Our June 2025 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  July 2, 2024, PancakeSwap has successfully burned -0.706% of the CAKE total supply for June 2025. To calculate this percentage, we divided the total net mint of -2,612,120 CAKE by the initial total CAKE supply on  June 2, 2025. This marks the 22nd consecutive month of CAKE total supply reduction, with a cumulative -21,671,361 CAKE net mint over September, October, November, December 2023, January, February, March, April, May, June, July, August, September, October, November, December 2024, January, February, March, April, May, June 2025.

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

In June 2025, PancakeSwap achieved a net mint of -2,612,120 CAKE. This negative net mint indicates that more CAKE tokens were burned than minted during the month.

**June Mint Breakdown**

- Farms: 485,498
- Other Product Usage: 119,953
- Ecosystem Growth: 47,112
- Total June Mint: 652,564
 
_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._

**June Burn Categories**

- Swaps and Perpetual Trading Fees: 2,921,100
- Prediction: 211,845
- Lottery, NFT Market, Profile & Factory, CAKE Domain: 131,739
- Total June Burn: 3,264,684 

_Note: To ensure accuracy, we pro-rate weekly CAKE burns over two months. For example, burns occurring at the end of May and stretching into July receive a proportionate allocation between the two months._


Our June 2025 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.

June 2025: PancakeSwap's CAKE Burn

Our May 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 June 1, 2026, PancakeSwap has successfully burned -0.580% of the CAKE total supply for May 2026. To calculate this percentage, we divided the total net mint of -1,958,514 CAKE by the initial total CAKE supply on June 1st, 2026. This marks the 33rd consecutive month of CAKE total supply reduction, with a cumulative -51,046,024 CAKE  since September 2023. 

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

In May 2026, PancakeSwap achieved a net mint of -1,958,514 CAKE. This negative net mint indicates that more CAKE tokens were burned than minted during the month.

## **May Mint Breakdown**

- Farms: 287,152
- Other Product Usage: 123,956
- Ecosystem Growth: 263,208
- Total April 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.*

## **May Burn Categories** 
- Swaps and Perpetual Trading Fees: 2,270,402
- Prediction: 239,483
- Lottery, NFT Market, Profile & Factory, CAKE Domain, CAKE Pad: 122,944
- Total May Burn: 2,632,830

*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 April 2026 report

May 2026 CAKE Burn Report

## **May CAKE Burn Recap**

May closed with 33 straight months of net CAKE supply reduction and continued deflationary momentum.

More than -51,046,024 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 **[here.](https://pancakeswap.finance/burn-dashboard)**

## **🥞 Product Updates**

**New PancakeSwap Perpetuals is live** - it’s simple enough for your first trade (via Simple Mode), and powerful enough for your best one (via Pro Mode). With our new Perps’ brand new engine powered by Aster, full order book, 200x leverage, and one tap trades on Simple Mode, Perps has never been easier. Try it out here: *[here](https://pancakeswap.finance/perps)**  

**Meet Chef AI 👨‍🍳, your AI-powered guide to everything PancakeSwap, on our new  FAQ page.** Ask anything about PancakeSwap from LP to Infinity to Perps, and get an answer, powered by AI. Check it out **[here](https://faq.pancakeswap.finance)**

**PancakeSwap has now integrated Hypernative’s Platform to detect exploit-level threats in real time across our AMM infrastructure**, adding another layer to our security stack. Check out the full announcement **[here](https://www.hypernative.io/blog/pancakeswap-deploys-hypernative-to-monitor-smart-contracts-across-multichain-dex-operations?utm_source=x&utm_medium=organic_social&utm_content=pancakeswap-main)** 

**xStocks are now live on Ethereum via PancakeSwap X**, which means you can trade tokenized RWAs gas-free, with MEV-protection, and with better prices. Access it **[here](https://pancakeswap.finance/stocks)** 


**Finding hooked infinity Pools just got easier.** On the Earn (LP) page, simply sort by hook type in the new “Pool Feature” heading. Discover them **[here](https://pancakeswap.finance/liquidity/pools?chain=bsc&type=1&network=56&network=1&network=8453&network=204&network=324&network=59144&network=42161&network=143&network=8000001001&sort=hookAddress%3A-1)** 

## **🌐 Ecosystem**

**PancakeSwap has crossed 5M+ traders on PancakeSwap Infinity in May**. That’s 5 million traders getting the most out of every swap with better pricing, and tighter execution.

