What does cake really need to be at 8$ ?
This is what the numbers sayđđť
#Uniswap is roughly 10x bigger as a business.
But #CAKE sends far more of its earnings to token holders.
The market values #UNI at 6.7x CAKE mostly because it pays a much higher multiple for UNI's brand and position, not because UNI's token earns more.
1ď¸âŁFees (business size)
⢠UNI generates about $5.0M a day in fees
⢠CAKE's $519K, roughly 9.7x more.
This is the real gap.
2ď¸âŁRevenue capture
⢠CAKE keeps about 33% of its fees as revenue ($170.5K of $519K).
⢠UNI keeps only about 8% ($412K of $5.02M). So UNI's revenue lead shrinks to about 2.4x.
3ď¸âŁ Valuation
⢠On P/F, UNI is actually cheaper (3.0x vs 4.34x), meaning you get more protocol activity per dollar of market cap.
⢠On P/S, CAKE is about 2.8x cheaper (13.2x vs 36.5x).
The market is paying for UNI's fee base and brand, not for what currently accrues to the token.
4ď¸âŁDilution
⢠CAKE's FDV is almost equal to its market cap, so there's very little supply overhang.
⢠UNI's FDV is about 43% above its market cap, so more unlock pressure lies ahead.
5ď¸âŁLiquidity
⢠UNI turns over about 18.5% of its market cap daily, compared with about 11% for CAKE.
â˘UNI has deeper, more institutional trading.
6ď¸âŁConclusion
If CAKE traded at UNI's 36.5x P/S on today's revenue, its market cap would be about $2.3B, or roughly $7 a token.
Even 20x would put it near $1.24B, about $3.90.
That requires the market to trust CAKE's revenue as durable, which comes from things like broader exchange access, institutional attention, and a consistent burn story.
