### The Journey So Far:

- **April 8, 2025**: Shared a discussion proposal to gather community feedback.
- **April 15, 2025**: Official proposal published for voting.
- **April 18, 2025**: Proposal passed.
- **April 23, 2025**: Official implementation of CAKE Tokenomics 3.0 begins.

### Timeline and Phases of Implementation

### 1. Retirement of veCAKE & Gauges Voting

- Starting **April 23, 2025, at 00:00 AM UTC**, veCAKE and Gauges Voting will officially be retired.
- The final voting period will end at **00:00 AM UTC, April 23, 2025 (Epoch 37)**. After this, voting will no longer be available from **Epoch 38** onward.
- **Epoch 38 (April 25–May 6, 2025)** will apply the results and emissions based on Epoch 37’s voting outcomes.
- Gauges Voting rewards (including veCAKE Pool APR and Bribe APR) will continue to accrue until **00:00 AM UTC, May 7, 2025**, when Epoch 38 ends. After that, no new rewards will be generated.

### 2. Unlocking CAKE Staking

- Starting **April 23, 2025, at 08:00 AM UTC**, all CAKE and veCAKE staking will be unlocked. Users who have directly staked CAKE through the PancakeSwap interface will be able to redeem their veCAKE for CAKE on a 1:1 basis. (***Note**: veCAKE is calculated based on the staking duration, so users will be able to redeem the underlying amount of CAKE.)*
- If you wish to continue earning rewards (veCAKE Pool APR, Bribe APR, Revenue Sharing APR) from the **final Epoch 38**, **do not withdraw your CAKE before 00:00 AM UTC, May 7, 2025**.
- **Redemption Period:** Users who have directly staked CAKE through the PancakeSwap interface have **6 months** to redeem their staked CAKE and veCAKE, with the deadline being  **08:00 AM UTC, October 23, 2025.**
- For veCAKE linked to **veCAKE managers (e.g., Aster, StakeDAO, CakePie),** PancakeSwap will whitelist the delegator addresses for locker protocols that enable 1:1 redemptions. These protocols will launch a redemption page on their interfaces, allowing users who have staked with them to redeem their xCAKE for CAKE on a **1:1 basis. Please refer to Vecake Manager’s announcement for detailed time** .

### 3. Farm Boosting Discontinued

- Farm yield boosting will be gradually retired from position managers, syrup pools, and farming activities starting **April 24, 2025 and ending May 7, 2025**. Rewards from yield boosting will continue to accrue only until this date.

### 4. Revenue Sharing Discontinued

- The **5% revenue share** from trading fees in v3 pools (0.01% and 0.05%) will be discontinued. Funds that were previously allocated to revenue sharing will now be redirected to the **CAKE burn mechanism**, increasing the burn rate for these pools from **10% to 15%**.
- Revenue Sharing rewards will continue to accrue until **00:00 AM UTC, May 7, 2025**.
- To continue earning Revenue Sharing rewards from the final **Epoch 38**, **do not withdraw your CAKE before 00:00 AM UTC, May 7, 2025**.

### 5. CAKE Emission Reduction (Phases 1 & 2)

- **Phase 1 (Starting April 25, 2025):** Daily emissions will decrease from approximately 29,000 CAKE to 20,000 CAKE. The Ecosystem Growth Fund allocation will be cut by 50% (from ~6,500 CAKE per day to ~3,250 CAKE per day) and redirected to the burn mechanism.
- **Phase 2 (within 4 weeks of Phase 1):** Daily emissions will further reduce to 14,500 CAKE, resulting in the permanent burn of 5.3 million CAKE per year, effectively removing this CAKE from circulation.

### 6. CAKE Pool Delegation and Dune Burn Dashboard Update

When we launched the veCAKE system, many users still had their CAKE tokens locked in the **CAKE Pool 0x45c54210128a065de780C4B0Df3d16664f7f859e**. To facilitate a seamless staking process, we introduced the delegation feature, allowing users to participate in the veCAKE system and its subDAO ecosystem by delegating their locked CAKE, without needing to move the tokens out of the CAKE Pool.

As of now, approximately **5.29 million CAKE** has been delegated from the CAKE Pool: **1.17 million to StakeDAO** and **4.12 million to CakePie**. The **5.29 million CAKE** delegated from the CAKE Pool is now **permanently** locked in the original CAKE pool (burned and irrecoverable by any party). However, it will need to be returned to those protocols for full redemption.

During the upcoming **Monday Burn** on **April 21st**, a portion of the burn (**5.29 million CAKE**) will be injected into these lockers. This adjustment will not affect CAKE’s total supply, and PancakeSwap will update the **Dune Burn dashboard** to reflect this change.

