PancakeSwap

PancakeSwap is a decentralized exchange built primarily on BNB Chain that lets users swap one cryptocurrency token for another without a traditional intermediary such as a brokerage or centralized exchange. It uses an automated market maker model, meaning prices are set by mathematical formulas and pools of tokens provided by users rather than by an order book. It aims to make token trading faster and cheaper than many alternatives, and is open to anyone with a compatible crypto wallet.

PancakeSwap operates as an automated market maker, where users deposit pairs of tokens into liquidity pools and receive a share of trading fees in return for providing that liquidity. The CAKE token lives primarily on BNB Chain and is also present in the Solana ecosystem; it is used within the platform for governance voting, yield farming rewards, and participation in various protocol features such as lotteries and staking pools. There is no native consensus algorithm tied to CAKE itself — the asset relies on the underlying blockchains it is deployed on for settlement.

PancakeSwap generates fee revenue from traders who swap tokens through its liquidity pools, with those fees distributed in part to liquidity providers and in part to the protocol itself. The data stored here does not include a direct fee-revenue figure, so fee-based valuation measures cannot be calculated from the information on this page. What the data does show is that 24-hour turnover stands at 7.22% of market capitalization and the 30-day average daily volume is 5.26% of market capitalization, both of which reflect trading activity levels relative to the asset's size. The circulating supply of 321,181,904 CAKE represents 80.30% of the maximum supply of 400,000,000, leaving a dilution overhang of 3.64% in tokens not yet in circulation.