***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.*

Crypto lending allows cryptocurrency holders to earn returns by lending their assets to borrowers in exchange for interest. While it offers a way to generate income without selling crypto, it also comes with risks. If you’re considering participating in crypto lending, it’s important to understand how lending platforms operate and the potential risks involved. Here are some key factors to keep in mind.

### **What is Crypto Lending?**

Crypto lending involves lending your cryptocurrency to borrowers in exchange for interest. Lenders can earn passive income without liquidating their holdings, while borrowers can access capital without selling their assets. Crypto lending platforms are typically divided into CeFi (centralized finance) and DeFi (decentralized finance).

### **Key Considerations Before Participating in Crypto Lending**

### **1. Platform Trustworthiness**

The reliability of the platform you choose is crucial. Reputable platforms undergo regular security audits and provide transparency about their operations. Research is essential to ensure the platform is safe and trustworthy before committing your funds.

### **2. CeFi vs. DeFi Platforms**

Understanding the difference between **CeFi** and **DeFi** platforms is important:

- **CeFi (Centralized Finance)** platforms are managed by central entities that hold and control your funds. They typically offer stable interest rates, easier access to liquidity, and customer support. However, they introduce counterparty risk, as any issues with the platform could prevent you from accessing your original funds.
- **DeFi (Decentralized Finance)** platforms, on the other hand, operate through smart contracts on blockchain networks. With DeFi, you retain control over your funds, but there is typically no customer support, and you are fully responsible for managing your assets. These platforms are usually better suited for more advanced users, as any issues that arise may prevent you from accessing your funds. The security of your assets depends entirely on the platform's smart contracts.

### **3. Interest Rates and Loan Terms**

Interest rates and loan terms vary widely depending on the platform, market conditions, and the asset type. DeFi platforms may adjust interest rates dynamically based on supply and demand, while CeFi platforms offer more stable, fixed rates. Higher interest rates often correlate with riskier assets or lower liquidity pools, so it’s important to assess carefully whether the potential return justifies the risk.

Another critical factor is the **Loan-to-Value (LTV) ratio**. This ratio determines the amount of collateral required to secure a loan. For example, if a platform offers a 70% LTV on Bitcoin, you could borrow $7,000 by locking $10,000 worth of Bitcoin. The higher the LTV ratio, the more borrowing power you have, but it also increases the risk of liquidation if the value of your collateral drops significantly.

### **4. Diversification**

Diversifying your investments is one way to reduce risk. By lending across multiple platforms and holding different types of cryptocurrencies, you can protect yourself from the impact of a platform failure or a significant drop in the value of a particular asset. Diversification helps balance the potential risks of crypto lending.

### **5. Monitoring Collateral and LTV Ratios**

It's important to regularly monitor your collateral and ensure your **LTV ratio** stays within a safe range. If the value of your collateral decreases, it can trigger a liquidation, resulting in the loss of some or all of your assets. Many platforms automatically liquidate positions that fall below a certain LTV threshold, so staying on top of your collateral’s value is crucial to avoid liquidation.

### **6. Risk Mitigation Tools**

Some platforms provide additional risk mitigation tools, such as insurance for smart contract failures. This can be an important consideration for those using DeFi platforms, where smart contract vulnerabilities may pose a risk.

### **Conclusion**

Crypto lending can be an attractive way to generate passive income, but it has risks. Understanding how platforms operate, choosing between CeFi and DeFi, assessing interest rates and loan terms, and diversifying your investments are all important steps to minimize those risks. Regularly monitoring your investments and using risk mitigation tools can further help protect your assets. Before getting involved, make sure you do thorough research and understand the risks associated with crypto lending.

**DYOR!**

**The Chef’s**

Crypto lending allows cryptocurrency holders to earn returns by lending their assets to borrowers in exchange for interest. 

Crypto Lending: Key Considerations Before Getting Involved

GM Fam,

We’re excited to announce the launch of **[PancakeSwap Bridge](https://pancakeswap.finance/bridge)**, a significant update that makes moving assets between chains faster and easier. Powered by BNB Chain, this new feature boosts speed, security, and simplicity, so you can transfer your tokens seamlessly across different chains.

#### **Why You’ll Love the PancakeSwap Bridge Powered by BNB Chain**

**1\. Cross-Chain Transfers Across 8 chains with 3700+ Tokens**

Easily transfer assets between 8 major chains, including Ethereum, BNB Chain, Base, Linea, opBNB, Arbitrum One, zkSync Era, and Polygon zkEVM. Wherever PancakeSwap DEX is available, you can use our bridge to transfer your tokens across these chains, making swaps faster and more seamless!

**2\. Smart Routing Powered by Leading Bridge Providers**

The PancakeSwap Bridge benefits from BNB Chain’s partnerships with multiple top-tier cross-chain bridge providers, such as Celer, LayerZero, deBridge, Meson, and Stargate. This integration allows your transactions to be routed through the best and fastest options available, ensuring that your asset transfers are always optimized for speed, security, and reliability.

![Screenshot 2024-12-16 at 13.36.55.png](https://sgp1.digitaloceanspaces.com/strapi.space/e491ce7d2f76206ceee3552e44b55c46.png)

**3\. Simple and Intuitive to Use**

Using the bridge is easy! The clean, user-friendly interface lets you transfer assets across 8 chains without hassle. Everything you need is right in one place—there’s no need to visit other websites or external interfaces.

