From Starbounder - Starbound Wiki
It's a delicious cake!
Cake is a tier 2 foodstuff which can be created through cooking. Cooking it will complete entry #86 in the cooking collection.
Cooking or picking up Cake teaches the recipes for Carrot Cake, Coffee Cake and Chocolate Cake.
Combining an Egg, Wheat, Milk and Sugar into Cake raises their total value by ~26.3%.
It was officially confirmed by Mollygos in a daily update.  'Eat Cake' was also the job Mollygos was permanently assigned on the development roadmap (which she completed 596%).
- Perturbed Koala: Added
- Rampaging Koala: Changed appearance and effects
- Upbeat Giraffe: Adjusted price