PancakeSwap v1 (BSC)

PancakeSwap, originally established on the BNB Chain, offers users a decentralized platform for token trading. It encompasses various features, including token swapping, yield farming, staking CAKE tokens in Syrup pools, Ethereum liquid staking (wBETH), a prediction market, and an NFT marketplace. Moreover, it regularly introduces new products such as the Pancake Protectors game, a v3 position manager, Initial Farm Offering (IFO) token launches, a bridge to Ethereum and Aptos, a lottery, and more.

In April 2023, PancakeSwap underwent a significant shift, adopting a deflationary token model termed "Ultrasound CAKE." This transformation, known as CAKE Tokenomics v2.5, combines genuine yield (with no supply impact) and reduced token emissions. Over 102% of minted CAKE tokens are burned weekly, aiming to extend emissions over several years and incentivize CAKE token lockups, thus enhancing its long-term value.

Operated by an anonymous team referred to as "Chefs" in the PancakeSwap "Kitchen," the platform maintains an open-source nature and has undergone audits by reputable blockchain security firms like Peckshield and Slowmist.

Despite experiencing impacts from the bear market, PancakeSwap continues to exhibit an annualized revenue of $27 million, with approximately 42% of CAKE tokens staked.