👨‍🌾Minted:  674,316
🔥Burned: 1,944,441
**📉Net Mint: -1,270,125**
🔻% of total supply burned: -0.380%

🐰This marks the 35th consecutive month of CAKE total supply reduction, with a cumulative -57,221,657 net mint (current total supply – peak total supply).

## **July 2026: PancakeSwap's CAKE Burn**

Our July 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  Aug 3, 2026, PancakeSwap has successfully burned -0.380% of the CAKE total supply for July  2026. To calculate this percentage, we divided the total net mint of -1,270,125 CAKE by the initial total CAKE supply on  Aug 3rd, 2026. This marks the 35th consecutive month of CAKE total supply reduction, with a cumulative -57,221,657 CAKE  since September 2023.

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

In July 2026, PancakeSwap achieved a net mint of -1,270,125 CAKE. This negative net mint indicates that more CAKE tokens were burned than minted during the month.

### **July Mint Breakdown**

- Farms: 222,881
- Other Product Usage: 123,957
- Ecosystem Growth: 327,479
- Total July 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.*

### **July Burn Categories**

- Core AMM: 1,831,435
- Side Products: 113,006
- Total June Burn: 1,944,441

*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.*

July Cake Burn Report

July was the month tokenized assets went vertical. PancakeSwap crossed $1 billion in tokenized real-world asset volume, went live on Robinhood Chain, put SK Hynix and the entire AI supply chain onchain, and passed $4 trillion in cumulative volume on BNB Chain.

## **🍰 July CAKE Burn Recap**

In July 2026, PancakeSwap achieved a net mint of -1,270,125 CAKE. This negative net mint indicates that more CAKE tokens were burned than minted during the month. This marks the 35th consecutive month of CAKE total supply reduction and continued deflationary momentum.

More than -57,221,657 CAKE has now been permanently burned since September 2023, 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](https://pancakeswap.finance/burn-dashboard).

## **🥞 Product Updates**

**Tokenized assets crossed $1 billion in volume, and they are still accelerating.** In July, more than $1B in total volume traded across tokenized stocks, ETFs, bonds and more on PancakeSwap, up from $50M just a month earlier. In the final week of the month alone, over $575M traded across the industry's leading tokenized-asset issuers.

**bStocks expanded across the whole market.** bStocks, Binance's 1:1-backed tokenized U.S. stocks kept landing on PancakeSwap throughout July, with 40+ new names added across weekly batches, including the AI-era leaders (TSMC, Broadcom, Arm, Marvell, CoreWeave, Oracle, Quantinuum) and the biggest blue chips (Apple, Amazon, Alphabet, Coinbase, Goldman Sachs, PayPal, Dell). All trade fully onchain on BNB Chain, 24/7.

**PancakeSwap went live on Robinhood Chain.** PancakeSwap AMM v2 and v3 are now deployed on Robinhood Chain, the L2 built for tokenized real-world assets, letting users swap, add liquidity and earn with zero gas and built-in MEV protection. PancakeSwap X also went live on Robinhood Chain, routing trades across 90+ tokenized assets to the best available price with better quotes and built-in MEV protection.

**The Tokenized Stock Terminal now finds the best price automatically.** PancakeSwap's Stock Terminal scans quotes and liquidity across the top tokenized-asset issuers and chains, so every trade routes to the best available quote. With 1,000+ tokenized stocks now on the platform, the terminal makes onchain equity trading as simple as a single search.

**Decentralized Token Funds (DTFs) arrived on PancakeSwap.** Built with Reserve Protocol, DTFs are single tokens that hold a basket of tokenized stocks and trade 24/7. The first five DTFs put the entire AI supply chain onchain, from photonics to robotics, exposure that traditional finance simply does not package this way.

