what's pancakeswap?
PancakeSwap is a leading decentralized exchange (DEX) and automated market maker (AMM) protocol built primarily on the BNB Smart Chain (BSC), enabling users to trade cryptocurrencies, provide liquidity, and participate in yield farming with low fees and fast transactions. Launched in 2020, it serves as a comprehensive DeFi platform offering features like token swaps, staking, lotteries, and prediction markets, all powered by its native governance and utility token, CAKE. The project emphasizes community-driven development and has expanded to support multichain operations, including integrations with other blockchains for broader accessibility. Key innovations include CAKE tokenomics with deflationary burns from trading fees to reduce supply, and recent launches like CAKE.PAD for exclusive token sales without staking requirements. PancakeSwap has achieved record-breaking activity on BSC, with billions in trading volume and millions of swaps, solidifying its role in the ecosystem's growth. It continues to evolve with products like perpetual trading and MEV protection to enhance user experience and security.
PancakeSwap integrated with SigmaTrading for liquidity via Infinity pools; Q1 processed 448M+ transactions.
contract
binance-smart-chain
zksync
ethereum
polygon-zkevm
opbnb
aptos
linea
solana
base
arbitrum-one
Integrated with SigmaTrading, which now routes trades through PancakeSwap Infinity pools for liquidity access.
Processed 448,149,803 transactions in Q1 2026, averaging 57 swaps per second.
achieved $876M in 24-hour DEX volume
Appears in a DeFi Llama value screen analysis ranking 10th among 16 protocols that passed filters for P/F under 5x, positive 30-day revenue growth, and real scale, with +3.7% 30-day revenue growth.
Cake.pad launchpad achieved a 300.7% ROI over the past year according to Q1 2026 data.
Offers CAKE rewards in POKT/WETH liquidity pool on Arbitrum, with 20 CAKE per day when TVL reaches $100K.
Integrated with Ondo Finance on BNB Chain to list over 260 real-world assets including stocks, ETFs, and bonds.
Burned 675,000 CAKE tokens ($945,000) through product fees in the week ending March 31, 2026, resulting in net negative emission of 520,000 CAKE (-$728,000).
Launched 4 new BasedOneX incentivized liquidity pools including BASED-USDT and BASED-BNB pairs on BNB Chain and BASED-USDT on Ethereum.
Generated $675M in protocol lifetime revenue.
Launched CLM vaults with initial APY rates ranging from 3,000% to 4,300%.
Generated $3.6M in fees over a 30-day period ending around March 25, 2026.
Pivoted away from veToken model, following similar moves by other protocols including Balancer and Pendle.
Generated $448K in prediction market revenue over a 30-day period.
RIVER LP on PancakeSwap yields over 100% APY from fees and incentives.
Experienced a liquidation event on Venus protocol resulting in approximately $2.15 million bad debt ($1.18 million in CAKE and $1.84 million in THE tokens) after a manipulator borrowed assets against THE collateral that was subsequently liquidated when THE price collapsed.
Lost 6.67M CAKE tokens on March 15, 2026, to attacker 0x1a35…6231 exploiting Venus Protocol on BNB Chain via TWAP oracle manipulation, draining 2,801 BNB, 1.58M USDC, and 20 BTC for $3.7M and causing $2.15M bad debt. Attacker converted 1.466M CAKE into 2,257.3 ETH worth $4.72M and bridged to Ethereum on March 22, 2026.
Reached over $500 billion in trading volume on Infinity over a 3-month period ending around 2026-04-03, with over 4.4M users.
Integrated with 0x API as a liquidity source through the Pancake Infinity product.
Generated $9.46 million in fees over a 30-day period as reported by DefiLlama.
Included as a liquidity source in Shuriken's routing system for Base token trading on their terminal and Telegram bot.
Burned 541,000 CAKE tokens ($722,000) during the week ending March 10, 2026, with 392,000 net CAKE reduction including product burns and emissions.
Marked 31 consecutive months of CAKE burns as of March 2026.
Infinity product reached $100 billion volume with 157,000 transactions on Base, March 19, 2026.
Generated $8,084 in chain fees during the week ending March 9, 2026, representing a 459% increase.
