Decentralized exchange PancakeSwap (CAKE) saw a significant price increase over the past day after introducing a new feature on the platform.
CAKE is currently trading at $1.57, up 29% in the last 24 hours. The token has also gained 31% in the past week.
This latest rally comes shortly after PancakeSwap launched its new Position Manager tool earlier this week. This feature allows users to deposit funds into a vault and have them automatically allocated to liquidity pools for yield farming.
In a blog post, the PancakeSwap team said Position Manager makes capital utilization more efficient by automating liquidity provision. According to the developers, this should enable users to achieve higher yields compared to manual yield farming.
The new utility initially supports the stablecoin USDT as well as BNB, Bitcoin (BTC) and Ethereum (ETH). PancakeSwap encourages the use of Position Manager by offering increased CAKE rewards for the first four weeks.
As the second largest decentralized exchange by daily trading volume, PancakeSwap’s latest feature release appears to be resonating with investors. The platform has seen a sharp increase in usage in recent months amid the booming Defi sector.
In September, PancakeSwap also integrated the Onramp Transak cryptocurrency, further expanding access and utility. With the introduction of Position Manager, the project aims to make capital deployment even easier for its large user base.
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