**AI trading agents came to PancakeSwap V3, built with BNB Agent Studio.** Any builder can describe a strategy in plain English and get an autonomous agent that runs it around the clock, rebalancing ranges and routing to the best yield while you sleep. Prompt in, agent out, with no manual setup. PancakeSwap also open-sourced a reference agent for ERC-8183 settlement, so developers can clone it and start building. Check out the reference agent.

## **🌐 Ecosystem**

**SK Hynix, the memory maker behind the AI boom, went onchain.** The company that supplies much of NVIDIA's AI memory became tradable on PancakeSwap through three issuers at once: as SKHYon via Ondo Finance, as SKHYx via xStocks, and as SKHYB via Binance bStocks, live across BNB Chain and Ethereum, trading with zero gas and no closing bell.

**Ondo Finance brought more stocks to 24/7/365 trading.** Successive batches of Ondo tokenized stocks and ETFs, including Micron, SpaceX, SanDisk, Marvell, Intel, AMD, TSMC, Apple, Corning, Meta and Microsoft, now trade around the clock on BNB Chain and Ethereum, weekends and holidays included.

**Tokenized Revolut came to PancakeSwap.** Pre-IPO price exposure to Revolut went live as CREV with Colb Finance on BNB Chain, extending onchain access to one of fintech's biggest private names from day one. Two new Colb Syrup Pools launched alongside it, bridging DeFi and institutional finance.

**Incentivized bStocks farms on BNB Chain.** The SKHYB-USDT and SPCXB-USDT farms let holders of tokenized SK Hynix and SpaceX stack CAKE and Merkl rewards on top of trading fees, equity exposure that earns while you hold it.

**PancakeSwap passed $4 trillion in cumulative volume on BNB Chain.** Four trillion dollars has now traded through PancakeSwap on BNB Chain across crypto, tokenized stocks, ETFs and more, a milestone that underlines its position as one of the deepest liquidity venues in DeFi.

**The incentivized SOL farms are still earning.** SOL-USDC, SOL-cbBTC and SOL-JitoSOL on Base keep paying out USDC incentives, powered by Gauntlet, Jito and Merkl. There are two ways to earn: provide liquidity directly on PancakeSwap, or deposit on Beefy to auto-compound the rewards. Add liquidity and start earning.

**XRP came to DeFi on PancakeSwap.** Clearstar Labs brought the cbXRP/FXRP pool live, letting liquidity providers earn trading fees plus extra USDC incentives via Merkl. Alongside it, two incentivized XRP pools launched with Flare Network, the L1 bringing XRP into DeFi: cbXRP-FXRP on Base and XRP-FXRP on BNB Chain. Put your XRP to work.

**PancakeSwap now powers tokenized stocks on AlloX.** AlloX went live with 36 tokenized U.S. stocks and ETFs, powered by PancakeSwap liquidity on BNB Chain. Trades settle onchain 24/7 with institutional-grade pricing via RFQ market makers, no broker and no account required, crypto and stocks in one portfolio.

**$GRVT trading competition kicked off.** 333,333 GRVT went up for grabs: trade $500 or more in GRVT on PancakeSwap to enter the lucky draw, with 341 winners over 14 days. The campaign runs through August 13.

**A new FOLKS pool went live on Arbitrum.** The FOLKS/USDC pair is now trading on PancakeSwap with deep, efficient liquidity from Folks Finance, powered by Arrakis Finance.

## **🌍 Community**

**PancakeSwap fired up the griddle at Malaysia Blockchain Week.** PancakeSwap showed up at MYBW26 in Kuala Lumpur on July 29 and 30, on the ground in the Base APAC pavilion connecting with builders and traders from across the region, showing what's shipping on PancakeSwap and where onchain finance is heading.

**A community meetup brought the ecosystem together.** On July 29, PancakeSwap hosted a dedicated meetup at the CCACC Innovation Hub with live demos, a quiz, and a fireside chat, meeting with some of the industry's top builders and partners to trade notes on tokenized assets, liquidity, and the future of onchain trading. Terima kasih, Kuala Lumpur.

