What is PancakeSwap (CAKE)?
RANK #86The token of PancakeSwap, a top multi-chain decentralised exchange.
PancakeSwap market stats
PancakeSwap at a glance
- Ticker
- CAKE
- Launched
- 2020
- Category
- DeFi · DEX
- Networks
- BNB Chain & multi-chain
- Features
- Swaps, farms, perps
- Protocol
- PancakeSwap
Categories: Decentralized Exchange (DEX) · Exchange-based Tokens · Decentralized Finance (DeFi) · Yield Farming · Automated Market Maker (AMM) · BNB Chain Ecosystem
How PancakeSwap works
PancakeSwap (CAKE) is one of the largest decentralised exchanges, originally built on BNB Chain and now multi-chain. It offers token swaps, liquidity farming, perpetuals and other DeFi features with low fees.
CAKE is used for governance, staking and farming rewards, and the protocol uses token burns to manage supply against emissions.
PancakeSwap uses an automated market maker model: users swap tokens against liquidity pools and can earn fees and CAKE rewards by providing liquidity. It has expanded into perpetuals, prediction markets and more.
CAKE emissions fund incentives, while regular burns aim to offset inflation.
What moves the PancakeSwap price?
- Trading volume and TVL across its chains.
- CAKE emissions versus burns.
- BNB Chain and multi-chain DeFi activity.
- The broader market cycle.
What CAKE is used for
- Staking and earning farming rewards.
- Governance over the protocol.
- Accessing features across PancakeSwap.
PancakeSwap FAQ
What is PancakeSwap (CAKE)?
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PancakeSwap is a leading multi-chain decentralised exchange offering swaps, farms and perpetuals. CAKE is its native token for staking, farming and governance.
What is CAKE used for?
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CAKE is used for staking, farming rewards and governance across the PancakeSwap ecosystem.
Does CAKE have a supply cap?
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CAKE has ongoing emissions for rewards, partly offset by regular token burns designed to manage its supply.
How do I buy PancakeSwap?
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CAKE is available on PancakeSwap itself and on major exchanges.
This page is information, not financial advice. Prices come from CoinGecko; the text is written and checked by our desk. See our editorial policy.