From LXF Wiki
Some might argue that Project Cupcake is a silly name. And, to be fair, they are right. We tossed around some ideas for names, but realised that ultimately it was a waste of time - a program equivalent to Dreamweaver will require an epic amount of effort, which means we've got months if not years to think up a suitable name for it.
In the meantime, the name is Project Cupcake, which has nothing to do with dreams, weaving or the web, but it's just a fun project name until we settle on something permanent. That said, Cupcake is quirky enough that we might stick with it - maybe the rest of the world will grow to like it!
In short: don't worry about the name. It's just temporary (probably) and just for fun.