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.
Following the Kitchen’s proposal discussion to reduce CAKE’s max supply from 450M to 400M CAKE, the community voted in favor 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.
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.
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.
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, bringing more access to traditional financial markets directly onchain.
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 is accelerating, fast. In just over one month since launch, Probable is now the #4 prediction platform by notional volume, 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.
Don’t miss out on Probable’s ongoing Points Program with the latest updates here.
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The Chefs 🥞