PancakeSwap
CAKE Rank #87Price chart
What is PancakeSwap?
Exchange technology
PancakeSwap began on BNB Chain in 2020 and expanded to additional networks. Traders exchange assets through smart-contract liquidity pools. Liquidity providers deposit tokens and receive positions representing their pool exposure. The exchange supports both traditional automated-market-maker pools and concentrated liquidity. PancakeSwap Infinity adds customizable pool logic through hooks and multiple pool architectures.
CAKE functions
Liquidity incentive programs distribute CAKE to eligible providers. Token holders also participate in protocol governance votes. The ecosystem includes token launches, prediction markets and lottery products. CAKE's role and eligibility differ between these services. The 2025 Tokenomics 3.0 redesign replaced the previous veCAKE-centered model and reduced emissions.
Supply and burns
A January 2026 governance decision reduced the maximum CAKE supply to 400 million. This cap is distinct from the quantity currently circulating. Protocol revenue supports recurring token destruction. Trading activity and other supported products contribute to the burn framework. New incentive emissions and burned tokens together determine the net change in supply. The published deflation objective is a target rather than a guaranteed annual reduction.
Where to trade CAKE
112 exchanges · top 10
Live spot quotes from connected exchanges
CAKE funding rates
Live perpetual funding on every connected exchange. Positive = longs pay shorts.
Contracts & chains
Exact contract or mint per network — the identity layer used for DEX routing.
On-chain routes
Networks with a connected DEX routing adapter.