![Screenshot 2024-12-16 at 13.35.47.png](https://sgp1.digitaloceanspaces.com/strapi.space/8c66d6b47109c64abe3e061020fad26e.png)

**4\. Powered by BNB Chain’s Cross-Chain Technology**

At the core of the PancakeSwap Bridge is BNB Chain’s Cross-Chain Bridge technology, which is fast, secure, and scalable. This ensures smooth and efficient transfers. Note: BNB Chain, the developer of this product, powers this bridge. Please do your research, understand the risks, and be cautious when using cross-chain services.


#### **How to Get Started?**

Ready to start using the bridge? Just visit the **[PancakeSwap Bridge](https://pancakeswap.finance/bridge)**, select your tokens, and follow the easy steps to transfer them across chains.

We’re excited for you to try out the PancakeSwap Bridge powered by BNB Chain! Please share your thoughts with us in the comments or on social media—we’d love your feedback.

Let’s start bridging!




GM Fam, We’re excited to announce the launch of PancakeSwap Bridge, a significant update that makes moving assets between chains faster and easier.

Introducing PancakeSwap Bridge: Fast, Secure Cross-Chain Transfers Across 8 Chains with 3700+ Tokens, Powered by BNB Chain

We’re excited to launch the **[PancakeSwap Swap Bot](https://t.me/pancakefi_bot)** on Telegram, building on the success of our Prediction Bot! Starting today, you can trade over 3,000 tokens on the BNB Chain via PancakeSwap, including access to v2, v3, and Stableswap pools—all directly within Telegram. No more juggling between apps or websites—just seamless trading through your favorite messaging app. Get started today and experience easy trading within a familiar interface. Read on to learn more!

### **Why Trade with the PancakeSwap Swap Bot?**

**1\. Ultimate Convenience:** Trade directly from Telegram, so you never have to leave the app to access PancakeSwap.

**2\. Vast Token Selection:** Trade from over 3,000 tokens on the BNB Chain across PancakeSwap v2, v3, and Stableswap—anytime, anywhere.

**3\. Low Fees:** Enjoy a competitive trading fee of as low as 0.01% on trades.

**4\. Instant Notifications:** Receive real-time updates on your transactions right within the bot.

#### **How to Get Started:**

1\. Open Telegram and access the PancakeSwap Swap Bot  https://t.me/pancakefi_bot

2\. Connect your wallet. Check out **[this wallet connect guide](https://docs.pancakeswap.finance/products/prediction/prediction-mini-app)** for assistance. 

3\. Enter the token and amount to swap. That's it, it's that easy.


_**Please note that at the initial launch, the Prediction Telegram app won't be available in the Telegram app store. Instead, users can access the product through a direct web link and interact with the Telegram bot. This means you'll need to use the provided link or bot to get started with the prediction features.**_

Join the PancakeSwap Swap Telegram Bot to trade effortlessly. Ready to dive in? **[Start trading now!](https://t.me/pancakefi_bot)**

### **PancakeSwap Telegram Bot Directory**

- **[PancakeSwap Launches Swap Bot on Telegram: Trade Over 3,000 Tokens on BNB Chain](https://blog.pancakeswap.finance/articles/pancake-swap-launches-swap-bot-on-telegram-trade-over-3-000-tokens-on-bnb-chain)**
- **[How to Swap on the PancakeSwap Swap Bot](https://blog.pancakeswap.finance/articles/how-to-swap-on-the-pancakeswap-swap-bot)**
- **[Why Telegram Bots Are Trending: Discover PancakeSwap's Prediction and Swap Bot](https://blog.pancakeswap.finance/articles/why-telegram-bots-are-trending-discover-pancakeswap-prediction-and-swap-bot)**



We’re excited to launch the PancakeSwap Swap Bot on Telegram, building on the success of our Prediction Bot!

PancakeSwap Launches Swap Bot on Telegram: Trade Over 3,000 Tokens on BNB Chain

# Q4 Roadmap AMA Recap

On October 10th, we held our Q4 Roadmap AMA in the PancakeSwap kitchen! If you missed it or want to review our discussion, keep reading!

This AMA featured a different format than usual. It began with an in-depth overview of Q3 before transitioning into our exciting plans for Q4. To wrap things up, Chef Kids summarized our recent emissions proposal.

If you want to relive the AMA, we recommend [watching the video](https://www.youtube.com/watch?v=ROkjw47-Aa8&ab_channel=PancakeSwap) for a closer experience.

### **Let’s dive into what was discussed in the AMA!**

#### **Section 1: Q3 Overview**

**Hackathons**

One of the Q3 highlights was our participation in **two hackathons**—one at ETHGlobal Brussels and another online with Brevis. These hackathons drew much attention, with **64 innovative builds submitted and over $60,000 in prize money awarded**.

**PancakeSwap 4th anniversary**
In addition to the hackathons, we celebrated **PancakeSwap's 4th anniversary** at Token2049 with a community meetup, marking this milestone with some incredible achievements. PancakeSwap has now processed an astounding $836 billion in trading volume and has over 43 million unique wallet addresses.