Launched Pancake Town, an AI-agent world on BNB Chain integrating Unibase AI's BNB Town and Infinit Labs for AI agent-driven swaps and DeFi strategies, and an AI Skills feature on March 16, 2026.
Ranks 9th by spot trading market share with 6.1% as of March 2026, maintaining top 10 trading volume over past six months.
Accused by Curve Finance of copying StableSwap code without license, reached out to Curve to resolve the issue.
Completed PEAQ/USDC liquidity migration, requiring LPs to move tokens.
CAKE token listed for trading on Bitstamp by Robinhood in the EU.
Deployed on Tron, Ethereum, and BNB Chain for native issuance.
Integrated with JustLend, Uniswap, and PancakeSwap for DeFi yield stacking opportunities.
Ranked 5th among DEXs with 53,542 monthly token listings.
Reached 1,283,364 transactions in the week ending March 9, 2026, a 30-day high representing a 574% increase.
Ranked in the Top 10 spot and perps exchanges alongside Hyperliquid and Uniswap, as highlighted in CoinGecko's research report on CEX and DEX trading activity.
Reached 12.8 million monthly visits in February 2026, ranking second among DEXs by user traffic.
Ranks as second highest DEX by 7-day trading volume at $6.533 billion.
Incentivizes Monad pools with $20k MON across WMON/USDC, WMON/WBTC, WMON/WETH pairs via Beefy Finance CLM vaults, boosting APRs over 200%.
USDC TVL doubled year-over-year.
ChefFranPS left PancakeSwap on February 20, 2026.
Holds $1.6B in total value locked (TVL) as of February 17, 2026.
Has 1,880,512 token holders, the highest among major DeFi tokens.
Integrated Base network on March 13th, 2026, launching CAKE.PAD. Integrated River protocol, enabling cross-chain swaps across Base, BNB Chain, Hyperliquid.
Generated approximately $79.39 million in gross fees over the last 30 days, representing an annualized run-rate of approximately $968.53 million.
Lists MWX token trading on the platform.
Community voting on reducing max supply from 450M to 400M CAKE.
Partnered with Manchester City football club.
A whale holding $1.2M in CAKE added BELG to their BNB portfolio.
GSR received 2.55M CAKE tokens (approximately $5M value) on January 13, 2026.
Provides blockchain data services to PancakeSwap through SQD's infrastructure.
Nominated as "DEX of the year" for 2025 in a community awards list by a crypto influencer.
integrated with $U stablecoin from utechstables on day 1 of its launch
offers liquidity provider rewards at approximately 36% APR for a CARROT token pair
Uses Biconomy's smart accounts infrastructure in production to handle transactions for millions of users.
Received attention in a letter from Sen. Elizabeth Warren to Treasury and DOJ warning of national security risks and potential money laundering concerns on DEXs.
hosts the 42nd exclusive TGE for Infrared Finance (IR) token on Binance Wallet with subscription opening on December 17, 2025, from 8AM to 10AM UTC, requiring Binance Alpha Points for participation
Partners with YZI Labs for Probable prediction market on BNB Chain, using UMA oracles. YZI Labs acquired by Predict fun in March 2026.
Co-incubates new prediction market with Yzi, using UMA as oracle provider.
Acquired 0xProbable, a zero-fee prediction market incubated by PancakeSwap and YZi Labs, launching on BNB Chain.
Generated $38M revenue from DEX operations over 30 days prior to 2026-03-18, ranking as leading DEX on BNB Chain and #6 overall by revenue; token price declined 12% in past 30 days.
New BDX/WBNB trading pair goes live on PancakeSwap through Beldex's permissionless AMM integration.
PancakeSwap is testing integration with Brevis ZK-proof infrastructure to implement VIP fee rates and discount features.
Ranks #17 in DeFi TVL leaderboard for December 2025, newly entering the Top-20 compared to December 2024.
Deposits for CAKE are now open on BinanceUS, with CAKE/USDT trading pair launching on December 10 at 6 a.m. EST.
PancakeSwap expands launchpad to Monad blockchain with LeverUp as the first project.
X Space with Lava Network scheduled for 1PM UTC today to discuss MiCA compliance and T1 listing developments.
Revenues decline dramatically in November to a fraction of October levels after being one of the top earners in the industry.
