In the course of the conquest of Anatolia, Cakan Bey that was supposed to have been from Cavuldur tribe of Oguz people had carried out some activities within the environs of Malatya. He had stayed for a long period in Istanbul. Then he came to Istanbul in the year of 1081, and founded this principality. Cakan who knew the weak points of the Byzantine Empire captured Foca and its environs. Then, he built a strong navy composed of 40 units of ships and captured the islands of Chios, Lesbos, Samos and Rhode Island. Afterwards, he advanced towards Canakkale. He defeated the Byzantine navies that had been sent towards him for several times. He wanted to capture Istanbul and become an Emperor. Since his land forces were not adequate, he collaborated with the Pecenek Turks that advanced over the Balkans towards the Thrace. While they would form pressure and besiege Istanbul from land, Cakan Bey would attack from the sea and the capital city of the Byzantine would be captured thereof. However, this plan could not be realised. The Emperor Aleksios Komnenos had oriented Kuman Turks to attack to the Pecenek people on the banks of the Danube River and Pecenek people were defeated in a crushing manner. Izmir Bey, Cakan was annihilated by Seljuk Sultan Kilic Arslan I (1097).
Similarly in the same period, there was a small Turkmen principality located in the region of Ephesus and the sovereign leader of this principality was Tanrivermiş Bey