Thanks for reading! Follow us on X for the latest updates, and join the conversation on Telegram and Discord.

Stack'em, The Chefs 🥞

Kitchen Report: July 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.*

We're excited to bring you a 666,667 trading competition in collaboration with Squid ($QUID).

## **What is Squid?**

Squid is a single integration for seamless cross-chain swaps, bridges, and contract calls across 100+ chains, including EVM, Bitcoin, Solana, Ripple, Hedera, and Cosmos. Whether it’s a wallet, DEX, DeFi protocol, or any application that needs cross-chain functionality, Squid provides the infrastructure to connect these users across blockchains.

Learn more at [](https://grvt.io/)www.squidrouter.com/

## **Campaign Duration**

Start: Aug 5th, 12pm UTC

End: Aug 19th, 12pm UTC

**QUID Official Contract Address:** 0x1a44233FAe8D50F1AeB3a5d58dd426ff4814Cb53

**Contract on BaseScan:** https://basescan.org/tx/0xc777c819afab2ac630a779e79ee7b0c3e86ab887d51e31fb47b317ef66a78ab4

## **How to Participate & Win**

**To qualify for the** **random draw**, trade at least $500 in QUID pairs on BASE through the PancakeSwap site during the campaign period. The minimum volume can be achieved through a single trade or multiple trades in QUID pairs.

**Important note: only trades made through the PancakeSwap Swap Page are eligible.**

### **Tiers & Rewards**

- **Tier 1:** Trade $500+ → 200 winners get 1,250 QUID = 250,000 QUID
- **Tier 2:** Trade $2,000+ → 100 winners get 2,516 QUID = 251,600 QUID
- **Tier 3:** Trade $5,000+ → 41 winners get 4,026 QUID = 165,067 QUID

**A total of 666,667 QUID is 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, 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, 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.

### **Terms & Conditions**

- All qualifying trades must involve QUID tokens. Only trades in QUID trading pairs will be eligible. Trades in pairs that do not include QUID will not count toward any part of this campaign.
- Only trades made on the PancakeSwap Swap Page (Web or Mobile Version) (including Infinity, V2 and V3 interfaces) qualify. Trades made through external aggregators or platforms will not count towards this campaign.
- Important: PancakeSwap reserves the right to disqualify any addresses suspected of unfair trading practices through the lens of the trading competition. This may include, but is not limited to: self-dealing, wash trading, false trading, and etc. A filter and analysis of trades that exhibit unusual behaviours to gain an advantage towards the ‘random draw’ will be conducted and excluded from the random draw.
- The PancakeSwap Swap Page (Web interface & Mobile) refers to trades made through the PancakeSwap FE. Trades made through external aggregators or platforms will not count towards this campaign.
- Each wallet address can win a maximum of one reward.
- All the rewards will be distributed in QUID tokens within 2 weeks after the trading competition’s end date.
- PancakeSwap reserves the right to suspend, or postpone the trading competition.
- PancakeSwap reserves the right to disqualify entries that do not meet the eligibility requirements from the random draw.
- 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.

Good luck, and may the best traders win! 🥞

Trade QUID on PancakeSwap for your chance to win from a 666,667 QUID prize pool. 

PancakeSwap x QUID Trading Competition | 666,667 QUID in Rewards 

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. 

We're excited to launch a 333,333 GRVT trading competition in collaboration with GRVT (Grvt). Trade GRVT to compete for prizes while trading on the PancakeSwap Swap Page, on both mobile and web interfaces.

## What is Grvt?

Grvt is a regulated self-custodial platform, with funds held on blockchain-secured smart contracts, giving users complete control. They are powered by Matter Labs' Elastic Chain. Grvt is building on ZKsync for the benefits of scalability, low latency, high throughput and zero gas trading. In this way, they are able to ensure cheaper and faster transactions for users. They also leverage ZKsync's Validium technology to offer trading privacy, guaranteeing that your trade details remain confidential.