Weekly BNB DEX volume down 80% from peak levels.
Community raises concerns about PancakeSwap's architect being previously fired from Binance for alleged insider trading and founding failed project Boop, with questions about accountability and team decision-making.
UnifAI launches 60k $UAI AI Agent Trading Competition with PancakeSwap integration alongside Opinion Labs and Lighter.
External project announces PancakeSwap's architect @dingalingts is leading their new venture.
PancakeSwap has $1.8M TVL on Monad blockchain, second to Uniswap's $60M TVL among 10+ DEX projects tracked on new Allium Labs dashboard.
UnifaiNetwork collaborates with PancakeSwap AI, Hyperliquid, Opinion Labs, and Lighter for trading agent platform expansion.
$CAKE listed as 5th top daily crypto gainer according to CoinMarketCap.
Trading volume dropped from $102B in October to $71B in November 2025, a 30% decline. Processed $73.6B in spot trading volume over 30 days, representing 20% of tracked spot DEX volume.
Deployed on Solana blockchain.
Competitor OREsupply exceeds PancakeSwap, Ethereum, and MetaMask in 30-day revenue metrics.
Competitor Humidifi on Solana reports $1.1B daily volume with $10M TVL and captures 42% of Solana DEX volume, claiming the #1 DEX position by volume ahead of PancakeSwap and Uniswap.
Named as one of the top volume contributors on Monad alongside major DEXes, with the network consistently recording $100m+ daily spot volume since launch.
Generates $2.15M in monthly protocol/tokenholder revenue, representing an annualized run-rate of $26.29M.
Deploys new $APE liquidity pools on Monad network.
Deploys liquidity for VSN token (Bitpanda's ecosystem token) on Arbitrum following its Binance Alpha listing, with Arrakis Pro providing algorithmic liquidity management.
Records $2.5m TVL and $44.8m 24h volume on Monad network following mainnet launch, and deploys 11 ZK-verified LP reward pools on Base with 240k OP backing via Brevis Incentra with yields reaching 43% APR.
Hosts a USDT-ynRWAx liquidity pool on BNB Chain as part of YieldNest's Incentra campaign powered by Brevis, allowing users to provide liquidity and claim USDT rewards.
Hosts a $183M TVL pool for StandX's $DUSD stablecoin following StandX Mainnet launch, with StandX's Thanksgiving Campaign now active.
Launches V2 and V3 on Monad Mainnet at launch, supporting $MON trading with day 1 Maestro integration.
Listed as a third-party bridge option for Monad ($MON) network launch scheduled for Nov 24, 15:00 UTC+1.
A big announcement from PancakeSwap is expected soon.
Records 1.95M active users in the past 30 days, ranking 5th among top DeFi protocols behind Pump.fun, Raydium, Uniswap, and Jupiter.
Launches as the primary DEX liquidity provider for $CMC20, the new CoinMarketCap 20 Index token tracking the top 20 cryptocurrencies on BNB Chain in collaboration with CoinMarketCap, Reserve Protocol, and LISTA DAO.
Aave removes $CAKE from accepted collateral assets, setting LTV to zero following oracle pricing issues during the 10/10 market crash and minimal borrowing revenue from the asset.
Rejects key resistance level with potential downside risk unless the level is reclaimed.
Achieves $2.90B in 24-hour trading volume, the highest among all DEXs.
Burns 974M $CAKE ($2.4B value) since the beginning of the year, outpacing $2.33B of YTD emissions with 6.8% YTD deflation rate.
Crosschain swaps reach $137M+ in volume, powered by Across protocol integration.
Synthetic stablecoin USDX depegs below $0.60, with PancakeSwap and Lista monitoring the situation.
FolksFinance integrates with PancakeSwap through Arrakis Pro-powered liquidity management for FOLKS token on BNB Chain.
PancakeSwap closely monitors Lista DAO situation involving MEVCapital's USDT Vault and Re7Labs' USD1 Vault, which face abnormally high borrowing rates with no repayment activity.
TVL ranking drops to #25 from #7 position held three years ago, as DEXs decline in overall TVL rankings compared to other DeFi protocol categories.
October trading volume reaches $101.9B, securing second place among all DEXs behind Uniswap as overall decentralized exchange volume hits record $613.3B.