## January CAKE Burn Recap

January closed with 29 straight months of net CAKE supply reduction and continued deflationary momentum.

More than -42,179,477 CAKE has now been permanently burned, reinforcing a healthier, more sustainable token economy powered by real usage across PancakeSwap’s products. This consistency highlights the protocol’s maturity and our long-term approach to emissions and value creation.

Track every burn in real time on the [**Burn Dashboard**](https://pancakeswap.finance/burn-dashboard).


## CAKE’s Max Supply Reduced from 450M to 400M CAKE

Following the Kitchen’s [**proposal discussion**](https://forum.pancakeswap.finance/t/discussion-of-proposal-to-reduce-cake-token-max-supply/1551) to reduce CAKE’s max supply from 450M to 400M CAKE, the community [**voted in favor**](https://pancakeswap.finance/voting/proposal/0xc988547f7b6c435764c840623685b0c2d13ebcc91d1672d39c51b6d14207f9a5?id=0xc988547f7b6c435764c840623685b0c2d13ebcc91d1672d39c51b6d14207f9a5&chain=bsc) and the reduction was implemented on January 19, marking another important step in the protocol’s long-term tokenomics evolution.

This update builds on the success of CAKE Tokenomics 3.0, under which CAKE’s token supply achieved a net burn of ~8.19% in 2025, from 380M to 350M, and has remained deflationary since September 2023.

We would like to sincerely thank the community for the thoughtful feedback, discussions, and participation throughout the proposal process.  

## PancakeSwap is Cooking on Base

In January, the Kitchen published experiment results demonstrating that across core pairs on Base (USDC-ETH and cbBTC-ETH), **Base LPs earn higher returns on PancakeSwap** than on other protocols. Check it all the details [**here.**](https://x.com/PancakeSwap/status/2009235123389255765?s=20)

With extra incentives across PancakeSwap’s v3 pools on Base, LPs can unlock even better yields via Brevis Incentra. Add liquidity, generate trading fees, and stack OP rewards. Explore the pools [**here.**](https://incentra.brevis.network/?chainid=8453&type=3&status=4)

## New Tokenized RWAs Added 

98+ new tokenized RWAs were added to PancakeSwap’s offerings via our partnership with Ondo Finance and BNB Chain. A total of over 200+ tokenized stocks, ETFs, and bonds are now live on PancakeSwap BNB Chain, [**with zero trading fees**](https://x.com/PancakeSwap/status/2009268043407593879), bringing more access to traditional financial markets directly onchain.

## Milestone: $3.5 Trillion Trading Volume on BNB Chain

In January, PancakeSwap surpassed $3.5 trillion in cumulative trading volume on BNB Chain, marking another milestone in the protocol’s trajectory and reinforcing its position as one of the most widely used DeFi platforms globally.

More than 172 million users have swapped via PancakeSwap to date. These milestones reflect sustained usage across market cycles and highlight the protocol’s scale while supporting deep liquidity, diverse products, and a global user base.

## Probable (Incubated by PancakeSwap & YZi Labs) is Shipping

Probable is accelerating, fast. In just over one month since launch, Probable is now the #4 prediction platform by [**notional volume**](https://x.com/Predictefy/status/2018312984720703795), reaching over $2.53B in volumes and welcoming 26k users to date. Probable is actively onboarding more market makers with exclusive incentives, so if you're a market maker interested to learn more, get in touch through [**this form**](https://docs.google.com/forms/d/e/1FAIpQLSdE1inq5XsZoOUIxzZ2foFeKWiN9zzpkUMt4cvPyfnPrSsZUA/viewform).

Don’t miss out on Probable’s ongoing Points Program with the latest updates [**here**](https://0xprobable.medium.com).

Thanks for reading! Follow us on [**X**](https://x.com/PancakeSwap) for the latest updates, and join us on [**Telegram**](https://t.me/PancakeSwap) and [**Discord**](https://discord.com/invite/pancakeswap).

*The Chefs* 🥞

Kitchen Report: January 2026

## CAKE Burn Recap

December closed with a milestone: 28 straight months of net CAKE supply reduction.

More than 39,392,081 CAKE has now been permanently burned, reinforcing a healthier, more sustainable token economy powered by real usage across PancakeSwap’s products. This consistency highlights the protocol’s maturity and our long-term approach to emissions and value creation.

Track every burn in real time on the [Burn Dashboard](https://pancakeswap.finance/burn-dashboard).

## Introducing Probable: An Onchain Prediction Market

In December, PancakeSwap officially incubated [Probable](https://probable.markets/), a zero-fee, fully onchain prediction market built on BNB Chain.

Designed with a strong user-first philosophy, Probable is a platform to predict outcomes across crypto, global events, and sports markets with full onchain transparency and no platform fees.  

Built with accessibility in mind, Probable simplifies participation by abstracting away onboarding complexity, allowing users to get started and place predictions with just a few clicks.