Learn more at https://grvt.io/

## Campaign Duration

**Start:** July 30th, 2PM UTC


**End:** August 13th, 2PM UTC

**GRVT Official Contract Address:** 0x46F2564E0FA8248d15125E7e54173cfbdEf91Be7 on BNB

**Contract on BSCScan:** https://bscscan.com/address/0x46f2564e0fa8248d15125e7e54173cfbdef91be7

## How to Participate & Win

To qualify for the random draw, trade at least $500 in GRVT pairs on BNB Chain on the PancakeSwap Swap Page during the campaign period. The minimum volume can be achieved through a single trade or multiple trades in GRVT pairs.

**Important note: only trades made on the PancakeSwap Swap Page (Web or Mobile interface) are eligible.**

### Tiers & Rewards

- **Tier 1:** Trade $500+ → 200 lucky winners get **625 GRVT each** = Total 125,000 GRVT
- **Tier 2:** Trade $2,000+ → 100 lucky winners get **1,258 GRVT** each = Total 125,800 GRVT
- **Tier 3:** Trade $5,000+ → 41 lucky winners get **2,013 GRVT** each = Total 82,533 GRVT

**Grand total: 333,333 GRVT 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, 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, 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.

### **Terms & Conditions**

- All qualifying trades must involve GRVT tokens. Only trades in GRVT trading pairs will be considered. Trades in pairs that do not include GRVT 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 will not count towards this campaign.
- Important: PancakeSwap reserves the right to disqualify any unfair trading practices in the lens of the competition. This may include, but is not limited to: self-dealing, wash trading, false trading, and etc. A filtering and analysis of trades that exhibit these behaviours will be conducted and excluded from the rewards random draw.
- The PancakeSwap Swap Page (Web interface & Mobile) refers to trades made through the PancakeSwap FE. Trades made through external aggregators or platforms will not count towards this campaign.
- Each wallet address can win a maximum of one reward.
- All the rewards will be distributed in GRVT tokens within 2 weeks after the campaign ends.
- 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 GRVT on PancakeSwap now.

https://pancakeswap.finance/swap?chain=bsc&inputCurrency=0x55d398326f99059fF775485246999027B3197955&outputCurrency=0x46F2564E0FA8248d15125E7e54173cfbdEf91Be7

Good luck, and may the best traders win! 🥞

Trade GRVT on PancakeSwap for your chance to win from a 333,333 GRVT prize pool.

PancakeSwap x GRVT Trading Competition | 333,333 GRVT in Rewards

The first half of 2026 was about building and shipping. We brought real-world assets (RWAs) onchain at scale, put AI into the DeFi experience, launched a brand-new Perpetuals with an orderbook engine, and kept CAKE deflationary for a 34th consecutive month.

This mid-year Kitchen Report: PancakeSwap crossed **$4.2 trillion in cumulative trading volume**, surpassed **190 million all-time users**, and landed at **#6 on Fortune's inaugural Crypto 100**, while becoming one of the largest onchain venues for real-world assets anywhere.

Let's get into it.

## Tokenized Real-World Assets on PancakeSwap

We've now built a Tokenized Stock Terminal — stocks, ETFs, bonds, gold, dividend-bearing stablecoins, and even pre-IPO exposure — trading around the clock, with zero trading fees, MEV protection, and best-execution routing. Our new Stock page lets you trade all 500+ tokenized assets 24/7 onchain in one place, while serving up the fundamentals of each underlying asset — revenue, EPS, market cap, next earnings and 52-week range.

### bStocks

bStocks, from Binance, are 1:1-backed tokenized U.S. securities — real shares held in custody, tradable onchain 24/7 with zero fees. They went live on PancakeSwap, on BNB Chain and have grown to 35+ assets, including NVIDIA, Tesla, Circle, Microsoft and Meta, each verifiable 1:1. And they don't just trade — they earn: the SPCXB–USDT farm lets you add liquidity and stack rewards on top of your tokenized-SpaceX exposure.

