PancakeSwap (CAKE), a decentralized trading platform, has entered into a partnership with Google Cloud to ensure infrastructure availability and reliability.
As the demand for decentralized finance (DeFi) grows, PancakeSwap aims to provide users with an easy-to-use platform to trade their assets without middlemen.
PancakeSwap and Google Cloud collaboration
In addition, PancakeSwap leverages Google Kubernetes Engine to rapidly scale its nodes and accurately predict traffic spikes using Dysnix’s PreditKube solution.
Dysnix’s PreditKube solution helped PancakeSwap accurately predict traffic spikes and automate the scaling up and down of blockchain nodes in advance to manage expected traffic surges. This approach enabled PancakeSwap’s infrastructure to handle a fluctuating number of requests with high scalability while maintaining 99.99% uptime.
Dysnix says their PreditKube solution accurately predicts more than 90% of traffic spikes on PancakeSwap. By automating node scaling up and down, PancakeSwap managed expected traffic growth and reduced infrastructure costs by more than 30%.
One of the critical challenges for any trading platform is ensuring the security of smart contracts. PancakeSwap works with several accounting firms to identify potential loopholes and uses Cloud Armor to filter sensitive data.
With its smart contracts secured, PancakeSwap is looking to expand its services by adding more chains and exploring non-fungible tokens (NFTs).
In addition, to improve users’ trading experience, PancakeSwap plans to use BigQuery to manage and analyze historical blockchain data. By simplifying complex data, PancakeSwap aims to make blockchain trading accessible to everyone.
With Google Cloud’s fully managed services, PancakeSwap engineers can focus on developing new features and improving the user experience instead of dealing with infrastructure issues. Chef Jojo, technical chief at PancakeSwap, stated:
At one point we had over a billion requests on the BNB chain, but this is constantly changing, including changes in the BNB network. With Google Kubernetes Engine, we can scale quickly when there are many requests.
Google Cloud Increases CAKE Token Value
PancakeSwap’s native token, CAKE, is up 3.9% in the past 24 hours after announcing its partnership with Google Cloud.
Currently, CAKE is trading at $1,517 after moving between $1,454 and $1,481 over the past four days. The partnership with Google Cloud has given CAKE much-needed momentum to break out of this range and continue the upward trend.
However, CAKE is now facing a significant resistance level at $1,525, which has not been surpassed since July 6.
On the other hand, the market cap of PancakeSwap (circulating) currently stands at $327.94 million, representing a 1.10% decline in the past 24 hours. Meanwhile, the fully diluted market cap stands at $1.13 billion, down 5.73%.
According to facts of Token Terminal, PancakeSwap’s revenue for the past 30 days is $1.41 million, down 31.55% from the prior period. Similarly, year-over-year revenue is $17.11 million, representing a 39.79% decline.
In addition, Token Terminal highlights that PancakeSwap’s total value locked (TVL) currently stands at $1.22 billion, representing a 4.73% decline in the past 24 hours. On the other hand, the trading volume of the platform (on an annual basis) is $48.50 billion, which indicates a decrease of 25.66% from the previous period.
Data also shows that PancakeSwap’s P/S ratio (fully diluted) is 64.25x, representing an increase of 38.0%. Meanwhile, the P/F ratio (fully diluted) stands at 21.71x, representing a 38.8% increase.
Featured image of Unsplash, chart from TradingView.com