## PancakeSwap’s Biggest Year Yet

Q4 capped off a truly exceptional year for PancakeSwap, marking our fourth consecutive quarter of all-time-high trading volume and closing the year with $856B in Q4 volume alone. Across 2025, PancakeSwap processed $2.36T in total trading volume, welcomed 35.3M+ unique traders, and surpassed $3.33T in cumulative volume.

2025 was also a year of foundational progress. We shipped major upgrades like PancakeSwap Infinity, rolled out CAKE Tokenomics 3.0 to reinforce long-term sustainability, expanded intentionally across 10 blockchains, and secured its position as the #1 DEX by trading volume and market share, holding that lead consistently from mid-year onward. Together with our global community, this year marked a defining chapter for PancakeSwap, one built on real usage and long-term vision.

For the full breakdown and yearly highlights, check out our [2025 Year-End Recap.](https://blog.pancakeswap.finance/articles/2025-recap)

## CAKE.PAD’s First Launch on Monad

December also marked a milestone for [CAKE.PAD](https://pancakeswap.finance/cakepad) with its first-ever launch on Monad, featuring LeverUp, an LP-free perpetuals trading platform.

The launch closed heavily oversubscribed, with over 33M CAKE committed against a raise target of roughly 49K CAKE, reflecting strong community demand. Through CAKE.PAD’s overflow model, 10M LV tokens (1% of total supply) were distributed, while nearly 40K CAKE was burned.

This launch marked an important step for CAKE.PAD as we continue to build across the web3 ecosystem and lay the groundwork for what’s coming next.

## PancakeSwap at Global & Community Events

December wrapped up with PancakeSwap on the ground at two flagship industry events: Binance Blockchain Week and Solana Breakpoint. Our booth became a community hub, pancakes served all day, merch, and nonstop conversations with builders, users, and partners from across the ecosystems.

In parallel, we brought that momentum to India with an IRL meetup in Bangalore, held during India Blockchain Week, where 82 community members joined us in person.

From flagship conferences to local gatherings, December reinforced a simple focus: showing up globally while continuing to invest in strong, grassroots communities.

Thanks for reading! Don’t forget to follow us on [X](https://x.com/PancakeSwap), join us on [Telegram](https://t.me/PancakeSwap) and [Discord](https://discord.com/invite/pancakeswap)

*The Chefs* 🥞

Kitchen Report: December 2025

👨‍🌾Minted:  674,316 🔥Burned: 2,460,056 📉Net Mint: -1,785,740 🔻% of total supply burned: -0.512%

🐰This marks the 28th consecutive month of CAKE total supply reduction, with a cumulative -39,392,081 net mint

## **December 2025: PancakeSwap's CAKE Burn**

Our December 2025 report explores the world of CAKE token supply management on PancakeSwap. Learn how PancakeSwap reduces the total supply of CAKE through strategic burns and the pursuit of ultrasound CAKE.

## **CAKE Total Supply Reduction**

As of Jan 5, 2026, PancakeSwap has successfully burned -0.512% of the CAKE total supply for December 2025. To calculate this percentage, we divided the total net mint of -1,785,740 CAKE by the initial total CAKE supply on Jan 5th, 2026. This marks the 28th consecutive month of CAKE total supply reduction, with a cumulative -39,392,081 CAKE  since September 2023.

**Achieving CAKE Total Supply Reduction through Net Minting:**

In December 2025, PancakeSwap achieved a net mint of -1,785,740 CAKE. This negative net mint indicates that more CAKE tokens were burned than minted during the month.

## **December Mint Breakdown**

- Farms: 423,711
- Other Product Usage: 123,958
- Ecosystem Growth: 126,647
- Total December Mint: 674,316

*Please note that we have excluded CAKE mints that directly contribute to burning, calculating the mint based on raw CAKE/block emission (including emission changes over the months) for a precise monthly mint estimate.*

## **December Burn Categories**

- Swaps and Perpetual Trading Fees: 2,055,528
- Prediction: 240,843
- Lottery, NFT Market, Profile & Factory, CAKE Domain, CAKE Pad: 163,685
- Total December Burn:2,460,056

*Note: To ensure accuracy, we pro-rate weekly CAKE burns over two months. For example, burns occurring at the end of July and stretching into* September *receive a proportionate allocation between the two months.*

December 2025 CAKE Burn Report

2025 was PancakeSwap’s biggest year yet.

This year, PancakeSwap delivered record-breaking volumes, shipped category-defining products, expanded across new chains, and cemented its position as the #1 DEX by trading volume and market share.

From foundational protocol breakthroughs like Infinity to continued multichain expansion, 2025 marked a defining chapter for PancakeSwap, unlocking a new era of growth with a long-term vision and a relentless focus on building what matters.

Here’s a look back at what the Kitchen proudly achieved in 2025, together with our community.

