PancakeSwap(CAKE)

Overview

PancakeSwap (CAKE) is a decentralized exchange (DEX) that launched on BNB Chain (formerly Binance Smart Chain) and operates as an automated market maker (AMM). Instead of a centralized order book, it swaps two tokens through liquidity pools, with liquidity providers depositing assets and earning a share of trading fees. It is known for low fees and fast execution, and has since expanded to additional networks including Ethereum and Arbitrum.

CAKE is the protocol's native token, used for governance voting, staking, and liquidity mining rewards. Beyond token swaps, PancakeSwap offers yield farming, syndicate pools, perpetual futures trading, and an NFT marketplace. CAKE initially had no maximum supply, but subsequent tokenomics revisions and burn mechanisms have changed how its supply is managed.