**Product Launches**
The quarter also saw some important product launches, such as integrating our **Prediction product with Telegram Bot** , making it even easier for users to access DeFi on the go. We also introduced **PancakeSwap Quest** in beta, designed to boost user engagement through fun and interactive challenges. And let’s not forget the **EigenPie IFO**, our first IFO on Arbitrum, which saw over $15 million committed—a huge success as we expand across chains.

We continued expanding with **Zap**, which allows users to add liquidity with just one token. It is now available on BNB Chain, Arbitrum, and Ethereum.

**Emissions**
Over the past 12 months, **we’ve consistently maintained negative net emissions**, achieving a steady annual deflation rate of 1-2%, a key metric in maintaining the project's long-term sustainability.

#### **Section 2: Q4 Roadmap**

**PancakeSwap v4: Launching Soon**

While the launch was initially expected in Q3, additional improvements and comprehensive audits have delayed it slightly. The v4 launch will bring advanced trading tools like limit orders and TWAMM (Time-Weighted Average Market Making) and cost-saving features like Singleton and Flash Accounting. The launch is near, and more features will be added incrementally to ensure a smooth experience.

**New Trading Venue: A Game-Changer for Traders**

Details were revealed about the new trading venue that some users are already testing. The full rollout is expected in the coming weeks, and this new venue is set to enhance the trading experience and drive more volume to PancakeSwap.

**Multichain Expansion: More Chains, More Opportunities**

We remain committed to expanding to new chains, offering even more opportunities for our users, and increasing PancakeSwap’s presence across DeFi. Details will be revealed soon.

**Telegram Bot Updates: Enhancing the User Experience**

The Swap feature is being expanded to attract more retail users and improve accessibility to DeFi tools. This update will bring a more seamless and user-friendly experience, further widening PancakeSwap’s reach.

#### **Section 3: Emissions Proposal**

Chef Kids provided a concise overview of the emissions proposal, emphasizing our focus on balancing liquidity incentives with PancakeSwap's long-term sustainability. With PancakeSwap v4, developers will have new tools to enhance the platform, and traders will benefit from advanced features like limit orders and zero-slippage trades. V4 introduces dynamic fees and significant gas savings for liquidity providers, making liquidity provision more efficient and profitable.

These changes are designed to strengthen the entire PancakeSwap ecosystem, boosting trading volumes and increasing CAKE burns for greater sustainability.

Please check out the dedicated article on [our forum](https://forum.pancakeswap.finance/t/information-on-ecosystem-growth-and-emissions-adjustment/808) for a more detailed explanation of the emissions proposal.

Stack’em! The Chefs 🥞

Missed the AMA? Check out the recap here!

Q4 Roadmap AMA

In our March 2024 report, we explore 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  April 2nd, 2024, PancakeSwap has successfully burned 0.189% of the CAKE total supply for March 2024. To calculate this percentage, we divided the total net mint of -731,042 CAKE by the initial total CAKE supply on March 4th, 2024. This marks the seventh consecutive month of CAKE total supply reduction, with a cumulative -2,103,059 CAKE net mint over September, October, November, December 2023, January, February, and March 2024. 

### **Achieving CAKE Total Supply Reduction through Net Minting:**
In April 2024, PancakeSwap achieved a net mint of -731,042. This negative net mint indicates that more CAKE tokens were burned than minted during the month.

### **March Mint Breakdown**
- Farms: 816,702
- CAKE Syrup Pool: 117,600
- Other Product Usage: 123,962
- Total March Mint: 1,058,264

_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._

### **March Burn Categories**
- Swaps and Perpetual Trading Fees: 1,470,456
- Prediction: 190,134
- Pancake Protectors: 5,296
- Lottery, NFT Market, Profile & Factory: 123,420
- Total March Burn: 1,789,306

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

### **Proof of Burn for March:**
- March 6: **[Link](https://bscscan.com/tx/0xddfc376c4cf0b13d02cc5feaaebbe084be4529a9c5db69be09777369dc312681)**
- March 11: **[Link](https://bscscan.com/tx/0xdf7c1def8b6f00e7a9c31e381fc045f82a4d53172f132c6e9098806293613abf)**
- March 18: **[Link](https://bscscan.com/tx/0xa5861c373be4ae42126094baea795553fb3c96994d8ca69ee2f650fb47124ac4)**
- March 25: **[Link](https://bscscan.com/tx/0x36d7c2768daca14123ac8d00882ff69ad826340557adbd1ab8f1fa2e3f6daad4)**
- April 2: **[Link](https://bscscan.com/tx/0xa486253829e13db5851890a04fd1bef6583b4092ff13d8e572bbd715deeb78a9)**

In our March 2024 report, we explore the world of CAKE token supply management on PancakeSwap.

March 2024: PancakeSwap's CAKE Burn

### Data Recap
#### Overall
- Total Volume: $15.5B
- Average Daily Volume: $499.0M
- Unique Traders: 1.8M
- Unique Onsite Users: 3.9M
- Web3 Wallet — Onsite Users: 48K
- Web3 Wallet — Average Daily Users: 3.4K
- Gaming Marketplace - Total CAKE Burned: 16K CAKE ($28K)
- Gaming Marketplace - Average Daily Users: 12K 


#### CAKE
- Total burned: 43.5M CAKE ($126.4M)
- Bought back from the market to burn: $3.6M
- N° of holders: 1,587,856 (MoM 1.71%)
- Effective CAKE Emission Rate: 1.36 CAKE/Block


*As our emissions and burn data are calculated and grouped by weeks, not months, the statistics above may not one-to-one reflect our “monthly burn”, and only serves as a guideline. For more information on our burns, please refer to our weekly burn post on our social channels.