## **Key Achievements in 2025: By the Numbers**
![AMA Template (12).jpg](https://sgp1.digitaloceanspaces.com/strapi.space/727d7063b854e13038224d3de8ddc96f.jpg)

In 2025, the numbers spoke loudly. Here’s a look at the major milestones and record-breaking new metrics we reached:

- **2025 Total Trading Volume: $2.36T** (+619% YoY growth from $328.6B in 2024)
    - 2025 Highest Daily Trading Volume: $26B on October 10, 2025
    - 2025 Highest Monthly Trading Volume: $492B in October 2025
- **Cumulative Trading Volume:** **$3.33 trillion**
- **Total Value Locked**: **$2.45B**
- **2025 Total Unique Traders: 35.37m** (+147% YoY growth from 14.3M in 2024)
- **2025 Total Unique Users: 36.16m**

## **Four Quarters, Four New All-Time Highs**

Every single quarter of 2025 set a new all-time highs in trading volumes:

- **Q1: $205B**
- **Q2: $529B**
- **Q3: $772B**
- **Q4: $856B**

These four consecutive record-breaking quarters in 2025 underscore more than favorable market conditions but also demonstrate a platform trusted by millions of users worldwide.

## **The #1 DEX: Secured & Sustained the Top DEX Spot in 2025**

In 2025, PancakeSwap overtook every other decentralized exchange to become the #1 DEX by trading volumes and market share.

Beginning in May, PancakeSwap took the #1 rank among all DEXs by trading volume on a 30-day basis consistently, outpacing every other DEX. PancakeSwap maintained this leading position through the remainder of the year, ending 2025 with a leading 37.84% market share by total DEX trading volume. This was the year PancakeSwap didn't just grow but secured the #1 DEX spot and sustained it.

## **CAKE Tokenomics 3.0: A New Era of Sustainability**
![Slide 16_9 - 15.jpg](https://sgp1.digitaloceanspaces.com/strapi.space/6d8ed14d8a5838b073721a3b0af35d7b.jpg)

In 2025, PancakeSwap introduced **CAKE Tokenomics 3.0** and streamlined the PancakeSwap ecosystem by optimizing CAKE efficiency, implementing a more efficient emissions model, and supporting sustainable growth. The new design positions CAKE as a utility-first asset with built-in scarcity, targeting:

- **~4% annual deflation**, steadily reducing supply over time
- **~20% supply reduction by 2030,** reinforcing long-term scarcity

To date, PancakeSwap has delivered 28 consecutive months of net CAKE supply reduction, with a total of 37,606,341 CAKE permanently burned since September 2023, reinforcing our commitment to sustainable tokenomics and responsible emissions. The consistent deflation this year highlights the long-term vision and strength of our ecosystem.

**2025 CAKE Highlights:**

- **8.19% YTD Deflation in 2025,** compared to 1.37% in 2024
- **31.6M CAKE Net Burn in 2025,** decreasing CAKE supply
- **2.2M CAKE Holders**, +25.09% YoY from 1.79M in 2024

## **Binance Wallet TGEs: Powering Onchain Launches**

This year, PancakeSwap partnered with Binance Wallet to support exclusive Token Generation Events (TGEs) on BNB Chain, with 43 TGEs to date. Through PancakeSwap v3’s integration within Binance Wallet’s [Alpha Earn Hub](https://x.com/PancakeSwap/status/1932781370037973442), users can provide v3 liquidity directly through Binance Wallet to earn Alpha tokens and Alpha Points for eligibility to TGEs, Alpha airdrops, and new on-chain opportunities.

## **Memecoin Momentum: Driving Memecoin Liquidity**

PancakeSwap also teamed up with BNB Chain, BUILDon, and World Liberty Financial to launch the [USD1 x BNB Chain Liquidity Drive](https://x.com/PancakeSwap/status/1929523584784826487), deploying up to $1M in incentives to accelerate USD1 liquidity and provide exclusive support for top trading pools and meme projects. New meme projects with top trading volumes were highlighted and received CAKE emission rewards, which occurred alongside a surge in USD1-paired meme trading in May and June 2025.

The [Meme2Million](https://blog.pancakeswap.finance/articles/meme2-million-burn-to-rise-campaign-concludes): Burn to Rise campaign was launched with Four.Meme and spotlighted memecoins that surpassed $1M+ market cap after migrating to PancakeSwap. In total, 39 projects qualified, with $615K+ in trading fees were burned, showcasing how PancakeSwap turns memecoin hype into real liquidity, usage, and deflationary impact.

## **CAKE.PAD: PancakeSwap’s New Era of Early Token Access**

This year also marked the debut of **CAKE.PAD**, PancakeSwap’s revamped early token access platform built to simplify participation and boost CAKE utility. With no staking or lock-ups required, users can simply commit CAKE and access new tokens before they list, while directly contributing to CAKE’s deflationary model.