### In Summary, what Actions Do You Need to Take?

1\. **Claim Rewards**: To earn rewards from the final **Epoch 38** (April 25–May 7, 2025), make sure **not to withdraw your CAKE before 00:00 AM UTC, May 7, 2025**.

2\. **Redeem CAKE/veCAKE:** Users who have directly staked CAKE through the PancakeSwap interface have 6 months to redeem their staked CAKE and veCAKE, with the redemption **deadline set for October 23, 2025.**
    
For veCAKE linked to **veCAKE managers (e.g., Aster, StakeDAO, CakePie),** PancakeSwap will whitelist the delegator addresses for locker protocols that enable 1:1 redemptions. These protocols will launch a redemption page on their interfaces, allowing users who have staked with them to redeem their xCAKE for CAKE on a **1:1 basis. Please refer to Vecake Manager’s announcement for detailed time** .

Implementation of CAKE Tokenomics 3.0: What You Need to Know

Our March 2026 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 Apr 7, 2026, PancakeSwap has successfully burned -0.645% of the CAKE total supply for March  2026. To calculate this percentage, we divided the total net mint of -2,199,351 CAKE by the initial total CAKE supply on  Apr 7th, 2026. This marks the 31th consecutive month of CAKE total supply reduction, with a cumulative -46,988,173 CAKE  since September 2023. 

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

In March 2026, PancakeSwap achieved a net mint of -2,199,351 CAKE. This negative net mint indicates that more CAKE tokens were burned than minted during the month.

## **March Mint Breakdown**

- Farms: 327,849
- Other Product Usage: 123,964
- Ecosystem Growth: 222,503
- Total March 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.*

## **March Burn Categories** 
- Swaps and Perpetual Trading Fees: 2,430,659
- Prediction: 317,606
- Lottery, NFT Market, Profile & Factory, CAKE Domain, CAKE Pad: 125,403
- Total March Burn: 2,873,667

*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.*




CAKE supply reduction and burn breakdown from PancakeSwap’s March 2026 report

March 2026 CAKE Burn Report

## **March CAKE Burn Recap**

March closed with 31 straight months of net CAKE supply reduction and continued deflationary momentum. 

More than –46,988,173 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](https://pancakeswap.finance/burn-dashboard)

## **The AI Kitchen is Open - PancakeSwap AI Skills Live Across 8 Chains**

In March, we officially launched PancakeSwap AI Skills - a modular toolkit that lets AI agents plan DeFi strategies across the PancakeSwap ecosystem across 8 supported chains. 

**Check it out here: [https://pancakeswap.ai](https://pancakeswap.ai)**

**Initial Rollout of 3 Core Skills:** **Swap Planner** (discover tokens, fetch real-time prices, and generate ready-to-execute swap links.), **Liquidity Planner** (evaluate liquidity pools, analyze APY, and plan LP positions with optimal parameters), and **Farming Planner** (discover active farms and plan yield strategies). 

**4 New Skills Added:** by the end of March, PancakeSwap AI introduced 4 additional Skills, enabling agents to show fees to harvest, track rewards across farms, generate ready-to-use swap code, and tap into Hub API integration. The toolkit is growing fast.  

**Pancake Town - Our AI-Agent World is Live:** an interactive AI agent world powered by PancakeSwap AI Skills, **accessible in-browser** at https://pancakeswap.ai. Requiring no installation or setup is needed to start exploring and experience the benefits of PancakeSwap AI Skills directly. Simply type into a chatbox to interact with the PancakeSwap AI agent. Easily query farming and APRs with a single prompt, get deep-links to token swaps, plan and compare yield strategies in natural language, et. Pancake Town showcases PancakeSwap AI Skills in one place, giving users an intuitive gateway into the AI Skills ecosystem.

**New PancakeSwap AI Integrations:** **Pieverse** integrated PancakeSwap AI into Purr-Fect Claw, the first onchain OpenClaw infrastructure with AI agents in your favorite messaging apps to swap, LP, and farm straight from WhatsApp, Telegram, Kakao, Line, and more. **Fourmeme** enables agents to continue graduated tokens through PancakeSwap AI Skills. And on **Orbofi**, anyone can now create tokenized agents (aka agentic coins) that discover, trade, and access the PancakeSwap ecosystem. Every tokenized agent on Orbofi migrates to PancakeSwap, and users can create a tokenized agent in under a minute, for free, and earn 0.6% of all the volume.  

## **Freshly Baked Product Updates**

**Fee-Earning Limit Orders Leveled Up:** A brand-new **0.01% fee-earning tier** has been added, giving the option of faster execution compared to the existing 0.1% tier.  

**LP Experience Upgrade:** Managing your liquidity just got a whole lot smoother. Users can now add or remove liquidity from any existing position directly from the **new Position Management** page, claim CAKE rewards across every position in a single tap, and harvest rewards or open new positions - all from one unified view.

