PancakeSwap And Google Cloud Join Forces: Altcoin Price Rises
PancakeSwap (CAKE), a decentralized trading platform, has partnered with Google Cloud to ensure the availability and reliability of its infrastructure.
As the demand for decentralized finance (DeFi) grows, PancakeSwap aims to offer users a user-friendly platform to trade their assets without intermediaries.
PancakeSwap And Google Cloud Collaboration
Moreover, PancakeSwap leverages Google Kubernetes Engine to scale its nodes quickly and accurately predict traffic spikes with the help of the PreditKube solution from Dysnix.
Dysnix’s PreditKube solution helped PancakeSwap accurately predict traffic spikes and automate the up-and-down scaling of blockchain nodes ahead of time to manage the anticipated traffic surge. This approach ensured that PancakeSwap’s infrastructure could handle a fluctuating number of requests with high scalability, maintaining an uptime of 99.99%.
Dysnix says their PreditKube solution accurately predicts more than 90% of traffic spikes on PancakeSwap. By automating the up-and-down scaling of nodes, PancakeSwap managed the anticipated traffic surge and reduced its 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 various audit firms to identify potential loopholes and leverages Cloud Armor to filter sensitive data.
With its smart contracts secured, PancakeSwap aims to expand its services by adding more chains and exploring non-fungible tokens (NFTs).
Moreover, to improve users’ trading experience, PancakeSwap plans to leverage 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’s engineers can focus on developing new features and improving the user experience rather than dealing with infrastructure issues. Chef Jojo, Technical Lead at PancakeSwap, stated:
Google Cloud Boosts CAKE Token ValueAt one point, we had more than one billion requests on the BNB Chain, but this is changing all the time due to the BNB network changes, among other variables. With Google Kubernetes Engine, we can quickly scale up when there are many requests.
PancakeSwap’s native token, CAKE, has seen a 3.9% increase in value within the last 24 hours following the announcement of its partnership with Google Cloud.
Currently, CAKE is trading at $1.517 after being range-bound between $1.454 and $1.481 for the past four days. The partnership with Google Cloud has provided the much-needed momentum for CAKE to break out of this range and continue its upward trend.
However, CAKE is now facing a significant resistance level at $1.525, which has not been surpassed since July 6th.
On the other hand, PancakeSwap’s market cap (circulating) is currently at $327.94 million, representing a decline of 1.10% in the past 24 hours. Meanwhile, its fully diluted market cap stands at $1.13 billion, representing a decline of 5.73%.
According to data from Token Terminal, PancakeSwap’s revenue for the past 30 days is at $1.41 million, marking a decrease of 31.55% from the previous period. Similarly, its annualized revenue is $17.11 million, representing a decrease of 39.79%.
Furthermore, Token Terminal highlights that PancakeSwap’s total value locked (TVL) is currently at $1.22 billion, representing a decline of 4.73% in the past 24 hours. On the other hand, the platform’s trading volume (annualized) is at $48.50 billion, indicating a decrease of 25.66% from the previous period.
Data also shows that PancakeSwap’s P/S ratio (fully diluted) is at 64.25x, representing an increase of 38.0%. Meanwhile, its P/F ratio (fully diluted) stands at 21.71x, indicating an increase of 38.8%.
Featured image from Unsplash, chart from TradingView.com
Read more: https://www.newsbtc.com/analysis/cake/pancakeswap-and-google-cloud-join-forces-altcoin-price-rises/
Text source: NewsBTC