Since launch, CAKE.PAD has hosted three token sales, Sigma.Money, WhiteBridge Network, and LeverUp, all oversubscribed:

- Sigma.Money: 15M $SIGMA sold, 51,262 CAKE burned, 992x oversubscribed
- WhiteBridge Network: 20M $WBAI sold, 67,027 CAKE burned, 1425x oversubscribed
- LeverUp: 10M $LV sold, 39,683 CAKE burned, 678x oversubscribed

## **Key Products in 2025**
![Slide 16_9 - 16.jpg](https://sgp1.digitaloceanspaces.com/strapi.space/9c9cb05938d2968d91e6b3cf03217cd6.jpg)

In 2025, PancakeSwap doubled down on what matters most: products that make DeFi more accessible and the best user experience. From bringing real-world assets fully onchain to redefining how users trade, earn, and onboard, this year’s product launches made DeFi infrastructure more powerful, more intuitive, and more accessible than ever before.

- **Tokenized RWAs Onchain (Oct)**: over 100+ tokenized stocks, ETFs, and bonds, directly tradable on PancakeSwap BNB Chain, powered by Ondo Finance
- **Fee-Earning Limit Orders (Sept)**: introduced the first ever DEX limit orders where users earn 0.1% trading fees when filled, via PancakeSwap Infinity’s Limit Order hook
- **BTC and ETH added to Predictions (Sept)**: PancakeSwap Predictions added Bitcoin and Ethereum price predictions with 5-minute rounds on BNB Chain
- **Stock Perpetuals (Aug)**: perpetual contracts for Apple (AAPL), Amazon (AMZN), and Tesla (TSLA) available on PancakeSwap Perpetuals
- **Social Login (Jul)**: fully non-custodial wallet and signless transactions through social login via X (Twitter), Google, Telegram, or Discord account
- **Pancake Gifts (Jul)**: send crypto gifts onchain seamlessly via shareable links or QR codes, with no wallet funding, bridging, or upfront fees
- **Liquidity Page Upgrade (Jul)**: liquidity page upgrades, including one-click pool discovery with clearer APRs and visible active pool features, and more
- **One-Click Cross-Chain Swaps (Jun)**: enabling swaps across seven blockchains (BNB Chain, Ethereum, Arbitrum, Base, zkSync, Linea, and Solana) in a single transaction
- **PancakeSwap Infinity (Apr)**: FKA v4, Infinity launched as the new, customisable foundation for DeFi traders, LPs, and developers to unlock infinite opportunities
- **MEV Guard (Mar)**: one-click MEV protection for users with support across major wallets (Binance Wallet, Trust Wallet, Rabby Wallet), 1M+ transactions protected to date

## **PancakeSwap Infinity Goes Live**

This year marked a major milestone with the launch of PancakeSwap Infinity (formerly known as v4), PancakeSwap’s most significant protocol upgrade to date. Infinity represents a fundamental evolution of the protocol, designed with flexibility at its core and built to support the next generation of on-chain innovation.

Infinity introduces customizable, modular architecture powered by Hooks, enabling developers to embed tailored logic directly to liquidity pools, combined with gas efficiency improvements and smarter routing. Infinity lays the foundation for PancakeSwap to evolve beyond a traditional DEX into a full-featured DeFi infrastructure layer.

Key features include:

- **Dual pool types** supporting different liquidity strategies
- **Customizable, dynamic fees** enabled by smart contract Hooks
- **Gas-saving architecture** to keep costs low for users
- **Open-source codebase**, empowering builders to innovate with infinite possibilities

Currently available on **BNB Chain** and **Base**, PancakeSwap Infinity marks the beginning of a new era of DEX infrastructure and is a pivotal step forward in PancakeSwap’s long-term evolution. Currently, PancakeSwap has partnered with Cantina on a [**bug bounty program**](https://cantina.xyz/bounties/ea552420-8bd6-4119-815d-3d5203d0377a) that invites the global security community to pressure test the Infinity architecture in production.

## **Multichain: PancakeSwap is Everywhere Users Trade, Across 10 Chains**
![Slide 16_9 - 21.jpg](https://sgp1.digitaloceanspaces.com/strapi.space/33e4591970b0bfcfafe006e8bacf0d35.jpg)

In 2025, PancakeSwap cemented its position as one of DeFi’s most widely deployed and most trusted decentralized exchanges. Available across 10 blockchains (BNB Chain, Base, Arbitrum, Solana, Monad, Ethereum, Linea, ZKSync, opBNB, Aptos) PancakeSwap didn’t just expand its footprint, it scaled with intention in meeting users where liquidity flows and DeFi innovation accelerates.

This year marked strategic expansion into two new high-performance ecosystems: Solana and Monad, while sustaining strong momentum across leading L2s such as Base and Arbitrum.