#### 🍽✅ Served In January

#### January 2024: PancakeSwap's CAKE Burn

![January Report.jpg](https://sgp1.digitaloceanspaces.com/strapi.space/0bd30ac847787d10a7c6265c68e972e2.jpg)

New Year, first burn report! In January 2024, PancakeSwap achieved a net mint of -178,547. This negative net mint indicates that more CAKE tokens were burned than minted during the month.

Take a look at January’s burn report here 👉 https://blog.pancakeswap.finance/articles/january-2024-pancake-swap-s-cake-burn

Can you imagine how much CAKE we are going to burn this year? 

#### Q1 Roadmap Unveiled

![roadmap.jpg](https://sgp1.digitaloceanspaces.com/strapi.space/b33e0b864459747aa6c0549f8d5f23a5.jpg)

As is PancakeSwap's history, January is a month of updates! And that's why we bring you this new roadmap for the first quarter of 2024. 

The kitchen is cooking up many exciting things for the new year! We joined the community to discuss them in another "AMA in the Kitchen" episode. 

If you missed out, don't worry; we have the recap ready to read here 👉https://blog.pancakeswap.finance/articles/pancake-swap-2024-q1-roadmap-ama 

#### Milestones Achieved 😎

![bnbchainmilestone.jpg](https://sgp1.digitaloceanspaces.com/strapi.space/2112f4f592ae2a32f5bdf50ff86df844.jpg)

🐰💫 2024 starts strong! Ethereum PancakeSwap crosses 4B, and PancakeSwap BNB chain surpasses 40B in trading volume! 

![ETH-750.jpg](https://sgp1.digitaloceanspaces.com/strapi.space/a442f0e8a3859b4bae5d487cb887f276.jpg)

🎉 Share this if you're trading with us!

👉 Not trading with us yet? Dive in now at: https://pancakeswap.finance/swap

🔄 Explore DeFi with our tutorials: https://www.youtube.com/playlist?list=PLdpJSObiTh4DIlEHjF74qS3zrnzHD1CiW

#### veCAKE:  Developing the next governance era! 

![veCAKE.jpg](https://sgp1.digitaloceanspaces.com/strapi.space/763dea34b2f211410878862b83a14c55.jpg)

Since the launch of veCAKE, PancakeSwap has not stopped working to refine and expand our new governance model, where all parties involved benefit, especially CAKE holders! 

As a starting point, we have taken the veCAKE structure and its Gauges to two-layer 2s where we are deployed: Polygon zkEVM & Linea!

Now, veCAKE holders can influence CAKE emissions by voting directly for their desired gauges!

![gauges.jpg](https://sgp1.digitaloceanspaces.com/strapi.space/ed26d02dd8f54e1f6b6f8d899f67ced8.jpg)

Other news during January includes:

**📄Vote incentives are now available for veCAKE through external bribing markets Stake DAO 👇**

veCAKE holders can opt to receive vote incentives from projects creating additional rewards for those engaging in CAKE staking 

Check it out here 👉https://votemarket.stakedao.org/?market=cake&solution=All

**📊The first bribe was live on Hidden Hand!**

https://sgp1.digitaloceanspaces.com/strapi.space/c86d13609e1315766e68ceee97f75fe5.jpg

If you have veCAKE, you could vote for the pxETH-ETH gauge and collect part of the ~$6k bribe
That bribe has ended, but that does not mean there won't be more bribes coming in the future!

👉 You can find them here: https://hiddenhand.finance/pancakeswap

Talking about bribes, **more voting rewards for veCAKE holders** coming from **Inspect** on the **Cakepie bribe market**!! 

You can check it here: https://twitter.com/Cakepiexyz_io/status/1752020603895177441 

📘If you are new to veCAKE, check out our documentation to learn more: https://docs.pancakeswap.finance/products/vecake 

#### Happy Birthday: Aptos PancakeSwap! 

![aptosbday.jpg](https://sgp1.digitaloceanspaces.com/strapi.space/268f52a2e49727fb4b3195652a209214.jpg)

🥞1 year of Aptos PancakeSwap, let’s quickly peep at what we achieved👀

🔁382M Cumulative Volume
💜8.57M TVL
🔐416K Total Active Wallets

💫Start your DeFi journey with us now https://aptos.pancakeswap.finance/swap

In celebration of our one-year anniversary, we're delighted to offer our users an exclusive opportunity to earn additional APT and CAKE rewards through Aptos PancakeSwap Yield Farming. More details here: https://blog.pancakeswap.finance/articles/pancake-swap-flourishes-on-aptos-unveiling-a-year-of-achievements-with-special-yield-farming-rewards

#### Cakepie cIFO! 

![cakepieifo.jpg](https://sgp1.digitaloceanspaces.com/strapi.space/2137a413325624b84f6e652dd8b248b0.jpg)

After a long time, we can say it! PancakeSwap cIFOs are back! Our first guest is Cakepie, one of the projects building on top of PancakeSwap right now! 

With more than 7M USD committed, we have far exceeded the funds to raise. The cIFO was a huge success! 

