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CAKE to USDT Converter
1 CAKE = 2.1310 USDT · updated 06:19 UTC
Volume Bubbles Chart (1h)
Each 1-hour candle's volume is signed by its direction (up candles count as net buying, down candles as net selling) and drawn as a bubble at the closing price, green for buying and red for selling. Bubble size and colour intensity show how strong that flow is compared with the last 300 candles: the strongest 30% get full bubbles with their USD value, the rest stay as small dots. Unusually large bubbles flag aggressive buying or selling worth a closer look, often near breakouts, reversals or key levels.Seasonal Chart
Plots one line per calendar year showing the % change since the start of that year, with the current year highlighted against up to four previous years. Lining the years up on the same calendar shows whether the price tends to rise or fall in the same months, helping you spot recurring seasonal patterns. Treat it as context rather than a forecast: past seasonality does not guarantee future moves.PancakeSwap Markets
PancakeSwap Historical Data
About PancakeSwap (CAKE)
PancakeSwap (CAKE) is the token of PancakeSwap, a decentralized exchange where people swap crypto straight from their own wallets. No company holds user funds during a trade, because smart contracts do the work. Its documentation lists eleven supported networks, from BNB Chain and Ethereum to Solana, Base, Arbitrum and Aptos. Prices here follow FMchart's composite index, a US dollar average built from trading on several major exchanges.
Swaps without an order book
PancakeSwap does not match individual buyers and sellers. Instead, liquidity providers fund pools with two tokens each, and traders swap directly against those pools. Every swap pays a small fee. Providers earn trading fees, and a slice of those fees is used to buy CAKE on the market and burn it. Beyond spot swaps, the platform also offers perpetual futures, yield farms, a lottery and token sales through CAKE.PAD. Holders can also stake CAKE in Syrup Pools to earn tokens from partner projects.
Tokenomics 3.0 retires veCAKE
In April 2025, PancakeSwap put its Tokenomics 3.0 plan into effect. It retired veCAKE, a system where holders locked CAKE for long periods to gain votes and steer rewards toward chosen pools. Gauge voting ended on April 23, 2025, and the 5% revenue share for lockers stopped on May 7. That money now goes to burns instead. Holders had until October 23, 2025, to redeem previously staked CAKE.
Burns, emissions and a lower cap
New CAKE is still created to reward farms and other products, but the goal is to burn more than is emitted. Burns draw on 15% to 23% of spot trading fees and 20% of perpetual trading profits. They also use all CAKE.PAD fees and 20% of the CAKE played in the lottery. PancakeSwap targets net deflation of roughly 4% a year and a supply about 20% smaller by 2030. A vote in January 2026 cut the hard cap from 450 million to 400 million CAKE. Anyone can check the running total by looking up how much CAKE sits in the burn address on BscScan.
One CAKE, one vote
Governance became simpler after the veCAKE era. Voting power now equals the CAKE held in a wallet at the block when a proposal is posted. Tokens staked in Syrup Pools do not count, and delegating votes to another address is no longer allowed. Core proposals can only come from the PancakeSwap team. Community proposals on Snapshot require the author to hold at least 100,000 CAKE.
What can go wrong
Because burns are paid for with fees, CAKE depends heavily on trading activity. If volume falls, burns shrink while emissions continue. Competition among decentralized exchanges is fierce on every chain PancakeSwap supports. Smart contracts can contain bugs, and many tokens listed in its pools are small and highly speculative. Deflation targets are goals rather than promises, and governance has already rewritten the token rules twice since 2025.
Last reviewed: Oct 8, 2026
PancakeSwap (CAKE) FAQ
What is PancakeSwap (CAKE)?
CAKE is the native token of PancakeSwap, a decentralized exchange on BNB Chain and ten other networks. Users swap tokens from their own wallets, and liquidity providers earn fees. CAKE is used for voting, and part of the exchange's fees buys CAKE back and burns it, with the aim of shrinking supply over time.
What happened to veCAKE?
veCAKE was retired under Tokenomics 3.0. Gauge voting ended on April 23, 2025, boosts were phased out, and the 5% revenue share for lockers ended on May 7, 2025. Users who staked through the PancakeSwap interface could redeem their CAKE until October 23, 2025. Voting now uses plain CAKE balances, and the old revenue share was redirected to burns.
Is CAKE deflationary?
CAKE is designed to be deflationary, but only if burns outpace new emissions. PancakeSwap buys and burns CAKE using fees from swaps, perpetual trading, the lottery and CAKE.PAD sales. Its stated target is net deflation of at least about 4% a year. Lower trading volume would mean smaller burns, so the outcome is not guaranteed.
How much is one CAKE worth today?
A single CAKE is worth about $2.1274 right now, based on FMchart's composite of major exchanges. Trading activity over the last day comes to roughly $4.21M across the exchanges in FMchart's composite. Because the composite is an average, a quote on one exchange may sit slightly above or below it.
How many CAKE tokens are in circulation?
Roughly 317,630,443 CAKE are circulating, under a hard cap of 400,000,000 CAKE set by a January 2026 vote. Priced at today's level, that supply is worth about $675.7M, putting PancakeSwap at rank 92. Burns remove tokens while farm rewards add new ones, so the circulating number shifts week to week.
When did CAKE hit its all-time high?
CAKE peaked at $43.96 on Apr 30, 2021. Since that date, PancakeSwap has overhauled its token model, lowered the supply cap and seen trading volumes rise and fall. A former peak says nothing about future prices. Price Statistics shows how far CAKE now trades from that high and from its lowest recorded price.
Which months were best and worst for CAKE?
In FMchart's composite price history (since May 2025), CAKE gained the most in September 2026 (+38.9%) and fell the most in December 2025 (-20.8%). Scroll to Monthly Returns (USD) for the full grid, or to Annual Price (USD) Change for calendar-year totals. CAKE's results have been lumpy, and history is no promise of what comes next.
Which blockchains does PancakeSwap run on?
PancakeSwap's documentation lists eleven networks: BNB Chain, Ethereum, Solana, Base, Arbitrum, Aptos, ZKsync, Linea, Monad, Robinhood and opBNB. Users connect a compatible wallet on the chosen network and trade there. Available pools, tokens and features differ from chain to chain, so the same pair may not exist everywhere.
Is CAKE a good investment?
FMchart does not offer investment advice. CAKE has a clear burn mechanism and a capped supply, but its value depends on trading volume, competition between decentralized exchanges and the health of the chains PancakeSwap uses. Governance has changed the token's rules several times. Like most altcoins, CAKE has been very volatile.
What drives the price of CAKE?
CAKE usually moves with the wider crypto market. Project-specific drivers include trading volume on PancakeSwap, which sets the size of burns, emission levels for farms, governance votes on tokenomics, expansion to new chains and competition from rival exchanges. Activity in speculative tokens traded on its pools can also change fee income quickly.