**Key Highlights:**

**BNB Chain**

- 2025 Trading Volume: $2.25T (+692% YoY growth from $284B in 2024)
- #1 DEX by Market Share (82.91%)

**Base**

- 2025 Trading Volume: $69.52B (+458% YoY growth from $12.44B in 2024)
- #2 DEX by Market Share (30.16%)

**Arbitrum**

- 2025 Trading Volume: $19.58B (+40% YoY growth from $13.91B in 2024)
- #2 DEX by Market Share (28.6%)

**Breakout Growth on Base - Sustaining Strong Momentum**

This year, PancakeSwap achieved $69.52B in total trading volumes on Base (+458% YoY increase from $12.44B in 2024), 30% market share, and established itself as the second largest DEX in the ecosystem. PancakeSwap’s v3 liquidity pools consistently rank as the top volume pools on Base, providing LPs with higher returns and capital efficiency while providing traders with the most reliable execution.

**Expansion to Solana - Powering High-Performance DeFi**

PancakeSwap made a major leap into the Solana ecosystem in April 2025, launching support for Solana-based Swaps, along with v3 Liquidity Pools and Farming. This expansion to one of crypto’s fastest and highest-performance networks unlocks new trading activity, liquidity, and extends PancakeSwap’s trusted DEX experience to one of the most in-demand ecosystems.

## **A Global Community that Continues to Grow**
![Slide 16_9 - 17 (1).jpg](https://sgp1.digitaloceanspaces.com/strapi.space/9eab6accfdf716673a2bea28a4684ba3.jpg)

At its heart, PancakeSwap is driven by its community. This year the platform now has:

- **Over 2.1+ million followers** across X, Instagram & YouTube
- **Over 250,000+ active members** across Telegram & Discord

PancakeSwap's community continued to expand globally in 2025, fostering deeper connections and engagement across regions:

- **2025 Global Community Meetups**: 15 Community meetups across Hong Kong, India, Indonesia, Japan, Nigeria, Philippines, South Korea, Turkey, and Vietnam
- **2.3M Social Media followers** across platforms
- **20 Community Ambassadors** driving engagement worldwide
- **Event Highlights**: 6 major industry events including Blockchain Life, Web3Festival HK, WebX Japan, Taiwan Blockchain Week, Binance Blockchain Week, Solana Breakpoint

The PancakeSwap global community continues to grow stronger, creating meaningful connections across regions and solidifying PancakeSwap’s place as everyone’s favorite DEX.

## **Looking Ahead to 2026: Incubating the Future of Prediction Markets**

As we enter 2026, PancakeSwap is carrying its momentum forward with the incubation of [**Probable**](https://probable.markets/), a new prediction platform on BNB Chain. Launched in December 2025, Probable brings a powerful new category on-chain: prediction markets that let users trade on real-world outcomes with ease.

We’re incredibly proud of everything PancakeSwap accomplished in 2025 and deeply grateful to share these achievements with the PancakeSwap community who made it possible. Every milestone this year was shaped by the kitchen’s dedication to the community and your trust and participation.

2025 was PancakeSwap’s biggest year yet and we can’t wait to see what we’ll accomplish together in 2026.

With gratitude,

**The Chefs 🥞**

*The data presented in all the visuals and all the blog information have been verified up to December 24th, 2025*

PancakeSwap’s 2025 recap: record-breaking volumes, four ATH quarters, multichain growth across 10 networks, and major protocol upgrades.

PancakeSwap 2025 Recap: A Breakthrough Year 

## CAKE Burn Recap

November marked the 27th consecutive month of net supply reduction. This sustained deflation highlights PancakeSwap’s long-term commitment to responsible emissions and a healthy, sustainable token economy.

To date, more than 38,258,905 CAKE has been permanently removed from circulation, reinforcing the strength of our ecosystem and the impact of continued platform usage across swaps, liquidity, and other products. The consistency of these burns reflects both the maturity of the protocol and our vision for long-term value alignment.

You can track all burn events in real time via our [Burn Dashboard](https://pancakeswap.finance/burn-dashboard).

## PancakeSwap on Monad: Faster trades, smarter liquidity

PancakeSwap is now [live on Monad Mainnet](https://blog.pancakeswap.finance/articles/monad), bringing faster execution, lower fees, and a smoother trading experience. With sub-second finality and gas-efficient transactions, everything you already do on PancakeSwap is now quicker and cheaper on Monad.

LPs can choose between v2 for simple liquidity or v3 for precise, concentrated liquidity with fee tiers as low as 0.01%. Traders benefit from better pricing through the Universal Router and reduced slippage thanks to more efficient liquidity.

Start exploring [PancakeSwap on Monad](https://pancakeswap.finance/swap?chain=monad) and experience the speed boost.

## KyberSwap FairFlow & Zap Now Live on PancakeSwap Infinity

KyberSwap FairFlow is now live on PancakeSwap Infinity, boosting rewards for LPs. Alongside standard LP fees, participants also earn Equilibrium Gain (arbitrage redistributed to LPs) and KNC liquidity mining rewards.

KyberSwap’s Zap is also integrated into Infinity non-hook pools and Pancake v3, letting LPs add liquidity with any token, no pre-swaps needed. Note: Zap is currently supported on CLAMM Infinity pools and on pools without hooks.