We thank all participants and hope you are looking forward to the next cIFO/IFO very soon! 

#### PancakeSwap Prediction: Expanding the horizon!

![predictionzkevm.jpg](https://sgp1.digitaloceanspaces.com/strapi.space/707144b16cb42d9a9d471f6a4349383d.jpg)

PancakeSwap Prediction is a fun and simple decentralized prediction market! You can predict the price of different tokens and win! 

In our great journey towards becoming the all-in-one DeFi hub, in January, we expanded PancakeSwap Prediction to a new blockchain! Now you can play Prediction on zkSync Era . Layer 2 power! 

👉 Start making your prediction now: https://pancakeswap.finance/prediction?token=ETH&chain=arb

#### Perpetuals v2 updates…and milestones! 

![perpsmilestones.jpg](https://sgp1.digitaloceanspaces.com/strapi.space/8100229ba44345fc2064adedaca06502.jpg)

New Listings Alert on PancakeSwap Perpetuals v2! 🥞

INJ, ORDI, and NEAR are now available on PancakeSwap Perpetuals v2 on BNB Chain! 

Besides that, there are some milestones to share! We have surpassed 1B trading volume on Arbitrum…and 5B on BNB Chain! 

🥞 Start trading now: https://perp.pancakeswap.finance/en/futures/v2/BTCUSD
📚 Learn more: https://docs.pancakeswap.finance/products/perpetual-trading


#### .cake Name Services: Early Access

![Space ID .jpg](https://sgp1.digitaloceanspaces.com/strapi.space/a8bc7aacca72752d1d5ab6f7246b93ee.jpg)

Space ID launched the Early Access to get a .cake name service in January.

Now you can replace your clunky addresses with .cake domain names. Fantastic, isn’t it?

By the time you’re reading this, the auction stage has ended. But don’t worry, Public Registration will start on February 6th! 

👉Follow the stages and get yours at: https://cake.space.id 


### Hashdit risk scanner landed on Ethereum!  

![hashdit.jpg](https://sgp1.digitaloceanspaces.com/strapi.space/6414005a62336ae6672eaa00d74f722e.jpg)

🌟 🔍Risk scanner Update - HashDit is now integrated with Ethereum PancakeSwap 1️⃣ Head over to our Swap page: https://pancakeswap.finance/swap?chain=eth  
2️⃣ Select your desired tokens
3️⃣ Receive instant and automatic scanning results
4️⃣ Click on the 'risk' label for detailed insights on your tokens.  
💡 Stay informed, but remember: these are just guides, not financial advice. Always DYOR.


#### New Pools

![Pools.jpg](https://sgp1.digitaloceanspaces.com/strapi.space/620c768ff2c298a63283760f765619c5.jpg)

#### New Farms

![Farms.jpg](https://sgp1.digitaloceanspaces.com/strapi.space/be8656531ee25afeb2546bea4032ac58.jpg)

### Still Cooking - Coming Soon!

**💥veCAKE Update: Boost Your CAKE Rewards!**

Brace yourselves for an upcoming announcement that will revolutionize your CAKE rewards. Set to unleash a new era of opportunities for the PancakeSwap community. It’s just around the corner.
 
**🕹️Gaming Marketplace Expansion**

Get ready to level up your experience in our brand-new marketplace!  We're thrilled to announce the upcoming launch of an exciting game that will redefine the way you play and engage in PancakeSwap!

#### Still hungry?
Join us on Twitter , Telegram, in our Discord server, or in our growing Reddit community!

Bon appétit!

_The Chef's 🐰🥞_



Check out what happened in PancakeSwap during January!

January Monthly Recap

In our January 2024 report, we dive into the CAKE token supply management world on PancakeSwap. Learn how PancakeSwap reduces the CAKE total supply through strategic burns and pursuit ultrasound CAKE.

## **CAKE Total Supply Reduction:**
As of February 6th, 2024, PancakeSwap has successfully burned 0.046% of the CAKE total supply for January 2024. To calculate this percentage, we divided the total net mint of -178,547 CAKE by the initial total CAKE supply on December 26th, 2023. This marks the fifth consecutive months of CAKE total supply reduction, with a cumulative -1,276,994 CAKE net mint over September, October, November, December 2023, and January 2024.

## **Achieving CAKE Total Supply Reduction through Net Minting:**
In January 2024, PancakeSwap achieved a net mint of -178,547. This negative net mint indicates that more CAKE tokens were burned than minted during the month.

## **January Mint Breakdown**
- Farms:  745,393 CAKE
- CAKE Syrup Pool: 194,848
- Other Product Usage: 123,962
- Total January Mint: 1,064,202

_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._

## **January Burn Categories**
- Swaps and Perpetual Trading Fees: 904,238 CAKE
- Prediction: 167,781 CAKE
- Pancake Protectors: 9,863 CAKE
- Lottery, NFT Market, Profile & Factory: 134,119 CAKE
- IFO 26,748
- Total January Burn: 1,242,749 CAKE

_Note: We pro-rate weekly CAKE burns over two months to ensure accuracy. For example, burns occurring at the end of January and stretching into February receive a proportionate allocation between the two months._

