tokenization is inevitable
PancakeSwap
Multichain AMM founded in 2020, with about $1.56B locked on October 17, 2026
4.0/ 5
Our score
Very good
Chains
BNB ChainEthereumAptosBase+1
Swap fee
Fees vary by product and pool.
Type
AMM
Perpetual futures
Yes
Audited
Yes
Governance token
CAKE
What is PancakeSwap?
PancakeSwap is a non-custodial decentralized exchange built around automated market makers. Founded in 2020, it has about $1.56 billion in total value locked as of October 17, 2026, with BNB Chain among its supported networks. The platform also offers liquidity pools, farming, perpetual trading, cross-chain products and CAKE-based services.
Who is behind PancakeSwap
The exchange was created by anonymous developers known as the Chefs. Research identifies Binance as its administrator and YZi Labs, formerly Binance Labs, as an investor. The founders are not publicly named. PancakeSwap’s domain was registered in September 2020.
How the exchange works
Users connect a compatible wallet and trade directly from their own addresses, without opening a centralized-exchange account. Its main trading model is an AMM, where liquidity pools supply the assets for swaps. Pool creation and token listing are permissionless in supported formats, so users must assess a token independently.
The platform operates across BNB Chain, Ethereum, Base, Arbitrum, Solana, Aptos, zkSync Era, Linea, opBNB, Monad, Polygon zkEVM and Robinhood Chain. Products include V2 and V3 pools, PancakeSwap Infinity, CAKE staking and Syrup Pools, yield farming, IFO token launches, prediction markets, lottery products, perpetual trading and cross-chain swaps. CAKE can be bridged between Aptos and BNB Smart Chain.
Fees and availability
Swap fees vary by product and pool. Fees may go to liquidity providers or the protocol, including its treasury. A proposal published in October 2026 would give v3 and Infinity liquidity providers 88% of swap fees, but it had not been approved at reporting time. Network gas costs are separate from PancakeSwap’s fees.
Wallet-based access does not require KYC or a centralized account.
Track record and security
PancakeSwap has published audits from BlockSec, HashDit, PeckShield, SlowMist, Burrasec and OtterSec. Its contracts are open source and publicly visible. Administration uses multisig controls and time locks. In 2025, an exploit targeted the OLPC/LABUBU liquidity pool. PancakeSwap said its core contracts were not the entry point and that the incident was isolated, with no reported impact on other pools or user wallets.
Risks and limitations
AMM trading exposes users to slippage and impermanent loss. Permissionless listings also create counterfeit-token and smart-contract risks. Cross-chain features add bridge and message-passing exposure. CAKE staking and farming depend on token incentives, while the platform’s broad product range brings contract and oracle risks.
Best for:Multichain spot tradersBNB Chain liquidity providersCAKE staking usersOn-chain DeFi traders
Pros and cons
Pros
- Available across 11+ blockchain networks
- Non-custodial wallet-based access without KYC
- Open-source contracts with audits from six security firms
- About $1.56B locked as of October 17, 2026
- Supports AMM swaps, liquidity pools and perpetuals
Cons
- Permissionless listings increase counterfeit-token and smart-contract risk
- Swap fees vary by product, pool and fee tier
- AMM trades remain exposed to slippage and MEV
- Cross-chain products add bridge and message-passing risk
- The 2025 OLPC/LABUBU pool exploit affected a PancakeSwap liquidity pool
Our review
4.0/5
Very good
PancakeSwap combines multichain AMM trading with broad DeFi products, but variable fees, pool risk and a 2025 exploit demand careful trade-offs.
PancakeSwap is a non-custodial AMM with liquidity pools, concentrated-liquidity markets and additional DeFi products. Its reported TVL was about $1.56 billion on October 17, 2026. Liquidity still depends on the individual pool, and long-tail tokens can have thin liquidity and high price impact. PancakeSwap cannot prevent trading of any token.
The protocol supports BNB Chain, Ethereum, Base, Arbitrum, Solana, Aptos, Monad, zkSync Era, Linea, opBNB, Polygon zkEVM and Robinhood Chain. CAKE can be bridged between Aptos and BNB Chain. Pool availability and fee tiers vary by network, as do token lists. Solana V3 pools list tiers from 0.01% to 4%. Monad supports 0.01%, 0.05%, 0.25% and 1% for V3, plus 0.25% for V2.
Fees are not a single platform rate. They vary by product and pool, with fees directed to liquidity providers or the protocol, including its treasury. A proposal published on October 16, 2026 would give V3 and Infinity liquidity providers 88% of swap fees, but it was not approved at the time reported.
The code and contracts are open source, contracts are verified on blockchain explorers, and the documentation describes multisig administration and time locks. Audits include work by BlockSec, HashDit, PeckShield, SlowMist, Burrasec and OtterSec. Smart contracts carry risks, as do oracles and MEV. Bridge risks also apply to cross-chain features. In 2025, an exploit affecting the OLPC/LABUBU pool caused about $1.1 million in losses; PancakeSwap said its core contracts were not the entry point and that other pools and wallets were not affected.