Explore how [Zap](https://docs.pancakeswap.finance/earn/pancakeswap-pools/zap) streamlines adding liquidity across Infinity and v3 pools.

## Community Events: Nigeria, Hong Kong & Vietnam

November was a packed month for our global community, with three in-person events across three regions.

- **Nigeria:** A co-hosted workshop with Trust Wallet focused on onboarding, education, and hands-on DeFi demos.
- **Hong Kong:** An evening event with Brevis and BSquared, bringing builders and users together for product deep dives and ecosystem discussions.
- **Vietnam:** A vibrant meetup featuring presentations, Q&A sessions, games, and plenty of merch for everyone.

Across all three events, over 300 community members joined us. More than 100 in each location, showing just how strong and engaged the PancakeSwap community continues to be.

Up next: [Bengaluru](https://luma.com/7xsb0n4l) in December.

And as we move toward 2026, we’re preparing for an even bigger year of IRL events, education, and shared moments with our global community.

Thanks for reading! Don’t forget to follow us on [X](https://x.com/PancakeSwap), join us on [Telegram](https://t.me/PancakeSwap) and [Discord](https://discord.com/invite/pancakeswap)

*The Chefs* 🥞

Kitchen Report (November 2025): Monad, Community Highlights & New Integrations

PancakeSwap is now live on Monad Mainnet, bringing a faster, cheaper, and more capital-efficient experience to one of DeFi’s most trusted DEXs.

Built on Monad’s EVM-compatible chain, this deployment delivers sub-second finality and gas-efficient execution, without changing how you build, trade, or provide liquidity. If you’re here to trade, or deploy capital with more precision, PancakeSwap on Monad is ready.

→ [**Start trading or providing liquidity now**](https://pancakeswap.finance/swap?chain=monad)

→ [**Start bridging with the official Monad bridge**](https://monadbridge.com/)

## For Liquidity Providers: Two Ways to Earn

![Banner #2 (4).jpg](https://sgp1.digitaloceanspaces.com/strapi.space/5fd12ecd32fe56845fc40d960ffb9d12.jpg)

PancakeSwap on Monad supports both v2 and v3, giving LPs flexibility in how they deploy and manage capital.

- **v2 is straightforward.** You supply a token pair and earn a share of trading fees whenever your liquidity is used. No price ranges, no upkeep, just yield at a fixed 0.25% fee tier.
- **v3 is built for precision.** You can concentrate liquidity into specific price ranges to maximize capital efficiency and fee capture. Fee tiers start as low as 0.01%, giving you full control over your risk-reward profile. It’s a system that rewards active management and informed strategy.

If you want something simple, v2 is straightforward. If you’re here to optimize, v3 gives you the tools to do it.

***Note:** Providing liquidity in DeFi protocols carries the potential for impermanent loss. Users should thoroughly understand the mechanics before supplying any liquidity.*

## For Traders: Better Execution, Built-In

![Banner #3.jpg](https://sgp1.digitaloceanspaces.com/strapi.space/6518424b5c1595692a02ec225755a4a4.jpg)

PancakeSwap on Monad is built for speed and execution:

- **Trading fees as low as 0.01%**, depending on the pool
- **Universal Router** routes across v2 and v3 for best price
- **Lower slippage** thanks to more efficient liquidity
- **Fast finality (~1s)** and low gas, even under load

If you’re used to slow confirmations or bloated gas costs, you’ll feel the difference immediately.

## How to Bridge to Monad

To start trading or providing liquidity on PancakeSwap’s Monad deployment, you’ll first need assets on Monad Mainnet. [Monad’s official bridge](https://monadbridge.com/) supports fast, secure transfers from multiple chains directly to Monad.

→ Visit the official bridge here: [https://monadbridge.com](https://monadbridge.com/)

![Frame 1597881892.png](https://sgp1.digitaloceanspaces.com/strapi.space/deb9abd6ec1ccb7469fd58f80a3af6c9.png)

## Ready to Trade and Earn?

PancakeSwap on Monad is live, providing better execution for traders and flexibility for LPs.

If you’re a trader, you’ll notice the speed.

If you’re an LP, you’ll see the capital efficiency.

If you’re both, you’re already ahead.

→ [**Start trading or providing liquidity now**](https://pancakeswap.finance/swap?chain=monad)

PancakeSwap is live on Monad, offering ultra-fast execution, low fees, and capital-efficient liquidity across v2 and v3. Start trading or LPing today.

PancakeSwap Now Live on Monad Mainnet: Trade Faster. Earn Smarter. 

PancakeSwap is bringing real-world assets onchain to BNB Chain at scale. Starting today, users can trade 100+ tokenized stocks and ETFs directly on PancakeSwap powered by Ondo Finance.

