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StakingDEX · BNB Chain and others

CAKE (PancakeSwap)

Author's status: ActiveUpdated: 2026-09-28

I hold CAKE and stake it in a Syrup Pool.

Staking

Token
$CAKE
Typical APY
Varies by pool
Rewards
Stake in a Syrup Pool to earn other tokens or CAKE
Note
Tokenomics 3.0 in April 2025 removed veCAKE, gauge voting, revenue sharing and farm boosts. CAKE staking now means Syrup Pools (flexible, withdraw any time, or fixed-term with higher yield), and yields vary by pool.

Valuation

FDV (fully diluted)
$1.0BMarket cap $1.0B
FDV ÷ revenue
12.4xRevenue, last 365 days $84.3M17.4x on the last 90 days × 4 (annualized $60.1M)
FDV ÷ holder returns
25.9xBuybacks, burns and distributions over the last 90 days: $10.1M (×4 to annualize)
Note
Emissions continue, but burns are designed to exceed them: net supply fell 8.19% in 2025, with a target of at least 4% a year. In January 2026 the max supply was cut from 450M to 400M. Almost all supply circulates, so FDV and market cap are close.

As of 2026-09-28. FDV and price from CoinGecko; revenue and holder returns from DefiLlama. The denominator is revenue, not profit, so this is closer to a price-to-sales ratio than a P/E. The author treats FDV ÷ revenue of 5x or less as cheap, but it moves a lot with revenue swings and unlocks.

TGE and points

TGE
$CAKE2020-09
Points program
No points

Team, funding and user base

Base
Unverified
Founders / leads
Not published (team only partly public)The development team is anonymous, going by "Chef". The largest DEX on BNB Chain, also deployed on Solana, Aptos and Monad.
VC funding
UndisclosedNo VC funding disclosed.
X followers
2.13M@PancakeSwapas of 2026-09-28

Risks and caveats

  • The team is anonymous ("Chef").
  • Revenue depends on BNB Chain volume, especially memecoin activity.
  • veCAKE and revenue sharing were removed in April 2025, so returns to holders now come mainly from burns. Staking rewards depend on the Syrup Pool.

Links

Sources

This page is for information only and is not a solicitation to use any crypto asset or service. Airdrops and their amounts are not guaranteed, and you may lose the funds you deposit.