**CAKE was added to Binance’s Proof of Reserves (PoR).** The PoR mechanism allows anyone to check that their user assets are backed 1:1, check it out **[here](https://www.binance.com/en/proof-of-reserves)**  

**Users can now trade STRCon with zero fees,** the latest addition to our lineup of 250+ tokenized RWAs on BNB 

**apxUSD and apyUSD are live on PancakeSwap,** swap or add liquidity to earn yield on the first dividend-backed stablecoin protocol with Apyx

## **🥞 Dishes Served Hot**

**The Solstice (SLX) Trading Competition went live on May 26, and ends on June 9.** With over 275,862 up for grabs, trade SLX pairs on PancakeSwap to win up to $1,000. Details  **[here](https://blog.pancakeswap.finance/articles/pancakeswap-solstice-trading-competition)**  

**Flip into yield with fresh pools and stablecoin yields** you won’t find elsewhere, with our incentivized pools on Base, via Incentra. Check it out  **[here](https://incentra.brevis.network/?chainid=8453&type=3&status=4)** 

**Weekly boosted APRs on selected Monad Liquidity Pools** to provide liquidity and stack yield  **[here](https://pancakeswap.finance/liquidity/pools?chain=bsc&network=143)** 

**GITLAWB-WETH pool** is incentivized with CAKE from PCS and USDC from gitlawb, distributed via Merkl, check it out  **[here](https://app.merkl.xyz/opportunities/base/PANCAKESWAP/0x5648e39Edcb7eFeAfEB17aAD90Eb53e9eBbbE656)**  


## **🌍 Community**

**PancakeSwap’s latest community meetup co-hosted with Base Indonesia took place in Jakarta, Indonesia on May 8.** The community scored PancakeSwap merch, met with fellow Base builders, and left with new alpha. 

🇯🇵**PancakeSwap’s new Japanese Ambassador,**  **[x.com/MaturiCrypto](x.com/MaturiCrypto)** , joins our global ambassadors team!


Thanks for reading! Follow us on **[X](https://x.com/pancakeswap)** for the latest updates, and join the conversation on **[Telegram](https://t.me/PancakeSwapAnn)** and **[Discord](https://discord.gg/pancakeswap)**! 

Stack'em,

The Chefs 🥞

Kitchen Report: May 2026

 *Disclaimer and Risk Warning: This content is for general information and educational purposes only, without representation or warranty. It should not be construed as financial, legal, or other professional advice, nor intended to recommend purchasing any specific product or service. You should seek advice from appropriate professional advisors.*

We're excited to launch a **275,862 SLX** trading competition in collaboration with SLX (Solstice). You can trade SLX to compete for prizes and win rewards while trading on the PancakeSwap Swap Page, both mobile and web interfaces.

### **What is Solstice?**

[Solstice](https://solstice.finance/) is a DeFi protocol delivering institutional-grade strategies to retail and institutional users. Built around USX - an overcollateralized digital dollar backed >100% by USDC, USDT, and USDG, with transparency powered by Accountable Proof of Solvency dashboards - Solstice's YieldVault gives users exposure to delta-neutral strategies through eUSX, with more strategies coming soon. Backed by Deus X Capital, with partnerships across Galaxy Digital, MEV Capital, and Bitcoin Suisse, Solstice democratizes access to institutional-grade strategies for everyone.

---

### **Campaign Duration:**

Start: **26 May, 2026**, 10AM UTC
End: **09 June, 2026**, 10AM UTC

- SLX Official Contract Address: 0x02bcc4c181b83a8c0a342bc003389cbecb4bc54d
- SLX Contract on BSCScan: https://bscscan.com/address/0x02bcc4c181b83a8c0a342bc003389cbecb4bc54d

### **How to Participate & Win:**

To qualify for the random draw, trade at least $500 USD in SLX pairs on [BNB Chain] on PancakeSwap Swap Page during the campaign period.
The minimum volume can be achieved through a single trade or multiple trades in SLX pairs. Only trades made on the PancakeSwap Swap Page (Web or Mobile interface) are eligible.

### **Tiers & Rewards:**

Tier 1: Trade $500+ → 150 lucky winners get 690 SLX each (Total: 103,500 SLX)

Tier 2: Trade $1,000+ → 75 lucky winners get 1,380 SLX each (Total: 103,500 SLX)

Tier 3: Trade $3,000+ → 10 lucky winners get 6,886 SLX each (Total: 68,860 SLX)

Grand total: 275,860 SLX up for grabs

---

### **Important Note:**

Each wallet address can only win one prize across all three tiers.