## **Proof of Burn for January:**
- January 2: [**Link**](https://bscscan.com/tx/0x7e8b23ae360ac16468e44c541a96019a3f889c62821aed320b6dace68120d81e)
- January 8: [**Link**](https://bscscan.com/tx/0xdddb22d7af19a36fa92342a9bc5c2bf82a6e3b8a843abcfbd45ac261c5e7ebb8)
- January 15: [**Link**](https://bscscan.com/tx/0xed61d7cddf0560cc2be18d5c4572deac65c9372b6d4178adfea31be81020f047)
- January 22: [**Link**](https://bscscan.com/tx/0xd70d3e0f6055ad819b636cfac0995e89cf60deac890e8fe3caa9c3b3104c3258)
- January 29: [**Link**](https://bscscan.com/tx/0x8258158d524efa270ac40b2eb55dd21f5eeb27816a0f6dd7d680d1e99d3b54d2)
- February 6: [**Link**](https://bscscan.com/tx/0x2ec68688cd22c67b29ea27bad41a4b1acfcc255d83bc35cb3dc1cfdf021e0f11)

In our January 2024 report, we dive into the CAKE token supply management world on PancakeSwap

January 2024: PancakeSwap's CAKE Burn

PancakeSwap 2024 Q1 Roadmap AMA

### Data Recap
#### Overall
- Total Volume: $14.2B
- Average Daily Volume: $459M
- Unique Traders: 1.9M
- Unique Onsite Users: 3.6M
- Mini Program — Onsite Users: 80K
- Mini Program — Average Daily Users: 4.67K
- Pancake Protectors - Total CAKE Burned: 17.3K CAKE ($52K)
- Pancake Protectors - Average Daily active users: 10K

#### CAKE
- Total burned: 37.1M CAKE ($96M)
- Bought back from the market to burn: $2.9M
-  N° of holders: 1,561,202 (MoM 2.36%)
- Effective CAKE Emission Rate: 1.36 CAKE/Block

*As our emissions and burn data are calculated and grouped by weeks, not months, the statistics above may not one-to-one reflect our “monthly burn”, and only serves as a guideline. For more information on our burns, please refer to our weekly burn post on our social channels.

#### 🍽✅ Served In December

#### Max Supply Reduction: Another Step Road to Ultrasound CAKE

![2024-01-04 11.24.24.jpg](https://sgp1.digitaloceanspaces.com/strapi.space/19d4ce8b226234b3548c053789b6b39b.jpg)

During December, we presented the proposal to reduce CAKE's maximum supply amount. The community voted and today our maximum supply amount has been reduced to 450M

We’re officially entering the deflationary era, journeying from CAKE Tokenomics v2.5 to the recent veCAKE launch!

🐰From community-driven innovations to ultrasound CAKE, we're on a mission for the next chapter of growth

📕Read the announcement in our Blog: https://blog.pancakeswap.finance/articles/pancake-swap-reduces-cake-maximum-supply-to-450-million-charting-a-course-for-deflationary-success

#### December 2023: PancakeSwap's CAKE Burn

![2024-01-04 14.46.26.jpg](https://sgp1.digitaloceanspaces.com/strapi.space/bcacb74fd03719dae7a1e88c5420dad3.jpg)

In our December 2023 report, we dived into the CAKE token supply management world on PancakeSwap. Learn how PancakeSwap reduces the CAKE total supply through strategic burns and pursuit ultrasound CAKE.

We bring you a detailed blog post every month with all the burn data. 

We take our deflationary commitment very seriously. Join us on our journey to ultrasound CAKE.  
Take a look at December’s burn report here 👉https://blog.pancakeswap.finance/articles/december-2023-pancake-swap-s-cake-burn 

#### Reaching new goals again and again! 

We would like to share with you some of our milestones achieved during the month of December: 

🎉BNB Chain and Ethereum just hit ATH in monthly trading volumes since v3 dropped, expect more ATH in 2024.

![bnb chain y eth hits.jpg](https://sgp1.digitaloceanspaces.com/strapi.space/ff7359c22de25ffbff3e177684a9374c.jpg)

🎉zkSync Era is dazzling! Celebrating a fantastic $1.5 Billion in trading volume!
🎉$50M milestone on Polygon zkEVM
🎉Base PCS v3 hits 200M
🎉Hit $3 Billion trading on ETH

Thanks to all those who accompany us daily and help us achieve many accomplishments.

#### PancakeSwap Forum is here!

![Say hello to PCS forum.jpg](https://sgp1.digitaloceanspaces.com/strapi.space/2c55fac0ab984f92640fcfb4a4ff41cc.jpg)

🗳️ In our new governance system, veCAKE holders will have voting rights, replacing vCAKE

💬 Discussions for all proposals will be held on our Forum and will still be voted on Snapshot

👉 Give it a visit http://forum.pancakeswap.finance


#### New Farms

![Dec Farms.jpg](https://sgp1.digitaloceanspaces.com/strapi.space/f748b3ffe273d01b3a8f2559112f8058.jpg)
![Dec Pos Manager Farms.jpg](https://sgp1.digitaloceanspaces.com/strapi.space/eb0ce00aa3c8101d0893f2594abbdeb5.jpg)

#### veCAKE: Migration, AMAs and More! 

![Your cake your voice.png](https://sgp1.digitaloceanspaces.com/strapi.space/c145a5ee137f9bb33655e4cec0cbbc38.png)

During December, there was some important news in our recent entry into the veTokens structure:

📄 We proposed to migrate PancakeSwap’s voting rights from vCAKE to veCAKE, as part of our broader veCAKE push. The proposal passed, and now veCAKE will measure a user’s voting power in PancakeSwap’s governance system.

