PancakeSwap
CAKE
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
CAKE (PancakeSwap) exhibits strong core fundamentals with high active development (8.5), robust protocol usage ($322M trailing 12-month revenue), and an improved deflationary tokenomics model (7.5). The protocol has successfully executed major upgrades including Tokenomics 3.0 and reduced max supply from 450M to 400M tokens, shifting value accrual toward fee buybacks and burns. Security practices and audit coverage across multiple tier-1 audit firms (BlockSec, Cyfrin, Hexens, HashDit) and Immunefi bug bounties are solid, with zero protocol-level exploits on PancakeSwap's own contracts. While the Security score (5.0) was restrained at the section level due to the historical price drawdown from its 2021 all-time high, no qualifying red-flag event (such as hacks, insolvency, or regulatory action) exists to cap the overall score. Primary risks remain team pseudonymity, centralized core-team veto controls, and strong concentration on the BNB Chain ecosystem.
Development Activity
Code updates and developer engagement
Community Support
Social media presence and community engagement
Tokenomics
Supply, distribution, and utility
Market & Use Case
Value proposition and competitive landscape
Team & Governance
Team background and project governance
Security & Audits
Security history and audit status
About PancakeSwap (CAKE)
CAKE is the native utility and governance token of PancakeSwap, an automated market maker (AMM) and decentralized exchange protocol originally deployed on BNB Chain and expanded across multiple blockchains, including Ethereum. The protocol provides a range of decentralized finance services, such as spot trading with concentrated liquidity, yield farming, Syrup Pools staking, perpetual futures with up to 200x leverage, prediction markets, and tokenized-stock trading.
The token functions under a deflationary tokenomics framework established by major governance updates, including Tokenomics 3.0. In January 2026, governance approved reducing CAKE's hard cap from 450 million to 400 million tokens against a circulating supply of approximately 350 million. Value accrual relies on protocol fee buybacks and burns rather than direct revenue-sharing, supported by ongoing emissions reductions and the retirement of the veCAKE voting-escrow model. The protocol generated $322 million in trailing 12-month revenue, which feeds directly into its buyback and burn mechanisms.
PancakeSwap has undergone multiple smart contract audits by firms such as BlockSec, Cyfrin, Hexens, and HashDit, and operates a bug bounty program on Immunefi. Despite maintaining a clean security record with no exploits on its own contracts, the project carries structural and market risks. These include reliance on a pseudonymous core team with centralized intervention and veto rights, a heavy volume concentration on BNB Chain (97%), and competitive pressures. Additionally, CAKE trades at a substantial drawdown of more than 50% below its 2021 all-time high of approximately $44.