**2 Wallet Integrations:** PancakeSwap now supports Bitget Wallet on EVM chains and added Phantom Wallet support across Ethereum, Base, and Monad.

**New RWAs Added:** 60+ new tokenized Real World Assets (RWAs) just went live on BNB Chain, powered by Ondo Finance. That brings the total to over 260+ tradeable tokenized assets on PancakeSwap.

## **More BASED, More Buidling**

PancakeSwap keeps stacking on Base, and the numbers tell the story:

**The #1 Volume Pool on Base - cbBTC/WETH on PancakeSwap**: in March, our cbBTC/WETH pool continued to show up consistently as the highest volume pool on Base, across all pools and DEXs. The momentum is based. Check it out **[here](https://x.com/PancakeSwap/status/2029832117589529089?s=20)**.

**The preferred venue for USDC/WETH on Base**: PancakeSwap consistently had the highest USDC/WETH volumes across Base, clocking as much as $78M in 24hr volumes. Check it out **[here](https://x.com/PancakeSwap/status/2031693837530534383?s=20)**.

**PancakeSwap X Now Supports Base** - Deeper liquidity, better execution - every time you trade. Plus, users can enjoy **zero gas swaps** on **cbBTC/USDC, WETH/USDC, and USDT/USDC.** Smoother trading doesn’t get much better than this.  

## **Juicy APRs Get Juicier**

More yield, more chains, more reasons to LP on PancakeSwap:

**On Solana:** USDG-xBTC incentives went live, bringing fresh yield opportunities to the Solana community.  

**On Base:** On select pools, LPs can keep stacking an extra layer of APR through Incentra incentives powered by Brevis. New PancakeSwap CLMs on Beefy also launched with $VIRTUAL, $cbBTC, and $WETH pools. The yield keeps flowing. 

**On Monad:** Boosted APRs are on Monad via Merkle. Beefy's PancakeSwap CLM vaults are live with MON incentives across WMON/USDC, WMON/WBTC, and WMON/WETH. Deposit via Beefy, sit back, relax, and earn. 

## **PancakeSwap Community Meetups**

March saw PancakeSwap continue to take DeFi global with its communities in Vietnam and Brazil

**Vietnam Community Meetup - Ho Chi Minh City, March 14:** Co-hosted with and joined by the Base Vietnam community, the room was packed with builders and believers. DeFi is powered by communities like this one, showing up and shipping on Base. 

**Brazil Community Meetup - São Paulo, March 28:** Co-hosted with and joined by Solana’s Superteam Brasil community alongside local partners Parabuilder and Tangem. In São Paulo, the community vibes were vibrant, DeFi is for everyone, everywhere. 

PancakeSwap's global community spans every continent, and we're just getting warmed up for more community initiatives and meetups to come. 

## **March Milestones**

**PancakeSwap Infinity:** this month marks 10 months since we launched PancakeSwap Infinity and crossed $100 billion in total cumulative volumes with 4.4+ million users.  

**PancakeSwap on Base:** this month we also crossed a $100 billion milestone in total cumulative volumes on Base with 3.5+ million users. We’re grateful for every builder, trader, LP, and community member growing with us. Stay based, keep buidling.

That’s a wrap on March! From 31 straight months of burns, to the launch of PancakeSwap AI Skills, $100B milestones, more RWAs added, juicier APRs across Solana and Base, and community meetups spanning Vietnam to Brazil, the Kitchen continues to ship, and there’s a whole lot more cooking. 

Thanks for reading! Follow us on X for the latest updates, and join the conversation on Telegram and Discord.

Stack'em, 

The Chefs 🥞

Kitchen Report: March 2026

Our February 2026 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  Mar 2, 2026, PancakeSwap has successfully burned -0.759% of the CAKE total supply for February  2026. To calculate this percentage, we divided the total net mint of -2,609,345 CAKE by the initial total CAKE supply on  Mar 2nd, 2026. This marks the 30th consecutive month of CAKE total supply reduction, with a cumulative -44,788,821 CAKE  since September 2023.

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

In February 2026, PancakeSwap achieved a net mint of -2,609,345 CAKE. This negative net mint indicates that more CAKE tokens were burned than minted during the month.

## **February Mint Breakdown**

- Farms: 325,888
- Other Product Usage: 111,967
- Ecosystem Growth: 171,204
- Total Feb Mint: 609,060

*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.*

## **February Burn Categories**

- Swaps and Perpetual Trading Fees: 2,801,150
- Prediction: 303,100
- Lottery, NFT Market, Profile & Factory, CAKE Domain, CAKE Pad: 114,154
- Total February Burn:3,218,404

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.