📄You can boost all BNB Chain v3 Farms with veCAKE now! Read more here: https://t.me/PancakeSwapAnn/4487 

📄veCAKE Community Workshop: Chef Bun and Chef Fran hung with the community, explaining the new veCAKE structure and all the benefits for the CAKE Holders. The presentation was recorded and you can relive it here: https://www.youtube.com/watch?v=woF8igzuMYM&t=572s&ab_channel=PancakeSwap 

📄 veCAKE Gauges are now live on zkSync Era!  With the inclusion of zkSync, the current Trading Allocation emission of 0.0131 CAKE/block directed towards zkSync Farms has been added to veCAKE emissions. 

📄Community Proposals: We have increased the minimum veCAKE amount to raise a proposal. Now you need 10000 veCAKE to start a new proposal. Get your veCAKE here: https://pancakeswap.finance/cake-staking 

If you are new to veCAKE, check out our documentation to learn more: https://docs.pancakeswap.finance/products/vecake 

#### Perpetuals v2 updates! 

![perpetuals dumb mode.jpg](https://sgp1.digitaloceanspaces.com/strapi.space/76193b92e13d7a34fecfeb162a5880f6.jpg)

Another month, more Perpetual Updates!!

🐰 PancakeSwap Perpetual v2 expands to Base and opBNB, Powered by APX Finance!

🐰“Dumb Mode” was introduced on Base and opBNB! 📚 Curious to learn more about Dumb mode? Check it out here: https://docs.pancakeswap.finance/products/perpetual-trading/perpetual-trading-v2/dumb-mode

🐰We also hit $4 billion in total trading volume!

👉 Start trading now: https://perp.pancakeswap.finance/en/futures/v2/BTCUSD

#### PancakeSwap Protectors: Huge Expansion! 

![Protectors.png](https://sgp1.digitaloceanspaces.com/strapi.space/156f6aaed5c619bf9839cbe2d2423a5b.png)

From PancakeSwap we know how much you like to play PancakeSwap Protectors. That's why, together with Mobox, we have expanded the game to not just one, not two, but four Blockchains! 

Now you can enjoy your favorite heroes and prove yourself in battle on Base, Polygon zkEVM, zkSync Era and Arbitrum!

Deposit and withdraw your CAKE tokens seamlessly and unlock a new era of gaming possibilities. 

👉Join the adventure now: https://protectors.pancakeswap.finance/

#### Introducing: Web3 Notifications on PancakeSwap - BETA now live

![Notifications.png](https://sgp1.digitaloceanspaces.com/strapi.space/3b41a88ba483b0c8475d3a1948febbc8.png)

Powered by WalletConnect, we bring you all your DeFi updates in one place!

✅ Real-time updates 
✅ Actionable alerts 
✅ Customize your feed 

👉 Get started: blog.pancakeswap.finance/articles/introducing-web3-notifications-on-pancake-swap

#### 🥞 .cake domain names are coming soon!

![Space ID.jpg](https://sgp1.digitaloceanspaces.com/strapi.space/f2b1b5a8b56db5682ebc3f644c696b36.jpg)

Goodbye to lengthy, meaningless wallet addresses, and welcome to the era of engaging and memorable .cake domain names!

PancakeSwap proudly presents the .cake Name Service, powered by SPACE ID 3.0. This decentralized naming system will operate within the BNB Chain ecosystem, with each domain name represented by a BEP-721 token (an NFT). Once registered, it replaces your clunky wallet addresses across all protocols integrated with SPACE ID, including PancakeSwap.

📖 Read more here: https://blog.pancakeswap.finance/articles/introducing-the-cake-name-service-and-early-access-guidelines 

### 🗺️  Traverse Adventurers! We're calling you! 

![photo1703225754.jpeg](https://sgp1.digitaloceanspaces.com/strapi.space/0e9ef2f092234c64912d7634210818e7.jpeg)
We are thankful for your participation in our multichain journey across the various L2 chains! It's time to claim some exclusive NFTs! https://blog.pancakeswap.finance/articles/celebrating-traverse-claim-your-exclusive-nfts 

🏝️ 1️⃣ Island Hopper Extraordinaire NFT:
For adventurers who have claimed all 6 Island Hopper NFTs
Claim here: https://galxe.com/PancakeSwap/campaign/GCPTEttsAF  

🏆 2️⃣ Treasure Hunters NFT:
Be among the top 333 on our Galxe leaderboard
Claim here: https://galxe.com/PancakeSwap/campaign/GCP2EttsSt  

🙏 Thanks for joining our journey! Stay excited for more PancakeSwap adventures in 2024! 🎉

#### PancakeSwap & DefiEdge: New Position Manager!

![new position manager partner.jpg](https://sgp1.digitaloceanspaces.com/strapi.space/71a60450d43d96361dd49a79a23d021d.jpg)

PancakeSwap & DefiEdge unite! Discover our Position Manager with DefiEdge’s ALO strategy across BNB Chain, zkSync Era, Arbitrum One, Polygon zkEVM, and Base!