- **Tier 3 Qualifiers:** If you qualify for Tier 3 (trading over $3,000), your wallet will first be drawn for Tier 3. If you don't win the Tier 3 prize, your wallet will be considered for the Tier 2 draw. If you don't win there, you will be considered for Tier 1.
- **Tier 2 Qualifiers:** If you qualify for Tier 2 (trading over $1,000) but not Tier 3, your wallet will first be drawn for Tier 2. If you don't win the Tier 2 prize, you will be considered for Tier 1.

*Example*: If you trade over $3,000, your wallet will first be drawn for Tier 3. If you don't win there, you will be eligible to be drawn for Tier 2, and then if you don't win in Tier 2, your wallet will be considered for Tier 1. Similarly, if you trade $1,000 or more but less than $3,000, you will first be drawn for Tier 2, and if you don't win, you will be eligible for Tier 1.

---

### **Terms & Conditions:**

- All qualifying trades must involve SLX tokens. Only trades in SLX trading pairs will be considered. Trades in pairs that do not include SLX will not count toward any part of this campaign.
- Only trades made on the PancakeSwap Swap Page (Web & Mobile Version) (including Infinity, V2 and V3 interfaces) qualify. Trades made through external aggregators or platforms (e.g., 1inch, or other decentralized exchanges) will not count towards this campaign.
- The PancakeSwap Swap Page (Web interface & Mobile) refers to trades made through the PancakeSwap FE. Trades made through external aggregators or platforms (e.g., 1inch, or other decentralized exchanges) will not count towards this campaign.
- Each wallet address can win a maximum of one reward.
- All the rewards will be distributed in SLX tokens within 4 weeks after the campaign ends.
- In PancakeSwap's absolute opinion, any trades executed through bad trading practices, including, but not limited to, wash trades, false trading, self-dealing, or trades that display any attributes of market manipulation ("Disqualified Trades"), will not be counted toward this campaign.
- PancakeSwap reserves the right to cancel, suspend, or postpone the Campaign or amend the Campaign rules at our sole discretion without notice to you.
- PancakeSwap will disqualify any entry from participants who do not meet the eligibility requirements as solely and absolutely determined by PancakeSwap.
- In the event of any dispute, PancakeSwap reserves the right to make all final decisions regarding the Giveaway.

The information provided here is not intended as financial advice. It does not constitute a solicitation, recommendation, endorsement, or offer by PancakeSwap to buy, sell, or invest in any digital assets. Cryptocurrencies carry significant risks, including the potential loss of your entire investment. We strongly recommend seeking professional advice before making any financial, investment, or trading decisions.

---

### Start Trading Now!

Trade SLX on PancakeSwap now.
https://pancakeswap.finance/swap?chain=bsc&inputCurrency=0x55d398326f99059fF775485246999027B3197955&outputCurrency=0x02bcC4C181B83a8c0A342BC003389CbEcb4BC54D

Good luck, and may the best traders win!

Trade SLX pairs on PancakeSwap for your chance to win from a 275,862 SLX prize pool.

PancakeSwap x Solstice Trading Competition - 275,862 SLX in Rewards

New engine. Order book model. Beginner friendly. 

---

Today, PancakeSwap Perps gets its biggest upgrade ever. We've replaced the old LP model with a full **order book**, bringing better capital efficiency, real price discovery, and tighter execution to every trade.

We're also introducing Simple Mode, a first-of-its-kind feature that lets anyone trade perps with a single tap. No setup, no complexity, just pick a direction and go.

Whether you're a seasoned degen or someone who's never touched a perp in your life, the new PancakeSwap Perps is built for you. Here's what changed and why you need to try it.


## **The Big Shift: From LP Model to Full Order Book**

If you've traded perps on PancakeSwap before, you'll remember the previous version ran on a liquidity pool (LP) model. It worked, but it had its limits.

The new PancakeSwap Perps runs on a **full order book model:** 

**More capital efficient.** With an order book, liquidity sits exactly where it's needed, at specific price levels. **The result is tighter spreads and better execution on every trade.**

**No more oracle dependency.** Price discovery now happens directly through the order book. The old model relied on external oracle feeds for pricing. With the move to a full order book, price discovery now happens directly through real bids and asks in the market, enabling tighter spreads and more efficient execution.


## **Simple Mode: Try it, it’s a piece of cake**

Never traded perps before? Intimidated by leverage, margin modes, and order types?

That's why we built **Simple Mode** — and there's nothing else like it on other Perps platforms.

