What does cake really need to be at 8$ ?

This is what the numbers say👇🏻

#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.

1️⃣Fees (business size)

• UNI generates about $5.0M a day in fees

• CAKE's $519K, roughly 9.7x more.

This is the real gap.

2️⃣Revenue 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.

3️⃣ 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.

4️⃣Dilution

• 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.

5️⃣Liquidity

• UNI turns over about 18.5% of its market cap daily, compared with about 11% for CAKE.

•UNI has deeper, more institutional trading.

6️⃣Conclusion

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.