Position Manager is one of our latest features launched in PancakeSwap. Forget about all the headaches that setting a v3 LP brings. Select the pair, deposit and go to enjoy your pancakes!

#### Bril Finance Position Manager Vaults are now live on zkSync Era and Ethereum PancakeSwap!

![brill live in zksync.jpg](https://sgp1.digitaloceanspaces.com/strapi.space/4f77fe9a710ba7b94858f26d87506df7.jpg)

⚡️Supercharge your LP with extra CAKE incentives on zkSync here: https://pancakeswap.finance/position-managers?chain=zkSync 

👉 Or Ethereum here: https://pancakeswap.finance/position-managers?chain=eth 

#### PancakeSwap Community Meetup in Spain!

![PCS event in madrid.jpg](https://sgp1.digitaloceanspaces.com/strapi.space/85955818bb725c91bc54d4a3c9eeb062.jpg)

On December 15th the PancakeSwap community was present in Madrid, Spain. 

Presentations, food, drinks and lots of crypto networking.

A big thank you to all the participants. Stay tuned for photos and videos!  

### Still Cooking - Coming Soon!

![roadmap.jpg](https://sgp1.digitaloceanspaces.com/strapi.space/b33e0b864459747aa6c0549f8d5f23a5.jpg)

When you’re reading this, we have released our Q1 Roadmap for 2024! 

You can read more about it here 👉 https://docs.pancakeswap.finance/roadmap

On January 9th we will do an AMA with The Kitchen to answer all of your questions regarding the Roadmap. Set your reminders here 👉https://www.youtube.com/watch?v=-Y7nSMSs8qc&ab_channel=PancakeSwap

#### Still hungry?
Join us on Twitter , Telegram, in our Discord server, or in our growing Reddit community!

Bon appétit!

_The Chef's 🐰🥞_



PancakeSwap December Recap

Dear PancakeSwap Community,

We are excited to share a pivotal moment in the evolution of PancakeSwap's tokenomics. Over the past year, PancakeSwap has been on a transformative journey, refining its strategies and strengthening its position in the decentralized finance (DeFi) space. Today, we are pleased to announce a crucial adjustment to the CAKE token's maximum supply, reducing it from 750 million to 450 million CAKE.

## **Background and Evolution:**
![kGk5kri (2).jpg](https://sgp1.digitaloceanspaces.com/strapi.space/cd77b3feb5a8a5602dd68431d27b59a4.jpg)

PancakeSwap has substantially enhanced its tokenomics, emissions, and overall growth strategy. From the introduction of **[CAKE Tokenomics v2.5](https://pancakeswap.finance/voting/proposal/0x707643dd2c2b941c7274f26a0362922198912e8549050ae9f2d1d9d71ada04bb)** to the recent launch of the **[veCAKE Gauges System](https://blog.pancakeswap.finance/articles/introducing-gauges-voting-and-ve-cake-your-ownership-of-cake-emissions)**, these initiatives have collectively laid the foundation for sustained growth across all our deployments. 

![2024-01-04 14.46.26.jpg](https://sgp1.digitaloceanspaces.com/strapi.space/bcacb74fd03719dae7a1e88c5420dad3.jpg)
After achieving consistent deflation in recent months, our latest strategic move is to reduce the CAKE token's total supply to a maximum cap of 450 million CAKE, aligning with our vision for a robust, deflationary model.

## **Rationale for Adjustment:**

1\. **Certainty for the Community:** After nearly three years of development, we now have more accurate estimations of incentives required to achieve our growth targets, providing certainty regarding future CAKE token supply.

2\. **Accelerating Ultrasound CAKE:** Lowering the total supply is crucial in achieving ultrasound CAKE, signaling PancakeSwap's departure from a hyperinflationary tokenomics model.

3\. **Flexibility for Growth:** A new cap of 450 million CAKE ensures sufficient supply for future growth, including market share expansion on Ethereum, Ethereum L2s, and initiatives like position managers.

## **Community Support and Governance:**
Before the official proposal, we initiated a **[forum discussion](https://forum.pancakeswap.finance/t/discussion-for-proposal-to-reduce-cake-token-total-supply/100/16)**, gauging the sentiment of our vibrant community, and the response was overwhelmingly positive. This strong support paved the way for the **[official proposal](https://pancakeswap.finance/voting/proposal/0x3e014aab40f6551da9f76da0e62e44e9ece55c4997f220057bf3e42dc8307c2f)**, with more than 97% voting in favor of the reduction, leading to the successful implementation of the new CAKE total supply.

## **Final Adjustment Details:**
- Previous Total Supply: 750,000,000 CAKE
- Current Total Supply: 450,000,000 CAKE
- CAKE Total Supply Decrease: -300,000,000 CAKE

We invite you to delve into our most recent **[Monthly CAKE Burn Report](https://blog.pancakeswap.finance/articles/december-2023-pancake-swap-s-cake-burn)** and explore the comprehensive CAKE **[Tokenomics documentation](https://docs.pancakeswap.finance/tokenomics/cake/cake-tokenomics)**.

Thank you for being an integral part of PancakeSwap's journey. Together, we’re continuing to build a robust and innovative DeFi ecosystem.

Stack’em

The Chefs

We are excited to share a pivotal moment in the evolution of PancakeSwap's tokenomics.