Simple Mode strips away all the complexity and gives you a clean, one-tap experience. No configuring margin modes. No setting up advanced order types. No learning curve. Just pick a direction and go.

Want to scale your position? Tap again. Want to flatten? Tap the opposite direction. It's as intuitive as a swap, and as easy as... well, a piece of cake.


## **Pro Mode: For the Power Traders**

Of course, if you want the full toolkit, **Pro Mode** has everything you'd expect and more:

- **Cross margin and isolated margin**: choose your risk profile per position or across your portfolio
- **Single asset and multi-asset modes**: trade with one collateral type or diversify across multiple
- **Advanced order types**: market, limit, stop, take-profit/stop-loss
- **Full order book view**: see the depth and place orders exactly where you want
- **Complete position management**: track, adjust, and close with full visibility

Switch between Simple and Pro anytime - your open positions won't be affected.


## **But Wait, There’s More**

**Up to 200x leverage** on BTC and major pairs - one of the highest available on any onchain perps platform.

**Deposit flexibility.** Fund your account with BNB, USDT, CAKE, BTC, ETH, USD1, asBNB, lisUSD, WBETH, slisBNB, LISTA, USDF, ASTER, and TWT.

**Unified wallet experience.** Your spot and perps activity live in one place. No bridging, no separate accounts. Just connect your wallet and trade directly on PancakeSwap.

**Easy Access.** Simply connect your wallet and you're ready to go. No account creation, no deposits to a custodial platform.

**Deep liquidity and CEX-grade execution:** Powered by Aster's order book infrastructure, bringing deep liquidity and institutional-grade execution to a fully onchain trading experience.


## **TL;DR**

The new perps run on a full order book - more capital-efficient, better price discovery, and better execution. Plus, Simple Mode means literally anyone can trade perps with a single tap.

Powered by Aster's order book infrastructure, bringing deep liquidity and institutional-grade execution to a fully onchain trading experience.

The PancakeSwap you know. A completely new perps engine. Try it, it's a piece of cake.

**Trade Perpetuals Now →** https://pancakeswap.finance/perps/


Stack'em,

The Chefs 🥞

New engine. Order book model. Beginner friendly.

PancakeSwap Perps, Revamped. And It's a Piece of Cake.

PancakeSwap Perps is fully onchain, built on Aster’s orderbook infrastructure. No account creation, no KYC - connect your wallet and you’re in. Here’s how to get started.

## **Getting Started**

**1. Head to the PancakeSwap Perps page**

Navigate via **Trade → Perps** from the main PancakeSwap site - https://pancakeswap.finance/perps/BTCUSDT?mode=pro

**2. Connect your wallet**

Click **Connect Wallet** in the top right corner. No account creation or KYC required - your wallet is your account.

![1.png](https://sgp1.digitaloceanspaces.com/strapi.space/086409e284742a326736895196079113.png)

**3. Pick your mode**

PancakeSwap Perps has two trading modes: **Simple** and **Pro**. You can switch between them at any time without affecting your open positions.

![2.png](https://sgp1.digitaloceanspaces.com/strapi.space/bba51a98f73a72cbb4ee76458034eb7d.png)



## **🟢 Simple Mode - for new traders**

Simple Mode is designed for traders who are new to perps trading. Set your size, pick your leverage, and tap UP or DOWN - that’s it.

### **Choose a trading pair**

Tap the pair name at the top of the page to open the asset selector. A wide variety of token pairs are available.

![3.png](https://sgp1.digitaloceanspaces.com/strapi.space/04a1d4a4123ca4e0699733219fd7953f.png)

### **Set your position size (“My Bet”)**

Enter how much you want to put in, or tap the preset buttons - **25%**, **50%**, or **MAX** - to size your position as a portion of your available perp fund balance.

![4.png](https://sgp1.digitaloceanspaces.com/strapi.space/a0e333bb394fd376196661f8892524a9.png)

### **Set your leverage**

Use the slider or tap a preset - **50x**, **100x**, **150x**, or **200x** - to set your leverage. Your current multiplier is shown in large text above the slider.

When leverage is high enough to carry meaningful liquidation risk, an **Amplified Risk** indicator appears as a reminder.

![missing.png](https://sgp1.digitaloceanspaces.com/strapi.space/33a70c8e9de4193c1d40ca9c84ee70c9.png)

### **Tap to open your position**

Tap **UP** to go long, or **DOWN** to go short. Your position opens immediately at the best available market price.

