# PancakeSwap

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Decentralized cryptocurrency exchange

PancakeSwap PancakeSwap's web application interface Written in Solidity Platform Binance Smart Chain Ethereum Type Decentralized exchange License GNU General Public License v3.0 Website pancakeswap.finance Repository github.com/pancakeswap

**PancakeSwap** is a [decentralized exchange](/source/Decentralized_exchange) (DEX) built on multiple [blockchains](/source/Blockchain).[1] It is administered by [Binance](/source/Binance).[2]

As of 2024, it is one of the major DEX on [Binance Smart Chain](/source/Binance_Smart_Chain) and has more than $2.3B in total value locked.[3][4]

## History

PancakeSwap was founded in 2020 by anonymous developers. Its domain was registered in [Shanghai](/source/Shanghai), China.[2] According to former Binance employees, it was created by Binance staff as an extension of its [centralized exchange](/source/Centralized_exchange).[5]

In June 2025, PancakeSwap formed a joint initiative with [World Liberty Financial](/source/World_Liberty_Financial), a [decentralized finance](/source/Decentralized_finance) protocol founded by [Trump family](/source/Trump_family), to promote its stablecoin, [USD1](/source/USD1).[2] Hundreds of patriotic-sounding [memecoins](/source/Memecoin), such as Torch of Liberty and Eagles Landing, were created by users of Chinese origin to promote USD1.[2] PancakeSwap also started a "Liquidity Drive" program, offering prizes of up to $1 million to increase trading of USD1 on its platform.[2]

## Protocol

PancakeSwap is a [decentralized finance](/source/Decentralized_finance) protocol that is used to exchange [cryptocurrencies](/source/Cryptocurrency) and tokens; it is provided on blockchain networks that run [open-source software](/source/Open-source_software). It uses an automated [market maker](/source/Market_maker) (AMM) model for trading [BEP-20](/source/BEP-20) tokens.[3][6]

The native token of protocol is CAKE which is used for governance and to incentivize liquidity provision.[3] CAKE token holders can participate in governance by voting on proposals that influence the platform's development.[3][7]

## See also

- [Free and open-source software portal](https://en.wikipedia.org/wiki/Portal:Free_and_open-source_software)

- [Uniswap](/source/Uniswap)

## References

1. **[^](#cite_ref-1)** Stafford, Philip (October 21, 2021). ["The FT crypto glossary"](https://www.ft.com/content/df9f5795-2aaf-4088-a76e-304056db61ef). *[Financial Times](/source/Financial_Times)*.

1. ^ [***a***](#cite_ref-wsj2025_2-0) [***b***](#cite_ref-wsj2025_2-1) [***c***](#cite_ref-wsj2025_2-2) [***d***](#cite_ref-wsj2025_2-3) [***e***](#cite_ref-wsj2025_2-4) Berwick, Angus; Kowsmann, Patricia (August 12, 2025). ["The Recipe Behind the Trump Family's Crypto Riches: PancakeSwap"](https://www.wsj.com/finance/currencies/trump-family-crypto-1e7ab14a). *[WSJ](/source/WSJ)*.

1. ^ [***a***](#cite_ref-Maggio2024_3-0) [***b***](#cite_ref-Maggio2024_3-1) [***c***](#cite_ref-Maggio2024_3-2) [***d***](#cite_ref-Maggio2024_3-3) Di Maggio, Marco (2024). [*Blockchain, Crypto and DeFi: Bridging Finance and Technology*](https://books.google.com/books?id=Uq8kEQAAQBAJ). [Wiley](/source/Wiley_(publisher)). pp. 375–376. [ISBN](/source/ISBN_(identifier)) [9781394275908](https://en.wikipedia.org/wiki/Special:BookSources/9781394275908). As the leading decentralized exchange (DEX) on BSC, PancakeSwap has carved a niche for itself, offering an attractive alternative to Ethereum-based protocols. Launched in September 2020, PancakeSwap quickly ascended to prominence, capitalizing on the growing demand for DeFi services amid Ethereum network congestion and high gas fees ... At the core of PancakeSwap's ecosystem is the CAKE token, which plays a pivotal role in both incentivizing liquidity provision and empowering users with governance rights. CAKE rewards are distributed to users who provide liquidity to the platform's various trading pairs, fostering a robust and diverse liquidity pool that underpins the exchange's functionality. Beyond its utility in liquidity mining, the CAKE token allows holders to participate in PancakeSwap's governance, voting on proposals that shape the platform's development and future direction.

1. **[^](#cite_ref-4)** Tempesta, Stefano (2024). [*Application Architecture Patterns for Web 3.0*](https://www.google.com/books/edition/Application_Architecture_Patterns_for_We/G2Q0EQAAQBAJ?hl=en&gbpv=1&dq=%22PancakeSwap%22&pg=PT236&printsec=frontcover). [Taylor & Francis](/source/Taylor_%26_Francis). [ISBN](/source/ISBN_(identifier)) [9781040263686](https://en.wikipedia.org/wiki/Special:BookSources/9781040263686).

1. **[^](#cite_ref-5)** Noah, Timothy (October 24, 2025). ["Trump's Pardon of His Crypto Pal Is a New Height of Corruption"](https://newrepublic.com/article/202209/trump-pardon-changpeng-zhao-crypto). *[The New Republic](/source/The_New_Republic)*.

1. **[^](#cite_ref-6)** Stafford, Philip; Szalay, Eva (11 May 2021). ["Billionaires Peter Thiel and Alan Howard back new $10bn crypto exchange"](https://www.ft.com/content/c982082b-c890-4880-b438-f8b3cae83a4b). *[Financial Times](/source/Financial_Times)*.

1. **[^](#cite_ref-7)** Alkhazi, Bader; Alipour, Amin (October 17, 2023). ["Multi-objective test selection of smart contract and blockchain applications"](https://www.ncbi.nlm.nih.gov/pmc/articles/PMC10588722). *PeerJ Computer Science*. **9** e1587. [doi](/source/Doi_(identifier)):[10.7717/peerj-cs.1587](https://doi.org/10.7717%2Fpeerj-cs.1587). [PMC](/source/PMC_(identifier)) [10588722](https://www.ncbi.nlm.nih.gov/pmc/articles/PMC10588722). [PMID](/source/PMID_(identifier)) [37869450](https://pubmed.ncbi.nlm.nih.gov/37869450).

## External links

- [Official website](https://pancakeswap.finance)

- [Pancakeswap](https://github.com/pancakeswap) on [GitHub](/source/GitHub)

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Adapted from the Wikipedia article [PancakeSwap](https://en.wikipedia.org/wiki/PancakeSwap) by Wikipedia contributors ([contributor history](https://en.wikipedia.org/wiki/PancakeSwap?action=history)). Available under [Creative Commons Attribution-ShareAlike 4.0 International](https://creativecommons.org/licenses/by-sa/4.0/). Changes may have been made.