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.
In December, PancakeSwap officially incubated Probable, 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.
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.
December also marked a milestone for CAKE.PAD 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.
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.
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The Chefs 🥞