To celebrate the launch, PancakeSwap is offering zero trading fees on all of Ondo Finance’s tokenized assets for the first 30 days, making it easier and more cost-effective than ever to access traditional financial markets

Among these assets are tokenized stocks, bonds and ETFs from Ondo Finance. This marks one of the largest expansions of tokenized assets into a major DeFi ecosystem, offering users permissionless, 24/5 access to real-world financial markets, all on BNB Chain.

This launch gives PancakeSwap users a direct path to trade tokenized representations of stocks, bonds and ETFs.

## What is Ondo Finance?

Ondo Finance is a leading provider of tokenized real-world assets (RWAs), including U.S. stocks, ETFs, Treasuries, and tokenized assets. All assets are fully backed 1:1 by corresponding traditional securities held with licensed custodial broker-dealers and made available to eligible users through compliant and transparent infrastructure.

These tokenized assets, now tradable on BNB Chain through PancakeSwap, enable users to gain exposure to traditional markets using DeFi-native tools and workflows.

## The Opportunity: Real-World Assets, Now Onchain

Tokenized assets represent one of the fastest-growing categories in both DeFi and the broader blockchain ecosystem:

- The global tokenized assets market has seen triple-digit growth year-over-year
- Tokenized RWAs are projected to surpass $10 trillion in value by 2030, with tokenized assets playing a key role in that growth

By bringing these assets onchain via PancakeSwapX, PancakeSwap unlocks powerful new use cases for users on BNB Chain, bridging traditional finance with decentralized infrastructure.

## Key Features of Tokenized Assets Trading on PancakeSwap

### 1. Seamless Integration with the PancakeSwap UI

All 100+ tokenized assets are accessible directly within the existing PancakeSwap interface. No need for new platforms, wallets, or tools, trade just as you do today.

### 2. Zero Trading Fees at Launch

To celebrate the launch, PancakeSwap will offer zero trading fees on all Ondo Finance tokenized assets, including stocks, ETFs, and bonds such as AAPLon, AMZNon, and TSLAon, for 30 days. This campaign runs from 13:00 PM UTC on October 29, 2025, to 13:00 PM UTC on November 29, 2025, and applies to trades routed through PancakeSwapX on BNB Chain.

You can view the full list of eligible Ondo Finance tokenized assets **[here](https://tokenlists.org/token-list?url=https://tokens.pancakeswap.finance/ondo-rwa-tokens.json)**.

## A New Era for Real-World Assets on BNB Chain

With over 100 tokenized assets from Ondo Finance, PancakeSwap is bringing traditional finance onchain in a scalable and user-friendly way.

Powered by PancakeSwap X, this launch offers efficient access to real-world markets, now available within the BNB Chain ecosystem.

*Note: Tokenized assets offered through Ondo Finance on PancakeSwap are not available in certain jurisdictions due to regulatory requirements. Please refer to this **[list](https://docs.ondo.finance/ondo-global-markets/eligibility)** of supported countries to check your eligibility.*

**Start trading tokenized assets today on BNB Chain PancakeSwap**

PancakeSwap brings 100+ tokenized stocks, bonds, and ETFs to BNB Chain through Ondo Finance, marking one of DeFi’s largest real-world asset integrations with zero trading fees for the first 30 days.

PancakeSwap Brings Ondo Finance’s 100+ Tokenized Real-World assets (RWAs) Onchain to BNB Chain

We’re excited to announce the launch of the first-ever [CAKE.PAD early access event](https://pancakeswap.finance/cakepad), offering CAKE holders a chance to subscribe to a new token before it becomes available on exchanges.

## Project and Token Overview

WhiteBridge Network is the global trust layer for people-data, a decentralized network that blends AI, blockchain, and real-world information to verify and protect human identity in the digital age. [WhiteBridge Network](https://www.whitebridge.network/) aims to solve the issue of trust by enabling reliable verification of humans, reputation, and credibility across a world increasingly filled with synthetic identities.

Today, WhiteBridge Network powers over 3.7M+ searches, with access to 3.59B profiles and more than 100K users, generating $3 million in annual recurring revenue. Backed by ChainGPT Labs, MVB 10 (BNB Chain, YZi Labs, and CMC Labs), and fueled by the $WBAI token, WhiteBridge Network is redefining digital trust and setting new standards for transparency and authenticity in the post-AI world.

## CAKE.PAD Event Details

- **Event Period:** 14 October 2025, 11:00 AM UTC to 15 October 2025, 11:00 AM UTC
- **Chain:** BNB Chain
- **Accepted Token:** CAKE
- **Token Name and Ticker:** WhiteBridge Network, $WBAI
- **Total Token Supply:** 1,000,000,000 WBAI
- **Tokens Available in CAKE.PAD:** 20,000,000 (2% of total supply)
- **Target Raise Amount:** $160,000 (in CAKE)
- **Token Price:** $0.008 USD (equivalent in CAKE)
- **Vesting:** None, 100% of subscribed tokens will be tradable immediately after the event

## How to Participate in the WhiteBridge Network CAKE.PAD

Participating in the CAKE.PAD event is simple and open to all users holding CAKE in a non-custodial wallet. No staking, lockups, or prior eligibility requirements are necessary.

