PancakeSwap (CAKE)USD

PancakeSwap is a decentralized exchange and automated market maker on BNB Chain. Users can swap BEP-20 tokens, provide liquidity, and use DeFi products like yield farming, a lottery, and token launchpads. A pseudonymous team built it as a community-driven project on BNB Chain, with no publicly identified individual founders. PancakeSwap and its native token, CAKE, launched in September 2020. At the application layer, PancakeSwap uses an automated market maker model with liquidity pools instead of order books. For transaction finality, it relies on BNB Chain's Proof-of-Staked-Authority consensus. CAKE is used for governance voting, liquidity and yield farming rewards, and participation in protocol products like perpetuals trading, the lottery, and launchpad offerings. The token had no premine or team allocation and is emitted through protocol rewards. A portion of CAKE is regularly burned using protocol fee revenue, making the token deflationary in practice. The maximum supply is hard-capped at 400 million tokens, though ongoing burns are expected to keep circulating supply well below that ceiling.