About
PancakeSwap is the leading decentralized exchange (DEX) on the BNB Smart Chain (BSC) and one of the most popular Automated Market Makers (AMMs) in the entire DeFi landscape. Launched in 2020 by anonymous developers (the "Chefs"), the platform was designed to provide a faster and cheaper alternative to Ethereum-based DEXs like Uniswap. It allows users to swap tokens, provide liquidity, and participate in yield farming without the high gas fees typically associated with other major networks. Over time, PancakeSwap has evolved into a multi-chain powerhouse, expanding its presence to Ethereum, Polygon, Aptos, Arbitrum, Base, Linea, and most recently, Solana and Monad.
The platform is renowned for its diverse ecosystem, which goes beyond simple token swaps. It features "Syrup Pools," where users can stake CAKE to earn other project tokens; "PancakeSwap Perps" for decentralized perpetual trading; and a dedicated NFT marketplace. The 2025 introduction of PancakeSwap v4 brought "Hooks" to the protocol modular, customizable smart contracts that allow developers to create unique pool behaviors, such as dynamic fees or custom oracles. Additionally, the launch of CAKE.PAD has turned the platform into a premier incubator for new projects, where users can access early-stage tokens while contributing to the burn of native CAKE tokens.
In January 2026, the protocol reached a historic milestone in its "Ultrasound CAKE" initiative. Following a major community governance vote (IIP-2026-01), the maximum supply of CAKE was officially slashed from 450 million to 400 million. This move cemented the transition from a high-inflation growth model to a strictly deflationary one. By 2026, the network has maintained a net-negative issuance for over two years, with more tokens being destroyed through protocol fees, lottery participation, and prediction market activity than are being minted as rewards. This shift ensures that the protocol focuses on capital efficiency and long-term value accrual for its dedicated "Kitchen" community.
