Data on PancakeSwap - The Number One DEX on BSC | August 2026
Published on HivePostify by @dalz · Mon Aug 17 2026
[PancakeSwap](https://pancakeswap.finance/) started on BNB Smart Chain (BSC) and has been one of the main drivers behind the growth of DeFi on that chain. In time it expanded to other chains as well, while BSC is still its main market.
Pancake had remarkable growth in the previous bull market, together with the overall BNB Smart Chain ecosystem. But as with most DeFi, Pancake took a big hit during the bear market of 2022-2023. In 2025 the protocol had a major revival, while 2026 has been more of a consolidation year so far.
Let's take a look at some of the updated data!
The centralization aspect of BSC will always remain a con for some users, but for what it is worth Pancake started with no presale or premine. The early CAKE supply was distributed mainly as rewards to users and liquidity providers on the platform.
Here we will be looking at: - Total value locked (TVL) - Trading volume and the DEX vs. CEX comparison - Numbers of active users - Top pairs - CAKE supply - CAKE price
PancakeSwap has been around since September 2020, so the charts show the full period from launch through August 14, 2026. August trading volume is month-to-date through the 14th, while the latest weekly supply point is August 10.
Total Value Locked (TVL) on PancakeSwap
Here is the updated chart, using [DefiLlama](https://defillama.com/protocol/pancakeswap) data.
An explosive growth in the first months of the platform, from around $100M in December 2020 to almost $8.8B in April 2021. A sharp drop followed, with TVL reaching around $1.3B at the low in 2023.
After recovering to almost $3B in October 2025, TVL pulled back again in 2026. It started the year around $2.4B, briefly reached $2.54B in January, dropped below $2B in February, and sits around $2.1B on August 14. This is about 12% lower than at the end of 2025, but still above the 2023 low.
Trading Volume
Here is the updated chart for trading volume on a monthly basis, using [DefiLlama](https://defillama.com/protocol/pancakeswap) data.
The trading volume had a massive revival in 2025, reaching $101B in October. In 2026 the momentum has cooled: January came in at $43.6B, July at $18.5B, and August is at $10.2B through the 14th.
From January through July 2026 Pancake generated around $195.8B in volume, about 33% less than in the same period of 2025. The BSC ecosystem is still active, but the exceptional volumes from last year have slowed down.
DEX vs. CEX Volume If we take a look at a mid-August snapshot of reported trading volume on other exchanges, using data from [CoinGecko](https://www.coingecko.com/en/exchanges/pancakeswap#statistics), the numbers look like this.
Pancake comes in around the 8th place in this selected ranking, with approximately $540M in reported daily volume. It sits just behind Kraken at $555M and ahead of Bitget at $377M, while Uniswap is around $184M in this snapshot. Binance remains far ahead at $4.35B. Still not bad for a DEX centered on BSC, although these rankings can change from day to day.
Numbers of Active Users
The updated chart for Pancake users looks like this, based on [Token Terminal](https://tokenterminal.com/explorer/projects/pancakeswap/metrics/user-dau) data.
Here again we can notice the massive spike in 2025, when daily active wallets reached a new ATH of 1M. In 2026 users started around 367k, briefly reached 520k in January, and then settled mostly in the 310k to 390k range. On August 14 there were around 357k daily active wallets, almost the same as at the start of the year. This shows that 2026 has kept a much higher base than 2023-2024, even without making a new ATH.
Top Pairs
Here is the snapshot for the top 10 pairs in mid-August 2026, using [CoinGecko](https://www.coingecko.com/en/exchanges/pancakeswap#statistics) data.
The ranking has changed quite a lot since the end of 2025. QUQ-BSC-USD is now first with around $193M in reported volume, followed by BSC-USD-WBNB at $62M. UP-WBNB and AKE-WBNB come next at around $36M and $30M.
There is much less domination from the classic USDT pairs this time. WBNB still appears in five of the top ten pairs, while USDC-WBNB and BTCB-WBNB are the familiar large-asset pools. The rest is made up of newer assets, showing how quickly the leading pools can rotate.
CAKE Supply
Initially CAKE had very high token-per-block inflation, but emissions have been reduced several times. The hard cap was first cut from 750M to 450M and was reduced again to 400M in January 2026. The overall goal remains for the CAKE token to stay deflationary, with burns larger than new emissions.
The updated weekly supply chart looks like this, using the public [CAKE burn tracker](https://www.defiburn.com/pancakeswap).
Around 333.9M CAKE were in supply at the latest weekly point on August 10, 2026. We can notice that after the peak of 391.6M in September 2023 the token has remained deflationary, falling by roughly 57.7M CAKE. Since the end of December 2025 alone, supply is down by around 15.7M, or 4.5%. There is a temporary spike around March 2026, but the broader direction continued lower and the latest point is another new low for the post-2023 period.
CAKE Price At the end, here is the updated chart for the CAKE price using [CoinGecko](https://www.coingecko.com/en/coins/pancakeswap).
An extreme chart in terms of the token price. CAKE went from below $1 to more than $40 in 2021, and then dropped back close to $1 in 2023. It had several rallies after that, including a move to $4.40 in October 2025. In 2026 CAKE started around $1.88, reached $2.17 in January, fell to $1.16 in June, and recovered to around $1.43 on August 14. This is still about 24% below the start of the year and relatively low compared with the previous cycles.
All the best @dalz
Tags: #cake#pancake#data#stats#activity#defi#tvl