PancakeSwap

CAKE is the token of PancakeSwap, a decentralised exchange mainly on BNB Chain, funded by fees that buy back and burn it.

PancakeSwap is a decentralised exchange that launched on Binance Smart Chain (now BNB Chain) in September 2020. Users swap tokens against pools of liquidity supplied by other users, without an account. It is run by an anonymous team and now works on about a dozen networks, though BNB Chain carries most of its volume. DefiLlama recorded about $500 billion of trading volume over the year to September 2026.

CAKE is the project's token. There were about 331 million CAKE on 27 September 2026, with a stated cap of 400 million, lowered from 450 million by a community vote in January 2026. New CAKE is issued as rewards for liquidity farms, while part of the fees from PancakeSwap's products is used to buy CAKE back and burn it. Since September 2023 more CAKE has been burned than issued each month.

In April 2025 'Tokenomics 3.0' retired veCAKE, the locked form of CAKE that gave voting power and a small share of trading fees. Daily emissions were cut, and the fee share that went to veCAKE holders was redirected to the burn. Holding CAKE now pays no share of revenue.

Besides token swaps, PancakeSwap offers perpetual futures built with Aster, a 5-minute price prediction game, a lottery played with CAKE, and a launchpad (CAKE.PAD). Swaps and perpetuals supply most of the CAKE burn; in mid-2026 the prediction game supplied 5–9% of it.