Their September data shows a whopping $16 billion trading volume on their v3 platform, with the total value locked (TVL) ballooning to a staggering $295 million. No wonder they hold the title of the #1 DEX on the Binance Smart Chain, both in terms of trading volume and TVL. But it’s not just about Binance; they also have managed to snatch the #6 spot on Ethereum’s trading volume and TVL rankings.
The excitement didn’t end there. In a flurry of posts, the platform elaborated on its latest version of CAKE tokenomics, charmingly dubbed “Ultrasound CAKE.” This new addition comes as part of their broader multi-chain journey, which now includes expansions into several ecosystems like Polygon zkEVM, zkSync Era, Arbitrum One, Linea, and Base. On the zkSync Era alone, they rank #3 in trading volume and #5 in TVL, while on Polygon zkEVM, they rank #2 in trading volume and #9 in TVL.
Product updates were in no short supply either. PancakeSwap has launched its Perpetuals v2, promising zero slippage and no position opening fees. This comes along with the expansion of its farms to various other blockchain networks, including Base, Linea, Arbitrum One, zkSync Era, and Polygon zkEVM. Additionally, the newer version of their native token, bCAKE v3, aims to boost liquidity farming APR by up to 2x.
A revenue-sharing pool for fixed-term CAKE stakers and a trading reward program offering up to a 10% trading fee rebate for CAKE stakers and top traders have also been introduced. Let’s not forget their venture into GameFi with “Pancake Protectors,” a game that’s already boasting around 20,000 daily players. PancakeSwap is also introducing fiat on-ramps and has even become a Google Cloud case study partner.
Despite these updates, some PancakeSwap community members have expressed concerns about the token’s deflationary nature, or lack thereof. While the latest reports show 8,886,563 CAKE tokens burned, amounting to approximately $11 million, some keen-eyed community members pointed out that the CAKE supply has slightly increased on a weekly basis. The inflation rate is reported at -1.5 CAKE/block, with the pool holding 54% of the current supply.
Some community members speculate that these fluctuations are transitional. Over the past three weeks, the CAKE supply has reduced at a rate of 1.5 CAKE/block. So while some were surprised to see a weekly increase, the general sentiment is that the asset is becoming more deflationary, even if the aim isn’t to drive the supply to zero.
PancakeSwap’s September revelations point toward a diversified and expanding ecosystem. Still, the complexity of tokenomics and community concerns indicate that, despite the sweet news, not all is syrup-smooth in the world of PancakeSwap.