The project was founded in 2020 by anonymous developers and is administered by Binance, with YZi Labs listed as a backer.
Specs
| KYC required ⓘ | No · unverified |
|---|---|
| Type | AMM |
| Chains | BNB Chain, Ethereum, Aptos, Base, Arbitrum |
| Swap fee | Fees vary by product and pool. · unverified |
| Cross-chain swaps | Yes · unverified |
| Audited | Yes · unverified |
| Open source | Yes · unverified |
| Governance token | CAKE · unverified |
| Perpetual futures | Yes · unverified |
| Points or rewards program | Yes · unverified |
Not disclosed by the provider: Limit orders, Max leverage (x), Routes across other DEXs, MEV protection, Mobile app.
Data from the provider's website and public sources. Fees and availability change; confirm on the official site before you sign up.
Key features
Permissionless AMM swaps
Users trade from connected wallets through liquidity pools without opening a centralized-exchange account. Anyone can add liquidity for supported token formats.
Multichain trading
PancakeSwap operates across BNB Chain, Ethereum, Base, Arbitrum, Solana, Aptos and other networks, including Monad and Linea.
Concentrated liquidity
V3 pools let liquidity providers select fee tiers and price ranges. Solana V3 pools list fee tiers from 0.01% to 4%.
Infinity liquidity system
PancakeSwap Infinity provides separate core and periphery components for trading and liquidity management, with fee sharing set by product.
Cross-chain swaps
The platform supports cross-chain products, including CAKE bridging between Aptos and BNB Smart Chain.
CAKE staking products
Syrup Pools and related staking products let users deposit CAKE for token-based rewards and governance-linked functions.
Perpetual trading
PancakeSwap offers perpetual trading tools alongside spot swaps, pools and farming products.
DeFi launch products
Initial Farm Offerings provide token launch allocations, while prediction, lottery and Dual Investment products add separate on-chain markets.
Inside PancakeSwap
Swap
Swap lets users exchange tokens through PancakeSwap's automated market maker across supported networks. Pools can be permissionless, so traders may need to enter a token contract address manually.
Liquidity Pools and Yield Farming
Liquidity Pools let users provide assets to trading pools, while Yield Farming adds reward mechanisms to selected positions.
CAKE Staking and Syrup Pools
CAKE holders can stake CAKE and participate in Syrup Pools for token rewards.
Cross-chain Swaps and Bridging
Cross-chain Swaps and Bridging move assets between supported networks. The documentation includes a CAKE bridge between Aptos and BNB Chain.
PancakeSwap Infinity
PancakeSwap Infinity is a trading and liquidity product built from Infinity core and periphery components. A proposal published on October 16, 2026 would give its liquidity providers 88% of swap fees, but the proposal was not approved at that time.
Perpetual Trading
The available markets and terms depend on the connected network and product interface.
Initial Farm Offerings
Initial Farm Offerings, or IFOs, provide token launch offerings through PancakeSwap.
Prediction
It is a prediction-market product.
PancakeSwap screenshots
User reviews
No user reviews yet. Have you used PancakeSwap? Share your experience below.
Funding and investors
2Rounds
1Investor
-
Strategic Jun 2022 Amount undisclosed
-
Funding round Amount undisclosedSource
FAQ
Who founded PancakeSwap?
PancakeSwap was founded in 2020 by anonymous developers known as the Chefs. The exchange is administered by Binance, and YZi Labs is listed as a backer.
What fees does PancakeSwap charge?
PancakeSwap fees vary by product and liquidity pool. Solana V3 pools list fee tiers from 0.01% to 4%, while Monad V3 lists 0.01%, 0.05%, 0.25% and 1%.
Does PancakeSwap require KYC?
PancakeSwap does not require an account or centralized-exchange registration to start using its wallet-connected DEX. Trading takes place through a connected wallet, with network gas and pool fees applying.
Is PancakeSwap safe?
PancakeSwap uses open-source, publicly visible contracts with multisig administration and time locks, and audits from firms including BlockSec, HashDit, PeckShield, SlowMist, Burrasec and OtterSec. A 2025 exploit affected the OLPC/LABUBU liquidity pool, while PancakeSwap stated that its core contracts were not the entry point.
Which chains does PancakeSwap support?
PancakeSwap supports BNB Chain, Ethereum, Base, Arbitrum, Solana, Aptos, Monad, zkSync Era, Linea, opBNB, Polygon zkEVM and Robinhood Chain. Available pools and products differ between networks.
Does PancakeSwap have a token?
PancakeSwap has the CAKE token, which is used in products including CAKE staking and Syrup Pools. The project also uses CAKE in its emissions and token-burn system.
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Recent public posts from @PancakeSwap, shown as published. Not reviewed or endorsed by CryptoReview.
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