### Ondo

Ondo Finance anchors the catalogue with 440+ tokenized U.S. stocks, ETFs and bonds via Ondo Global Markets. Flagship names like SPYon (S&P 500), QQQon (Nasdaq 100), NVDAon and TSLAon trade 24/7 — weekends and holidays included.

### xStocks

xStocks widens the menu with 130+ tokenized stocks and ETFs — from blue chips to major ETFs. All trade across BNB Chain and Ethereum, gasless and MEV-protected through PancakeSwap X.

### Robinhood

Robinhood stock tokens round out the lineup, live on Robinhood Chain. 95 tokenized assets are now tradable onchain through PancakeSwap, bringing one of TradFi's most recognizable retail brands into the mix.

### More Than Stocks

Beyond equities: gold went onchain via XGLD–XAUt (BNB Chain, with Unitas Labs) and USDC–XGLD (Base); dividend-bearing stablecoins apxUSD and apyUSD — the first backed by Digital Asset Treasury preferred equity, via Apyx, launched on Base; and pre-IPO exposure went live via Colb.

### Powered by PancakeSwap X

PancakeSwap X is the engine under the RWA offerings — gasless, MEV-protected execution with best-price routing. It powers tokenized assets across BNB Chain and Ethereum, and to date has handled $834M+ in volume across 102,000+ trades from 33,500+ swappers.

Altogether, tokenized assets, spanning bStocks, Ondo, xStocks and Robinhood across PancakeSwap X and the AMM, crossed $100M+ in cumulative volume by mid-year, with 31,000+ users and 200,000+ trades.

## The AI Kitchen: Agents, Skills & Copilots

We put AI across the PancakeSwap ecosystem with rails for autonomous agents, and an assistant in the products where decisions get made.

**AI Skills:** a modular toolkit that lets AI agents plan DeFi strategies across multiple chains, including Swap, Liquidity and Farming Planners at launch, grown to seven Skills. It works with any LLM agent that reads Markdown, including Claude, Cursor and Copilot.

**BNB Agent Studio:** PancakeSwap is a launch partner in BNB Chain's Agent Studio, which lets anyone deploy an autonomous onchain agent in minutes, with PancakeSwap as the deep, live venue those agents trade on.

**AI where you trade:** Chef AI answers anything across the ecosystem, and an AI Copilot on Perps reads the market and pre-fills your direction, size and stops.

## A Brand-New Perpetuals Engine

We rebuilt PancakeSwap Perps — simple enough for a first trade, powerful enough for your best one. Powered by Aster's order-book infrastructure, the new Perps deliver pro-grade execution with a full order book, up to 200x leverage, and one-tap trades in Simple Mode (it’s a piece of cake), all fully onchain and non-custodial. An AI Copilot makes it smarter still, and a new Portfolio page tracks tokens, Perps positions, and LP history in one view.

## PancakeSwap on Base

On Base, PancakeSwap has become a default venue for traders and LPs.

The DEX mini-app went live inside the Base App — swap, earn and explore without leaving the experience, with the Base CAKE.PAD mini-app alongside it, meeting millions of users where they already are.

Base on PancakeSwap crossed $100B in cumulative volume and now sits at $113B+, across 3.7M+ traders and 185M+ transactions, powered by top-volume pairs like cbBTC–WETH, WETH–USDC and cbBTC–USDC.

## The Deflation Engine: CAKE Tokenomics

The first half of 2026 extended PancakeSwap's streak to **34 consecutive months of net supply reduction** (every month since September 2023) with cumulative burns now past **56 million CAKE**. CAKE's total supply now stands at **335M**, well below the 400M hard cap.

You can track every burn live on the Burn Dashboard.