CAKE supply reduction and burn breakdown from PancakeSwap’s February 2026 report.

February 2026 CAKE Burn Report

## **February CAKE Burn Recap**

February closed with 30 straight months of net CAKE supply reduction and continued deflationary momentum. The burn train keeps rolling.

More than -44,788,821 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)

## **Proposal Passed: Retain Stablecoin Fees for Greater Protocol Efficiency**

The Kitchen put out a new proposal for all Treasury-bound protocol fees from major stablecoin pools on PancakeSwap to be retained in stablecoins, while fees from non-stablecoin pools continue to be converted into CAKE. The aim of this proposal is to improve Treasury efficiency by removing redundant conversions.

The community voted in favor and the proposal was implemented on Mar 2, 2026. This change removes unnecessary conversions, improves Treasury operational efficiency, and keeps PancakeSwap's long-term tokenomics direction on track.

## **Stacked on Base**

PancakeSwap has been absolutely cooking on Base, and this month’s stats speak for themselves:

#1 Volume Pools on Base: PancakeSwap’s cbBTC-WETH pool is the top volume pool on Base, blowing past $100M in 24-hour volumes. Consistently. That's not a one-off spike, that's PancakeSwap demonstrating it’s the preferred trading venue for core pairs.

$96B+ in Total Volume: PancakeSwap just crossed $96 billion in total volume on Base, with 140,000+ trades executed across the ecosystem. The growth on Base is only accelerating.

Base AI agent liquidity pools: now live on PancakeSwap with extra CAKE incentives. Whether you're into BNKR, CLANKER, MOLT, CLAWD, CLAWNCH, or KellyClaude, these pools are live and loaded with rewards.

13 New Incentivized Base v3 Pools: thirteen new incentivized v3 pools just landed on PancakeSwap, powered by Brevis Incentra. Provide liquidity and start stacking APRs. More pools, more yield, more opportunity.

## **CAKE.PAD Mini App Is Now Live on Base App**

PancakeSwap's Base CAKE.PAD mini-app has landed on the Base App. This is a seamless new entry point for users to access exclusive Base CAKE.PAD events directly within the Base App ecosystem. No extra steps, no friction, just more access to the action. Stay tuned for exclusive Base CAKE.PAD events dropping through the Mini App soon.

## **My Positions Upgrade: Your LP Dashboard Just Leveled Up**

The LP experience on PancakeSwap just got a serious upgrade, as My Positions has been revamped with improved visibility into your rewards and performance, making it easier than ever to track exactly how your liquidity is working for you.

## **PFPancake Generator Is Live, Stack Your Own PancakeSwap PFP**

To our amazing community, this one's for you. The PFPancake Generator is now live, and you can create your very own PancakeSwap-themed profile picture for X in just a few clicks.

Show your PancakeSwap PFP and you might even get a follow from us. Get yours from the PFP generator now: https://pfp.pancakeswap.finance/

## **PancakeSwap on the Consensus HK Stage**

At Consensus Hong Kong, PancakeSwap joined Solana's Accelerate HK DeFi Panel, where our BD Chef shared how we have been expanding on Solana and building alongside one of the most vibrant ecosystems in the space.

PancakeSwap also joined BNB Chain and key partners in co-hosting a meet-up event that explored tokenization, emerging market shifts, onchain finance, and the future of DeFi.

That's a wrap on February! From 30 straight months of burns, to a brand new Base Mini App, product upgrades, AI agent pools, and global stages, the Kitchen is staying busy and there’s a lot more coming.

*Thanks for reading! Follow us on X for the latest updates, and join the conversation on Telegram and Discord.*

*The Chefs 🥞*

Kitchen Report: February 2026

## 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

Our January 2026 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  Feb 2, 2026, PancakeSwap has successfully burned -0.805% of the CAKE total supply for January  2026. To calculate this percentage, we divided the total net mint of -2,787,396 CAKE by the initial total CAKE supply on  Feb 2nd, 2026. This marks the 29th consecutive month of CAKE total supply reduction, with a cumulative -42,179,477 CAKE  since September 2023.

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

In January 2026, PancakeSwap achieved a net mint of -2,787,396 CAKE. This negative net mint indicates that more CAKE tokens were burned than minted during the month.

## **January Mint Breakdown**

- Farms: 391,199
- Other Product Usage: 123,960
- Ecosystem Growth: 159,157
- 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.*

## **January Burn Categories**

- Swaps and Perpetual Trading Fees: 3,070,906
- Prediction: 267,126
- Lottery, NFT Market, Profile & Factory, CAKE Domain, CAKE Pad: 123,680
- Total January Burn:3,461,712

*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.*

January 2026 CAKE report: PancakeSwap burned 2.78M CAKE, marking the 29th straight month of supply reduction toward ultrasound CAKE.