PancakeSwap (CAKE): D-Score 38/100 — Centralized Leaning BlockIndex D-Score: 38/100 (Centralized Leaning). PancakeSwap (CAKE) is a Layer 1 cryptocurrency using Other consensus. PancakeSwap: Leading multichain DEX and DeFi suite with BEP‑20 CAKE governance token and deflationary mechanics. Source: https://blockindex.ai/coin/cake · Data by BlockIndex.AI · Updated 2026-06-19 D-Score breakdown (0-100, higher means more decentralized) Component: Score: Overall D-Score: 38: Node distribution: 0: Initial distribution: 0: Governance: 20: Age and history: 13: Autonomy: 5: Key facts - Layer: Layer 1 - Consensus: Other (N/A) - Launch: Other (2020) - Founder: Anonymous / pseudonymous core contributors (e.g., "Chef Hops" and other 'Chef' pseudonyms) - VC funded: No - Max supply: 400,000,000 - Circulating: 324,093,999 (81.0%) Market data (as of 2026-06-19) - Price: $1.34 - Market cap: $434.38M - 24h volume: $22.06M - 24h change: -0.54% · 7d change: +1.37% About PancakeSwap (CAKE) launched on the Binance Smart Chain in September 2020 as a community-oriented decentralized exchange (DEX) and multi-product DeFi protocol designed to offer low-fee, high-throughput automated market-making and a broad set of on-chain financial primitives. Built by an anonymous/pseudonymous group of contributors known colloquially as the "Chefs," the protocol emphasized rapid product iteration and user-facing features from the outset: token swapping, liquidity provision, yield farming and single-sided staking (Syrup pools) were complemented with gamified product lines such as lotteries, prediction markets and an NFT marketplace. Over time the PancakeSwap ecosystem expanded into concentrated liquidity (v3), capital-efficient pool mechanics (Infinity), cross-chain bridging, a launchpad (IFOs), and incubated new verticals such as the zero-fee prediction market "Probable." Governance is community-focused, using locked-CAKE mechanics (rCAKE) to allocate voting power and revenue-sharing rights. From a technical and architectural perspective, PancakeSwap exists primarily as smart contracts (CAKE is a BEP-20 token) deployed on the BNB Smart Chain and subsequently propagated via multichain deployments across a range of L1/L2 environments. The core protocol leverages EVM-compatible tooling and Solidity smart contracts; it is open-source with verified contract sources available on BscScan and a public GitHub repository. Key innovations include v3 concentrated liquidity design (fee tiers and position management), smart routing across v2/v3/stable pools, capital efficiency enhancements in Infinity, and integrations with wallet standards (MetaMask, WalletConnect, Trust Wallet and others). Security posture is proactive: PancakeSwap components have been audited by multiple security firms and the protocol announced a large bug-bounty program as part of ongoing hardening efforts. Economically, CAKE is structured with deflationary mechanics under the "Ultrasound CAKE" initiative: community votes and product-level burns, emission reductions (notably substantial reductions in per-block minting compared to early emissions), and coordinated burn campaigns have been used to reduce net supply. The protocol has a community-driven governance model enabling token-holder votes to change parameters — notably the community-approved reduction of the maximum CAKE supply to 450,000,000. Circulating supply figures in the provided materials show approximately 336,243,705 CAKE in circulation. CAKE is used for governance, staking, yield generation in Syrup pools and product-specific fee flows. PancakeSwap has also pursued monetization through large DEX volumes and multichain TVL, with DefiLlama snapshots showing combined TVL in the multi-billion dollar range. Governance is token-holder centric with lock-and-boost mechanics: locking CAKE mints rCAKE and confers both governance weight and revenue-sharing benefits; longer locks produce greater boosts. The founding team remains pseudonymous — no named CEO or centralized corporate entity is documented in the provided files — and on-chain/off-chain governance mechanics are implemented through community proposals and voting processes. The protocol has been widely listed on major centralized exchanges and supports broad wallet interoperability, enabling broad user access and liquidity. Going forward, PancakeSwap’s stated priorities include further multichain parity for v3/Infinity features, cross-chain UX improvements, expansion of perpetual and prediction-market offerings, and continued emphasis on security via audits and bug-bounty incentives. Links - Website: https://pancakeswap.finance/ - Whitepaper: N/A - GitHub: https://github.com/pancakeswap --- About the D-Score: BlockIndex.AI rates decentralization from 0 to 100 across node distribution, initial distribution, governance, age and history, and autonomy. Methodology: https://blockindex.ai/dscore