PancakeSwap

PancakeSwap is a decentralized exchange built on BNB Chain that uses an automated market maker model, meaning trades are settled against pooled liquidity rather than matched through a traditional order book. It lets any two people swap tokens directly from their wallets, without an intermediary, and also supports yield farming and perpetual trading. It is aimed at anyone who wants to trade or provide liquidity on BNB Chain without using a centralized exchange.

PancakeSwap operates as an AMM on BNB Chain and has expanded to the Solana ecosystem as well; users deposit pairs of tokens into liquidity pools and earn a share of the trading fees generated by those pools. The CAKE token is the protocol's native token and is used for governance, staking, and as a reward distributed to liquidity providers and participants in yield farming programmes. CAKE has a maximum supply of 400,000,000 tokens, and as of the data stored here, roughly 79.49 percent of that cap is already in circulation.

PancakeSwap generates fee revenue from swaps executed against its liquidity pools, with traders paying fees that are distributed in part to liquidity providers and in part retained or burned by the protocol according to its governance parameters. The data stored here does not include a discrete fee-rate or protocol-revenue figure, so fee-based valuation measures are not available on this page. What the supply metrics do show is that 96.48 percent of circulating supply has already been issued against the maximum cap, leaving a dilution overhang of approximately 3.64 percent, which represents the remaining tokens that could still enter circulation.