## Milestones & Recognition

- **$4.2 trillion in cumulative trading volume** across the ecosystem — 190M+ users and 10+ chains, led by BNB Chain, Base, and Arbitrum.
- **$4 trillion on BNB Chain** — cementing it as PancakeSwap's anchor chain and one of the most-used DeFi venues globally.
- **Base crossed $100B** — with 3.7M+ traders and 185M+ transactions.
- PancakeSwap Infinity crossed $100 billion in cumulative volume and marked its first full year with 350M+ transactions, 60K+ hooked pools
- **#6 on Fortune's inaugural Crypto 100** — among the highest-ranked DeFi names, with Fortune noting PancakeSwap's significant share of the DEX market in 2025.
- CAKE added to Binance Proof of Reserves — letting anyone verify 1:1 backing of user assets.

## Community

PancakeSwap took DeFi offline with five meetups across five markets, 600+ attendees, 1,300+ sign-ups:

→ Ho Chi Minh City: with @base_vietnam — DeFi builders, IRL.

→ São Paulo: with @SuperteamBR, @ParaBuilders & @Tangem — talks, giveaways, & merch.

→ Hong Kong: we turned a real pancake house into the @cnBaseCommunity embassy — plus a booth at the @BNBCHAIN Super Meetup and the HK Web3 Festival floor. Five days, thousands of people.

→ Seoul: South Korea's first @base Agent Hackathon, built on PancakeSwap AI Skills and Chef Philip judging.

→ Jakarta: with @baseindo — crypto × AI on Base, DeFi, and goodies.

→ Bandung: a packed house with @BinanceAcademy Indonesia — DeFi sessions, merch, USDT prizes.

New ambassadors joined from Japan and South Korea, Philippines, Malaysia and Thailand, and 3 new Telegram communities launched for Malaysia, the Philippines and Thailand. PancakeSwap also hit the stage at Consensus Hong Kong and the HK Web3 Festival.

## What's Cooking Next

PancakeSwap is now set to be the liquidity hub for onchain trading. The deep, reliable hub where any asset can be traded onchain, and where liquidity is dense enough that traders get the best price in DeFi.

The throughline is that all of it stays onchain: self-custodied, transparent, and permissionless. Deeper liquidity, more assets, smarter tools, one onchain home for trading.

**The job's not done. The DeFi mission continues.**

*Stack'em,*

The Chefs 🥞

Six Months of Shipping: RWAs, AI, and a Deflation Engine 

PancakeSwap Mid-Year Recap 2026

Our June 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 July 6, 2026, PancakeSwap has successfully burned -0.521% of the CAKE total supply for June  2026. To calculate this percentage, we divided the total net mint of -1,749,587 CAKE by the initial total CAKE supply on July 6th, 2026. This marks the 34th consecutive month of CAKE total supply reduction, with a cumulative -52,795,610 CAKE since September 2023.

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

In June 2026, PancakeSwap achieved a net mint of -1,749,587 CAKE. This negative net mint indicates that more CAKE tokens were burned than minted during the month.

**June Mint Breakdown**

- Farms: 236,919
- Other Product Usage: 119,961
- Ecosystem Growth: 295,684
- 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: 2,164,502
- Prediction: 119,516
- Lottery, NFT Market, Profile & Factory, CAKE Domain, CAKE Pad: 118,133
- Total June Burn: 2,402,150

*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.*

June CAKE Burn Report

June closed with **34 straight months of net CAKE supply reduction** and continued deflationary momentum, with 2.4M CAKE burned.

More than -52,795,610 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: https://pancakeswap.finance/burn-dashboard

## 🥞 Product Updates

**Tokenized SpaceX landed on PancakeSwap, on day one.** The largest IPO in history was tokenized and tradable on PancakeSwap the same day it went public. **$SPCXon** (via Ondo Finance) and **$SPCXx** (via xStocks) went live across BNB Chain and Ethereum, putting trillion-dollar equity exposure onchain from minute one.

