PancakeSwap
Multichain DEX on BNB Chain, Ethereum, Solana, Base and seven more chains, with farms, Syrup Pools and CAKE.
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PancakeSwap key facts
| Category | Decentralized exchange |
|---|---|
| Chains | BNB Chain, Ethereum, Solana, Base, Arbitrum, Aptos, ZKsync, Linea, Monad, Robinhood, opBNB |
| Platforms | Web, API |
| Custody | Non-custodial |
| Chains | 11 chains: BNB Chain, Ethereum, Solana, Base, Arbitrum, Aptos, ZKsync, Linea, Monad, Robinhood, opBNB |
| Security audits | PeckShield, SlowMist, BlockSec, Cyfrin, HashDit |
| Token | CAKE |
| Fees | V3 tiers 0.01%, 0.05%, 0.25%, 1%; V2 fixed 0.25% |
| Open source | Yes, infinity-core on GitHub |
| US availability | Available: terms restrict only sanctioned jurisdictions |
CAKE token
- Price
- $1.85 -0.8% 24h
- Market cap
- $587.3M
- Fully diluted value
- $608.6M
- 30-day change
- -17.8%
Market data: CoinGecko, updated Nov 10, 2026. Educational content, not financial advice.
What is PancakeSwap?
PancakeSwap is a decentralized exchange available on eleven chains, including BNB Chain, Ethereum, Solana and Base. Users trade from their own wallets and earn CAKE in farms and Syrup Pools. veCAKE and gauge voting were retired on April 23, 2025 under Tokenomics 3.0.
How PancakeSwap works
The Smart Router splits and routes a trade across PancakeSwap's V3 and V2 pools, StableSwap pools on BNB Chain and professional market makers on BNB Chain and Ethereum, then executes at the best price found.
It never mixes AMM pools and market makers in one route. You can turn liquidity sources, multihops and split routing off in Customize Routing. PancakeSwap Infinity, the newest AMM version, uses a singleton contract, flash accounting and hooks for features such as dynamic fee pools.
PancakeSwap X aggregates third-party liquidity with gas-free swaps and built-in MEV protection. It is live on Arbitrum, Ethereum, BNB Chain, Base and Robinhood Chain, with tokenized real-world assets on BNB Chain, Ethereum and Robinhood Chain. Infinity is released under an open-source license and supports native tokens, custom pricing curves and ERC-6909, and the docs describe it as more gas-efficient than v3.
How to start with PancakeSwap
- You don't need an account with a centralized exchange or any registration; a crypto wallet is enough.
- To fund a BNB Chain wallet without an exchange, the docs recommend Pancake Bridge, powered by Stargate.
- Before sending, you need the source chain's gas token.
- Tokenized stocks from bStocks, Ondo, Reserve, xStocks, Robinhood, Coinbase and rStocks are geo-blocked for US users.
PancakeSwap fees and limits
- Exchange V3 pools have four fee tiers: 0.01%, 0.05%, 0.25% and 1%.
- V2 pools charge a fixed 0.25%, split into 0.17% for liquidity providers, 0.0225% for the treasury and 0.0575% for CAKE buyback and burn.
- On Aptos only V2 is deployed, so every swap there pays 0.25%.
StableSwap fees vary by pool. The Fee and Route sections of the swap details show the tier your trade uses.
Risks to know before using PancakeSwap
- Trades stay in your own wallet, and the docs link audits by PeckShield, SlowMist, BlockSec, Cyfrin and HashDit, and the Infinity core is open source on GitHub.
- When a market maker fills your trade, it skips the AMM pools entirely.
PancakeSwap usage
From DefiLlama (TVL) (fees users paid), updated Nov 10, 2026.
PancakeSwap alternatives
Other projects people compare with PancakeSwap.
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Programmable AMM with weighted, stable, boosted and liquidity bootstrapping pools on Ethereum and other EVM chains.
DEX and liquidity hub on Base where veAERO holders vote on AERO rewards and earn trading fees.
Where PancakeSwap ranks on DappAtlas
Listed next to PancakeSwap
PancakeSwap pros and cons
- Available on eleven chains
- Audits by PeckShield, SlowMist, BlockSec, Cyfrin and HashDit
- No account or registration needed to swap
- veCAKE and gauge voting retired in April 2025
- Fee tier varies by pool; shown only in swap details
- Many earlier products moved to an archive
PancakeSwap FAQ
What is PancakeSwap?
PancakeSwap is a decentralized exchange available on eleven chains, including BNB Chain, Ethereum, Solana and Base. Users trade from their own wallets and earn CAKE in farms and Syrup Pools. veCAKE and gauge voting were retired on April 23, 2025 under Tokenomics 3.0.
How much value is locked in PancakeSwap?
$2.2B according to DefiLlama on Nov 10, 2026. It is deployed on 13 chains: Binance, Ethereum, Aptos, Arbitrum, Base, zkSync Era and others.
How much does PancakeSwap cost?
V3 tiers 0.01%, 0.05%, 0.25%, 1%; V2 fixed 0.25%, according to PancakeSwap’s own page (checked Sep 26, 2026).
How much do users pay PancakeSwap in fees?
$10.6M over the last 30 days, according to DefiLlama on Nov 10, 2026.
Does PancakeSwap have a token?
Yes, CAKE. Its market cap was $587.3M on CoinGecko on Nov 10, 2026. Educational content, not financial advice.
Is PancakeSwap available in the US?
Available: terms restrict only sanctioned jurisdictions, according to PancakeSwap’s own page (checked Sep 26, 2026).
Does PancakeSwap hold my funds?
No. PancakeSwap is non-custodial: you keep your funds in your own wallet and sign each transaction.
Sources
- PancakeSwap: official site
- PancakeSwap: Product Overview
- PancakeSwap: Audits
- PancakeSwap: Token swaps
- PancakeSwap: PancakeSwap Infinity
- PancakeSwap: Terms of Service
- PancakeSwap: Fees and routes
- PancakeSwap: PancakeSwap X
- PancakeSwap: Using PancakeSwap without centralized exchanges
- PancakeSwap: Tokenized stocks geo-block
- CoinGecko
- DefiLlama
How this page works
Sources: PancakeSwap: official site, PancakeSwap: Product Overview, PancakeSwap: Audits. Data as of Sep 26, 2026.
Not affiliated with any project listed. Educational content, not financial advice.