01 / Product income
Where does the money come from?
Follow the paying user, the product and the recipients. Protocol income and token-holder rights are separate steps.
- 1
Who pays
Swap, perpetual, CAKE.PAD, lottery and prediction users pay different types of fees.
- 2
Who retains the fees
Burn sources use different bases; trading fees, product profit and CAKE spent are not interchangeable.
- 3
What this means for the token
Fee-funded buybacks, direct CAKE destruction and issuance remain separate.
Trading fees are user payments. They do not by themselves establish demand independent of the crypto market cycle.
One period · separate observations
PancakeSwap
- Market buybackStatus unconfirmed
- Treasury burnStatus unconfirmed
Protocol revenue is retained product income, not audited net profit. Market data may have a different observation time; see the evidence for each metric.
How observations changed over time
Only recorded periods are shown. Missing intervals remain missing; a change in methodology or scope can make adjacent periods incomparable.
The current evidence does not provide a complete, permitted series for this scope. A chart would imply continuity that has not been established.
02 / Use of funds
What happened to the funds?
Allocation rules and actual execution are shown separately. Each observation keeps its own unit, funding source and coverage.
Rules, allocated funds and claimable amounts
- Market buybackStatus unconfirmed
Tokenomics 3.0 is documented; a financial series needs each burn classified by funding source and product version.
Holding CAKE does not turn total burns into a personal APY.
Checked: - Treasury burnStatus unconfirmed
Tokenomics 3.0 is documented; a financial series needs each burn classified by funding source and product version.
Holding CAKE does not turn total burns into a personal APY.
Checked:
- Allocation rule / basis
- Not confirmed
- Funding source
- Funding source unconfirmed
Why buyback + burn is not a total
Illustrative example: a protocol spends $10 million to buy 2 million tokens and later burns those same tokens. The cash spent is $10 million. The supply reduction is 2 million tokens. Adding another $10 million for the burn would count the same chain twice. The same rule applies to purchased tokens later distributed to holders.
04 / Holder access
Who can actually participate?
Holding a ticker does not automatically create a claim. Check the precise asset, position and conditions.
Holding CAKE does not turn total burns into a personal APY.
An ERC-20 token, an NFT, an activated NFT and the payout asset are different instruments. A distribution to a locked or voting position is not a payout to every circulating token.
03 / Token supply
Supply changes, in tokens
Issuance and destruction concern token units. They are kept separate from dollar spending and holder payments.
How to read unlocks and bridge movements
An unlock changes the availability of tokens that already exist; it does not prove new issuance or a sale. Wrapped-token minting during a bridge transfer is not global issuance of the underlying asset. A future unlock valued at today’s price is a scenario, not future sale proceeds.
Rules change over time
A proposal, approval, activation and an executed transaction are different events.
No verified sequence of mechanism changes is available for this scope.
An old pause announcement does not establish the current status. A provider outage does not mean the protocol paused its mechanism.
Sources and observation limits
The snapshot, source timestamps and field-level coverage explain what can be reproduced and what remains unknown.
- Snapshot
- a04d7b3353bdfb91eaa857b012ce2b5e432b2b24f2d56b5236073ba11c3a79b1
- Methodology version
- 2026-10-06.1
- What is included
- Protocol: PancakeSwap
User fees — Unknown
- Source
- Not confirmed
- Coverage
- 0 days
- Source data timestamp
- Not confirmed
- Collected
- Not confirmed
- Period
- — — —
- Limit / missing data
- No verified observation for this period and scope.
Protocol revenue — Unknown
- Source
- Not confirmed
- Coverage
- 0 days
- Source data timestamp
- Not confirmed
- Collected
- Not confirmed
- Period
- — — —
- Limit / missing data
- No verified observation for this period and scope.
Known expenses — Unknown
- Source
- Not confirmed
- Coverage
- 0 days
- Source data timestamp
- Not confirmed
- Collected
- Not confirmed
- Period
- — — —
- Limit / missing data
- No verified observation for this period and scope.
Allocated funds — Unknown
- Source
- Not confirmed
- Coverage
- 0 days
- Source data timestamp
- Not confirmed
- Collected
- Not confirmed
- Period
- — — —
- Limit / missing data
- No verified observation for this period and scope.
