting support from other major platforms. And he’s right: Until recently, BNB Chain felt like a Binance-only ecosystem. He shared his enthusiasm on X (formerly Twitter) by saying, “Great to see Kraken listing BNB Chain projects now.” 

Great to see Kraken listing BNB Chain projects now. 🙏👍🔥 https://t.co/Wsara1d9mX

— CZ 🔶 BNB (@cz_binance) May 1, 2025

Kraken stepping in sends a signal: quality projects, even if they were born in the Binance orbit, are starting to stand on their own. This kind of cross-platform recognition brings more trust and reduces friction for new users. Therefore, PancakeSwap remained the dominant platform, responsible for over 90% of the total DEX activity on the chain.

What’s Next for CAKE?

PancakeSwap already commands a TVL (Total Value Locked) of about $1.68 billion, which shows users are still confident in its pools and farms. Some analysts would argue that CAKE might be undervalued compared to its current market cap. Around 62% of CAKE tokens are held by whales, which reflects its dominance in the chain projects, and Kraken’s listing could serve as a soft catalyst for its future growth. It won’t send CAKE flying overnight, but it might attract a new wave of cautious investors, those who prefer centralized exchanges but are curious about DeFi.