**bStocks from Binance went live on PancakeSwap.** 1:1-backed tokenized U.S. securities, NVIDIA, Tesla, Circle, Micron, Sandisk and more, are now tradable fully onchain and directly on PancakeSwap on BNB Chain, with zero fees and sub-second settlement. Trade tokenized stocks on PancakeSwap

**6 Ondo Finance tokenized stocks and ETFs began trading 24/7, weekends and holidays included.** The stock market clocks out at 4 PM; PancakeSwap doesn't. SPYon (S&P 500), QQQon (Nasdaq 100), CRCLon (Circle), NVDAon (Nvidia), TSLAon (Tesla) and more now trade onchain on BNB Chain, around the clock, any day of the week.

**AI Copilot arrived on PancakeSwap Perps.** An AI-powered trading assistant that reads the market and pre-fills your direction, leverage, size, and take-profit / stop-loss, turning market context into a ready-to-confirm trade. Try Perps with AI Copilot

**A new Portfolio page went live in the nav bar.** Track your tokens, Perps positions, and LP positions and history, all in one place.

**DYOR just got a lot easier.** Asset fundamentals are now served fresh on the Stock page across 500+ tokenized stocks and ETFs: revenue, EPS, market cap, cash, next earnings date, 52-week range and more.

## 🌐 Ecosystem

**LP Season went live.** **$300,000 in CAKE rewards** served across PancakeSwap pools via Binance Wallet, spanning BNB Chain, Base, and Arbitrum. On BNB Chain: USDT-WBNB, USDT-BTCB, XAUt-USDT, USDC-WBNB. On Arbitrum: WBTC-WETH, WETH-USDC, WBTC-USDC. Add liquidity, stack rewards, don't get sidelined. Explore the LP Season pools

**SPCXB–USDT farm went live on BNB Chain** with supercharged rewards. Hold tokenized SpaceX ($SPCXB) onchain, add liquidity to the farm, and stack bonus **$CAKE + Merkl USDT yield on top of trading fees**, equity exposure to the most talked-about company in the world, now earning onchain. Yield, on a rocket. 🚀 Add liquidity to the SPCXB–USDT farm

**PancakeSwap integrated with MetaMask** to provide deep liquidity across multiple chains for the best swap rates, meeting millions more users right inside the wallet they already use.

**Tokenized pre-IPO exposure went live with Colb**, with **$CSPX** (SpaceX) tradeable on PancakeSwap, extending onchain access from public equities into pre-IPO names.

**Gold onchain.** The **XGLD-XAUt** pool launched on BNB Chain with Unitas Labs, and **USDC-XGLD** followed on Base, letting LPs stack native gold-backed yield, swap fees, CAKE rewards, and USDT incentives on a single asset.

**Crossed $50M in tokenized RWA volume.** In June, PancakeSwap crossed **$50M in total volume across tokenized stocks, ETFs, bonds and more**, no market hours, fully onchain, permissionless.

**New Syrup Pool: stake $CAKE to earn $ARX** from Arcium, the confidential supercomputer where trustless, verifiable compute means no single node ever sees your data.

## 🌍 Community

**Three new regional Telegram communities launched**, Malaysia, Philippines, and Thailand, giving more traders and users a home to connect, trade, and explore DeFi in their own language.

**PancakeSwap ranked #6 on Fortune's inaugural Crypto 100**. The ranking spotlights the most influential companies and protocols across the digital asset ecosystem, and PancakeSwap sits among the highest-ranked DeFi names on it. Fortune noted PancakeSwap held a significant amount of the entire DEX market share in 2025 and now operates across BNB Chain, Arbitrum, Base, Solana, Ethereum, and more. Keep building.

**PancakeSwap Community Meetup x Binance Academy Indonesia lit up Bandung.** A packed-house DeFi IRL meetup on June 6 brought DeFi sessions, Web3 alpha, merch, and USDT prizes to the local community. *Makasih, Bandung frens.*

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Stack'em, 

The Chefs 🥞