PancakeSwap (CAKE)

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Historical price evolution of PancakeSwap

Daily historical data. Updated automatically.

PancakeSwap was launched on 20th September 2020 on Binance Smart Chain (currently known as BNB Chain) by a team of completely anonymous developers who use culinary pseudonyms, including "Chef Kids" as Head Chef and "Chef Jackson" as Lead Developer. The project received funding from the Binance Accelerator Fund and its domain was registered in Shanghai, China. The platform was born as a direct alternative to Uniswap on Ethereum, where gas fees exceeded 50 USD per transaction, offering instead transactions for less than 0.10 USD.

In April 2021, the protocol launched PancakeSwap V2, which incorporated improved smart contracts, optimised fees and new farming and staking opportunities. During its first year of operation, the platform accumulated more than 100 billion dollars in trading volume. Throughout 2021, PancakeSwap consolidated as the most active DEX on BNB Chain, exceeding Uniswap in daily volume on multiple occasions during the bull run. During this period, thousands of projects used its Initial Farm Offerings (IFOs) to launch tokens.

In April 2023, the community approved the CAKE Tokenomics v2.5 proposal, which transitioned the CAKE token towards a deflationary model called "Ultrasound CAKE". Under this new model, more than 102% of CAKE tokens issued weekly are burnt, exceeding net issuance. Security audits were carried out by PeckShield and SlowMist. That same month PancakeSwap V3 was launched, which introduced liquidity concentration in specific price ranges with up to 4,000 times greater capital efficiency than V2, four fee levels (0.01%, 0.05%, 0.25% and 1%) and auto-compounding of rewards.

Between 2024 and 2025, PancakeSwap completed its multichain expansion, currently operating on 9 main blockchains: BNB Chain, Ethereum, Arbitrum, Base, Solana, opBNB, Polygon, zkSync Era and Aptos. The platform handles more than 2 billion dollars in TVL, processes 425,000 daily transactions and has more than 169,000 daily active users.

PancakeSwap functions as a decentralised exchange based on the Automated Market Maker (AMM) model, which means that token swaps are not executed against a traditional order book, but rather against liquidity pools created by users themselves. Liquidity providers deposit token pairs in equal proportions into these pools and receive LP tokens in return that represent their stake and grant them the right to a fraction of the trading fees, which range between 0.01% and 1% per transaction depending on the specific pool. This system allows any user to swap tokens immediately, as liquidity is constantly available through the pools.

The CAKE token acts as the central hub of the ecosystem and fulfils multiple functions within the protocol. CAKE holders can participate in governance by voting on protocol change proposals, stake in "Syrup Pools" with flexible or fixed lock options of up to 52 weeks, and participate in activities such as the lottery and prediction markets. Additionally, liquidity providers can engage in yield farming, receiving CAKE as additional incentive for providing liquidity to certain pools. The protocol implements a deflationary model called "Ultrasound CAKE" that burns more tokens weekly than it issues, thus reducing the circulating supply. The project's development remains completely anonymous under culinary pseudonyms known as "Chefs", whilst all code is open source and publicly verifiable.

Data verified against external sources. Some values may have changed since the last update.