PancakeSwap 

CAKE Price

What is the PancakeSwap crypto?

PancakeSwap is a multichain decentralized exchange (DEX) built on an automated market maker (AMM) model — trades execute against liquidity pools rather than an order book. The protocol launched in September 2020 on BNB Smart Chain and now operates across eight chains, including Ethereum, Base, Arbitrum One, and Solana. Products span spot swaps (v2/v3), perpetuals, yield farms, Syrup Pools staking, a lottery, and CAKE.PAD launchpads. CAKE is the protocol's utility and governance token.

How does PancakeSwap's AMM work?

PancakeSwap matches trades against pooled liquidity rather than counterparties. Liquidity providers deposit token pairs into pools, and traders swap against those pools at prices set by the AMM formula. Version 2 pools use constant weights, while PancakeSwap v3 adds concentrated liquidity with custom price ranges. The platform runs on eight chains — BNB Smart Chain, Ethereum, Base, Arbitrum One, zkSync, Scroll, Linea, and Solana — so liquidity is not confined to a single network.

What is the CAKE token used for?

CAKE serves two core functions: governance and staking. Holders vote on protocol proposals covering fee schedules, chain additions, and tokenomics changes — the January 2026 vote that set the 400 million supply cap was one such proposal. CAKE can also be staked in Syrup Pools or deployed in yield farms to earn rewards. The token is the economic and governance layer of the PancakeSwap protocol.

Does CAKE have a max supply?

Yes — CAKE has a hard maximum supply of 400,000,000 tokens. A governance proposal passed on January 16, 2026 lowered the cap from 450 million to 400 million, resolving the token's earlier "uncapped supply" criticism. Per DropsTab data, total supply stood at roughly 360.1 million CAKE as of September 2026. Older sources describing CAKE as uncapped are outdated.

Is CAKE deflationary?

By design, yes. Since 2023 PancakeSwap has run a buy-back-and-burn program funded by product revenue: 15–23% of spot trading fees, 20% of perpetual-trading profits, 100% of CAKE.PAD fees, and 20% of lottery CAKE played. Burned CAKE is locked forever and treated as removed from supply. Tokenomics 3.0 targets annual deflation of at least ~4% and a roughly 20% total-supply reduction by 2030.

What happened to veCAKE?

PancakeSwap retired the veCAKE vote-escrow model on April 23, 2025, under Tokenomics 3.0. Gauge voting was removed at the same time, and staked CAKE was unlocked back into liquid tokens. Governance continues through standard proposal voting, which does not require locking CAKE for voting power.

Who backed PancakeSwap?

DropsTab fundraising data shows two rounds. The Strategic Round on June 6, 2022 was led by YZi Labs (previously Binance Labs) — a Tier 1 exchange backer whose support tied PancakeSwap to the BNB Chain ecosystem, its deepest market. Raise amount and valuation were not publicly disclosed. Earlier, CAKE was distributed through an IEO on Bithumb on November 10, 2020, with no lockup.

How can you earn CAKE through staking and yield farming?

CAKE staking runs through Syrup Pools, where users deposit CAKE and earn rewards while keeping ownership of the deposit. Yield farms pay CAKE to liquidity providers who stake LP tokens from trading pairs. Emissions currently flow to multichain farms, the lottery, and ecosystem growth. No airdrop or quest campaigns are confirmed for PancakeSwap — staking and farming on the protocol are the primary earning routes.

Where can you buy and trade CAKE?

CAKE trades on more than 100 spot, derivatives, and DEX markets combined, per DropsTab data. Centralized exchanges include Binance, Coinbase, Kraken, Bybit, and KuCoin, with fiat pairs in USD, EUR, KRW, and TRY. Perpetual futures trade on venues including Binance Futures, Bybit, Kraken Futures, and Hyperliquid. On-chain, the deepest liquidity sits in PancakeSwap's own v2 pools (CAKE/BNB, CAKE/USDT), with additional pairs on Uniswap v3 and Aerodrome.