![5.png](https://sgp1.digitaloceanspaces.com/strapi.space/b8419c4d1eb45e90b3e9f6441da4d033.png)

### **Tapping multiple times**

Simple Mode lets you build or reduce your position with repeated taps - no need to manually adjust size each time.

- Tap **UP twice** - your position doubles. Each tap adds one unit to your existing long.
- Tap **UP then DOWN** - the positions cancel out, returning you to flat.

Think of each tap as adding or subtracting one unit in a direction. It’s a fun way to scale in or out of a trade.

### **Check your order status**

Your order will appear under **Positions** while it waits to be filled.

![6.png](https://sgp1.digitaloceanspaces.com/strapi.space/95ced15fcadd162e66c7846ceb5c39a3.png)

Want to set limit orders, TP/SL, or manage positions in more detail? 

Switch to **Pro Mode** at any time - your open positions are not affected.



## **🧑‍🍳 Pro Mode - Full Control**

Pro Mode gives you full control over your trades - order types, leverage, TP/SL, and position management all in one place.

### **Choose a trading pair**

Same as Simple Mode - tap the pair name at the top to open the asset selector.

![8.png](https://sgp1.digitaloceanspaces.com/strapi.space/7fc34b051969e7ab455c6778329a1a7d.png)

### **Analyze the chart**

The built-in TradingView chart lets you analyze price action before placing your trade. All standard charting tools are available.

![9.png](https://sgp1.digitaloceanspaces.com/strapi.space/212dd1d89ad9c5fb189415dff7b57ddc.png)

### **Set your position parameters**

In the order panel, configure the following:

- **Long or Short** - select the direction of your trade
- **Leverage** - use the slider or type manually to set your leverage (up to 200x on BTC)
- **Order type** - Market (fills immediately) or Limit (fills at your chosen price)
- **Position size** - enter the size of your trade in your preferred reference currency
- **Take Profit and Stop Loss** (optional) - set TP so your position closes automatically when your target gain is reached, and SL so your position closes to limit losses at a set threshold

Once all parameters are set, click **Buy / Long** or **Sell / Short** to submit your order.

### **Check your order status**

Your order will appear under **Positions** while it waits to be filled.

![10.png](https://sgp1.digitaloceanspaces.com/strapi.space/35fa637be18ce72d9a2f8ae771b6e4fb.png)


## **❓ Quick FAQ**

**Do I need to create an account or complete KYC?** No. PancakeSwap Perps is fully onchain. Connect your wallet and you’re ready to trade - no account creation, no KYC, no deposits to a custodial platform.


**What’s the difference between Simple and Pro Mode?** Simple Mode is built for traders who are new to perps - one tap to go long or short with preset sizes. Pro Mode gives you full control with advanced order types, TP/SL, and position management tools. You can switch between modes at any time.

---

*Note: The previous version of PancakeSwap Perps is still available as a legacy product, if you’d like to continue using it. But if you haven’t tried Perps [New] yet, we’d recommend giving it a go - the order book model, Simple Mode, and upgraded trading tools make it a smoother experience all around.*

---

Ready to try it?

Head to https://pancakeswap.finance/perps/BTCUSD1?mode=pro and explore now.

Stack’em,
The Chefs 🥞

A step-by-step guide to trading perpetuals on PancakeSwap Perps - from connecting your wallet to placing your first trade in Simple Mode or Pro Mode.

How to Trade Perps on PancakeSwap

Our April 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 May 6, 2026, PancakeSwap has successfully burned -0.619% of the CAKE total supply for Apr  2026. To calculate this percentage, we divided the total net mint of -2,099,338 CAKE by the initial total CAKE supply on  May 6th, 2026. This marks the 32nd consecutive month of CAKE total supply reduction, with a cumulative -49,087,510 CAKE  since September 2023. 


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

In April 2026, PancakeSwap achieved a net mint of -2,099,338 CAKE. This negative net mint indicates that more CAKE tokens were burned than minted during the month.

## **April Mint Breakdown**

- Farms: 285,185
- Other Product Usage: 119,959
- Ecosystem Growth: 247,420
- Total April Mint: 652,564

*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.*

## **April Burn Categories** 
- Swaps and Perpetual Trading Fees: 2,382,440
- Prediction: 248,965
- Lottery, NFT Market, Profile & Factory, CAKE Domain, CAKE Pad: 120,497
- Total April Burn: 2,751,901

*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 Total Supply Reduction:

Achieving CAKE Total Supply Reduction through Net Minting:

August Mint Breakdown

August Burn Categories