Claimable funds — Unknown
- Source
- Not confirmed
- Coverage
- 0 days
- Source data timestamp
- Not confirmed
- Collected
- Not confirmed
- Period
- — — —
- Limit / missing data
- No verified observation for this period and scope.
Executed buybacks — Unknown
- Source
- Not confirmed
- Coverage
- 0 days
- Source data timestamp
- Not confirmed
- Collected
- Not confirmed
- Period
- — — —
- Limit / missing data
- No verified observation for this period and scope.
Direct distributions — Unknown
- Source
- Not confirmed
- Coverage
- 0 days
- Source data timestamp
- Not confirmed
- Collected
- Not confirmed
- Period
- — — —
- Limit / missing data
- No verified observation for this period and scope.
Reserve acquisitions — Unknown
- Source
- Not confirmed
- Coverage
- 0 days
- Source data timestamp
- Not confirmed
- Collected
- Not confirmed
- Period
- — — —
- Limit / missing data
- No verified observation for this period and scope.
Provider-defined holders revenue — Unknown
- Source
- Not confirmed
- Coverage
- 0 days
- Source data timestamp
- Not confirmed
- Collected
- Not confirmed
- Period
- — — —
- Limit / missing data
- No verified observation for this period and scope.
Fee burn — Unknown
- Source
- Not confirmed
- Coverage
- 0 days
- Source data timestamp
- Not confirmed
- Collected
- Not confirmed
- Period
- — — —
- Limit / missing data
- No verified observation for this period and scope.
Treasury burn — Unknown
- Source
- Not confirmed
- Coverage
- 0 days
- Source data timestamp
- Not confirmed
- Collected
- Not confirmed
- Period
- — — —
- Limit / missing data
- No verified observation for this period and scope.
New tokens minted — Unknown
- Source
- Not confirmed
- Coverage
- 0 days
- Source data timestamp
- Not confirmed
- Collected
- Not confirmed
- Period
- — — —
- Limit / missing data
- No verified observation for this period and scope.
Tokens destroyed — Unknown
- Source
- Not confirmed
- Coverage
- 0 days
- Source data timestamp
- Not confirmed
- Collected
- Not confirmed
- Period
- — — —
- Limit / missing data
- No verified observation for this period and scope.
Circulating supply — Unknown
- Source
- Not confirmed
- Coverage
- 0 days
- Source data timestamp
- Not confirmed
- Collected
- Not confirmed
- Period
- — — —
- Limit / missing data
- No verified observation for this period and scope.
Market cap — Unknown
- Source
- Not confirmed
- Coverage
- 0 days
- Source data timestamp
- Not confirmed
- Collected
- Not confirmed
- Period
- — — —
- Limit / missing data
- No verified observation for this period and scope.
FDV — Unknown
- Source
- Not confirmed
- Coverage
- 0 days
- Source data timestamp
- Not confirmed
- Collected
- Not confirmed
- Period
- — — —
- Limit / missing data
- No verified observation for this period and scope.
Market cap / revenue run rate — Unknown
- Source
- Not confirmed
- Coverage
- 0 days
- Source data timestamp
- Not confirmed
- Collected
- Not confirmed
- Period
- — — —
- Limit / missing data
- A compatible, positive market value or complete revenue window is not available.
Buyback / market cap ratio — Unknown
- Source
- Not confirmed
- Coverage
- 0 days
- Source data timestamp
- Not confirmed
- Collected
- Not confirmed
- Period
- — — —
- Limit / missing data
- A compatible, positive market value or complete revenue window is not available.
Reserve acquisitions / market cap ratio — Unknown
- Source
- Not confirmed
- Coverage
- 0 days
- Source data timestamp
- Not confirmed
- Collected
- Not confirmed
- Period
- — — —
- Limit / missing data
- A compatible, positive market value or complete revenue window is not available.
Net issuance — Unknown
- Source
- Not confirmed
- Coverage
- 0 days
- Source data timestamp
- Not confirmed
- Collected
- Not confirmed
- Period
- — — —
- Limit / missing data
- Global supply accounting has not been verified for this asset and scope, including bridges, wrapped tokens and other special mechanisms.