Tokenized The Cheesecake Factory ($CAKE) Now Available on Solana

Backpack expands its tokenized stock lineup on Solana with The Cheesecake Factory ($CAKE). Each $CAKE token is tradable 24/7 and redeemable 1:1 for a traditional share of The Cheesecake Factory (Nasdaq: CAKE) through Backpack Securities.

Token details

About The Cheesecake Factory

The Cheesecake Factory Incorporated (Nasdaq: CAKE) is a restaurant company headquartered in Calabasas Hills, California, founded in 1972. It owns and operates restaurants across the United States and Canada under brands including The Cheesecake Factory, North Italia, Flower Child and a collection of other Fox Restaurant Concepts brands, with further Cheesecake Factory locations abroad run by licensees. The company also runs a bakery division with two production facilities, supplying cheesecakes and other baked goods to its own restaurants, to international licensees and to third-party customers.

Moving between $CAKE and traditional CAKE shares

$CAKE and traditional The Cheesecake Factory Incorporated (Nasdaq: CAKE) shares are convertible 1:1 through Backpack Exchange. The flow works the same way as depositing or withdrawing a stablecoin.

Withdraw a share of The Cheesecake Factory from Backpack Exchange to tokenize it into $CAKE on Solana.

Deposit $CAKE from a Solana wallet to Backpack Exchange to convert it back into the underlying CAKE share held in Backpack Securities.

How to trade $CAKE

You can trade Backpack-issued $CAKE on Solana using Backpack Wallet.

$CAKE is also accessible across the Solana ecosystem, including decentralized exchanges, aggregators, wallets, and apps such as Backpack, fomo, Titan, Jupiter, Phantom, Solflare, Raydium, Kamino, and others.

Unlike most tokenized stocks that only track a price, tokenized securities issued by Backpack, including $CAKE, are:

• Redeemable 1:1 for real underlying shares
• Transferable to traditional brokerages