PancakeSwap 2022 Year Review

Chef Fran
Published in
6 min readJan 17


Hello Cake Lovers! 2022 was a very busy year for PancakeSwap. We stayed focused on developing a thoughtful and intuitive DeFi experience for our users. It was also the year that PancakSwap went multichain, continuing our mission to become the leading multichain decentralized exchange (DEX).

As we approach the year 2023, let us take a look back at what has been a remarkable twelve months.

General Data for 2022:

  • Trading Volume
    a) Total Volume: 144.3B
    b)Avg Daily Vol: 395.2M
  • Total TVL: 2.18B
  • User count:
    a) Unique traders: 29.6M
    b) Unique Onsite users: 33.6M
  • On chain CAKE holders: 1,309,873
  • Total Burned: 354.7M CAKE
  • Bought back from the market to burn: 107.3M
  • IFOs and cIFOs: 12
  • Pools: 56
  • NFT Collections launched: 16
  • Farm Auctions: 22
  • Emissions per block: 9.91 CAKE
  • Number of Chains: 3

Masterchef V2, the kickstarter!

One of our first major releases this year was the new Masterchef V2 contract.

The new MasterChef contract allows Chefs to have much better and comprehensive control over CAKE emissions and how the CAKE rewards get distributed — bringing more possibilities for future tokenomics and liquidity farming.

Implementing this new contract allowed us to materialize many potential ideas and products that we had, such as Tokenomics 2.0 and Fixed-term staking.

Fixed Term Staking: Rewarding the true CAKE Lovers

The fixed-term pool provides convenience and flexibility for users who want to stake their CAKE.

With the added fixed-term staking feature, the pool offers a higher yield and many extra benefits to users who choose to lock their CAKE for longer.

The best part is it improves CAKE tokenomics by helping us and our community burn more CAKE and lock up part of the circulation supply of CAKE.

Polishing the model: Tokenomics 2.0 & New Staking Benefits

With the new Masterchef contract and the Fixed Term Staking CAKE Syrup Pool, we are ready to bring another big dish to the menu.

Tokenomics 2.0 update introduces structural provisions to limit the maximum circulating supply to 750M, and benefits for those who lock their CAKE long-term in our CAKE Syrup Pool.

These benefits include:

vCAKE — Boosted Governance voting

iCAKE — Boosted IFO Benefits

bCAKE — Boosted Farms Benefits

Implementing this cap will enable the CAKE token to better reflect the value, community, and sustainability of PancakeSwap.

PancakeSwap is Now Multichain!

Our goal is to become the leading multichain decentralized exchange (DEX). The Kitchen has been working relentlessly to launch all our core products on other chains while developing additional products.

It is a big step that requires a lot of responsibility, dedication, and hard work. But all hard work bears fruit, and during this 2022 we achieved two important goals: PancakeSwap deployed on Ethereum & Aptos network!

Users can now trade and earn on BNB Smart Chain, Ethereum and Aptos. The team will add more Farms and Syrup Pools so that all users can enjoy the unified PancakeSwap experience.

Product Updates: it’s more than just expanding to other networks!

At PancakeSwap, we are committed to offering the best experience possible. That’s why we took 2022 to launch new products and improve many of our existing features that everyone uses daily.

Pottery: A combination of CAKE lock-staking & Lottery

Pottery combines CAKE lock-staking with Lottery elements to give you a chance to win a bigger yield on your CAKE deposit!

With CAKE Pottery, you can simply deposit CAKE in the Pottery to stand a chance to win a share of CAKE rewards. Deposits into the Pottery will be directed to the locked staking pool and locked for ten weeks. The majority of staking rewards will go toward weekly drawings for each deposit cohort.

If you lock your CAKE in Pottery for ten weeks, you will get back 100% of what you deposited. However, there is no way to withdraw your CAKE early.

StableSwap: Lower slippage & fees for stable pair trades!

StableSwap is a feature to trade stable pairs with a lower slippage based on an invariant curve slippage function. Since stableswaps are restricted to similarly priced assets, the impermanent loss is not as much of a concern (except in extreme depeg cases)

You’ll be able to swap your stablecoins or other pairs of similarly priced assets more efficiently with the same trade steps! With the StableSwap function, the trading slippage is lower than normal AMM which just uses the constant product formula, also, the trading fees are lower compared to the normal AMM as well.

Smart Router/Zap

Smart Router on PancakeSwap is a routing algorithm that links the AMM and StableSwap to provide better liquidity and pricing. It uses a smart order routing algorithm that executes trades across multiple pools to find the best price for traders. This will minimize the slippage and find the most efficient trade.

With Zap, liquidity provision becomes effortless for experienced yield farming users and beginner-friendly for anyone who just entered DeFi Space.

Zap allows users to add liquidity in a simple, one-step process, even if they have only one token from the trading pair. It eliminates the need for complex math, manual swapping, or token balancing.

PancakeSwap Partners with ApolloX to Power Perpetual Trading

Traders on PancakeSwap can enjoy deep liquidity and tight spreads on a wide selection of futures contracts immediately. The trading infrastructure is designed with off-chain order-book matching and on-chain settlement, allowing important trading features like different types of orders while maintaining the privacy and security of a DEX.

The trading fees are 0.02% of the notional value for makers and 0.07% for the taker. We always strive to add more utilities for our CAKE token — hence any users who are paying the trading fees in CAKE will enjoy a 5% discount on trading fees.

IFO Updates & a New Type of IFO: Community IFO (cIFO)

IFO is a way to buy new tokens using CAKE. The project gets the CAKE, PancakeSwap burns the participation fees CAKE. Users get the tokens.

Now we have IFO 3.1 version, with the brand new private sale allocation, and iCAKE as “IFO Credits”. Two sales, one basic and one private, both with different requirements.

iCAKE will determine the maximum CAKE commit limit in the PancakeSwap IFO public sales. This number is calculated based on the number of CAKE staked in the fixed-term CAKE staking pool and the total staking duration of your current fixed-term staking position.

The Community IFO is a new variant of IFO designed to reward our loyal IFO community and introduce our community to projects with slightly smaller raises.

cIFOs are an addition to our regular IFOs, with a Public/Private Sale Format. There is no change to the Public Sale Format. Private Sale for cIFOs is dependent on the Points users have. These points are accumulated by joining IFOs, Trading Competitions, and PCS Events.

Lottery & Prediction Updates — have fun winning!

Lottery was our first gaming product, and we’ve been working hard to make it even better. This year, we made some modifications based on user feedback: more concentrated rounds and prize injections for higher potential prizes for the lucky winners!

PancakeSwap Prediction is a fun and simple decentralized prediction market. In 2022 we added several new features to improve the game and open it up to more types of players!

You can now predict whether the price of CAKE will be higher or lower than it was when the “LIVE” phase starts. We also integrated Chainlink Keepers to help securely automate the new prediction market.

What’s exciting about this is that we are just getting started! This year, expect more products, more marketing, and an unified experience across PancakeSwap. We look forward to creating an even stronger and better 2023 together.

Stack ‘em!
The Chefs 🐰🥞