- Ensure you have CAKE in your non-custodial wallet (e.g., MetaMask, Trust Wallet).
- During the event period, go to: [](https://pancakeswap.finance/ifo)https://pancakeswap.finance/cakepad. Commit your CAKE to subscribe to the CAKE.PAD partner tokens.
- After the event concludes: Claim your tokens, proportional to your contribution relative to the total amount committed by all participants. If the event is [oversubscribed](https://forum.pancakeswap.finance/t/whitebridge-network-cake-pad-discussion-thread/1528), reclaim any unallocated CAKE (minus the applicable tiered subscription tax).

For more information on how to participate in CAKE.PAD events, please refer to our [guide](https://docs.pancakeswap.finance/earn/cakepad). Visit [our forum](https://forum.pancakeswap.finance/t/whitebridge-network-cake-pad-discussion-thread/1528) for more information on WhiteBridge Network.

Join PancakeSwap’s first CAKE.PAD event with WhiteBridge Network ($WBAI), the AI-powered trust layer for people-data. Commit CAKE to earn early access.

Introducing Our First CAKE.PAD Event on PancakeSwap: WhiteBridge Network 

We’re excited to introduce CAKE.PAD, the new and improved early token access experience on PancakeSwap, giving you exclusive early access to new tokens before they hit exchanges.

Evolved from our IFO (Initial Farm Offering), CAKE.PAD is built with simplicity, inclusivity, and CAKE utility in mind. It’s designed to bring in more users and drive more CAKE usage and burning.

This is a major step forward in how users can join early token access events, and a key part of our long-term strategy under CAKE Tokenomics 3.0.

## The Backstory: From IFO to CAKE.PAD

As part of the [CAKE Tokenomics 3.0 update](https://pancakeswap.finance/voting/proposal/0x79ef496c9737e48d9677a6e291ff2a549dee6729c9996398e453af8ecbf0ceb3), our goal was to make early token access events more open and user-friendly. Previously, participating in IFOs meant staking CAKE, navigating multiple formats, and meeting specific requirements, all of which limited participation.

After hosting successful TGE events with Binance Wallet, we saw a better path forward. That’s how CAKE.PAD was born: a streamlined platform where anyone holding CAKE in a non-custodial wallet can easily join early token access events. No staking, no lock-ups. Just commit CAKE and get early access to new tokens from exciting projects before they hit exchanges.

This lowers entry barriers, broadens user participation, and deepens the connection between CAKE utility, CAKE burning, and PancakeSwap’s long-term growth.

## Key Benefits and Features of CAKE.PAD

**1. Get Exclusive Early Access to New Tokens Before They Hit Exchanges**

Participation is easy: if you hold CAKE, you can join. Just commit your CAKE during an active CAKE.PAD event, and when it ends, claim your new tokens. No staking pools or lock-up periods, simply commit CAKE and get early access to new tokens from exciting projects before they hit exchanges.

**2. 100% of Participation Fees Are Permanently Burned**

All CAKE fees collected through CAKE.PAD are permanently burned. This deflationary model reduces total supply and supports long-term value for CAKE holders.

**3. Join Multiple Events Without Limits on CAKE Commitment**

Want to commit a little or a lot? It’s your call, there’s no cap on how much CAKE you can commit. Plus, if multiple CAKE.PAD events run simultaneously, you can join them all with your CAKE, with zero restrictions.

**4. Fair Tiered Subscription Tax**

When demand exceeds supply, a tiered subscription tax kicks in, the more oversubscribed the event, the lower the tax. This fair and flexible mechanism balances participation and demand.

## More CAKE Utility, More CAKE Burned

CAKE.PAD is a strategic move to solidify CAKE’s role as a utility token within the PancakeSwap ecosystem.

Every time you commit CAKE to CAKE.PAD events (only oversubscribed events), you directly reduce its circulating supply, boost real demand, and unlock more utility. At the same time, the ease of access encourages more participants, projects, and activity across the platform.

### Interested in Launching on CAKE.PAD?

We’re always on the lookout for exciting, high-quality projects to feature on CAKE.PAD. If you’re interested in hosting an early token access event with us, [apply here](https://docs.google.com/forms/d/e/1FAIpQLScmZu87SG41J_eGfzlbyJ_olFohlGOXfOJer04Dr1yCEJy2NA/viewform) and our Business Development team will be in touch.

## Get Ready to Join

The first early token access events will be announced soon.

Whether you're scouting new projects or simply want your CAKE to do more, CAKE.PAD gives you a clean, simple way to participate, while helping PancakeSwap grow and CAKE gain even more utility.

**More access. More CAKE utility. More CAKE being burned. Welcome to CAKE.PAD.**

Discover CAKE.PAD — PancakeSwap’s new early token access platform that simplifies participation, expands CAKE utility, and drives more CAKE burns.