PancakeSwap October Recap — Bounding into Year 2!

Published in
7 min readNov 3, 2021

New IFOs, Pancake Squad, NFT Market Phase 2… year two is just getting started!

Spooktober Report

Data Recap


  • Total Volume: $25.6B
  • Average Daily Volume: $825M
  • Unique traders: 4.47M (+39.1% MoM)
  • Unique onsite users: 12M (+18% MoM)
  • 7 CAKE staker reward pools (syrup + boost)
  • BNB won in prediction: 686,572 / $275,136,129
  • Total volume of positions placed: 196,653 BNB / $78,806,513
  • NFT Market trading volume: 102,208 BNB / $56.6M, of which 2,044 BNB was used to buy back and burn CAKE


  • Total burned: 26,384,423 CAKE ($514M)
  • Bought back from the market to burn: $14.9M
  • Total CAKE Emission Rate: 14.5/block
  • # of holders: 824,834 (+15%)

🍽✅ Served Last Month

PancakeSwap NFT Market Phase 2

The NFT Market went live on September 30th. Can you believe it’s only been one month?!

Already, the Market reached a trading volume of over: 102,208 BNB in October (about $56.6M), of which 2,044 BNB was used to buy back and burn CAKE. Remember, we burn 100% of the trading fees (2% of each trade).

It’s just getting started.

We’ve been rolling out developments and new collections over the month, starting with Pancake Squad, followed by an ahead-of-schedule release of Phase 2.

You might have noticed that the addition of new collections to the Market has been a little slow following the first few — this is actually because the release was ahead of schedule, and we’re still improving as we go. Phase 2 is still getting started, as we prepare to list more projects now the product is up and running in the wild: you can expect increasingly more regular updates over the coming weeks.

Which BSC NFT projects do you want to trade on PancakeSwap?

Visit the NFT Market


October 7 was the birthday of 10,000 totally unique pancake-loving rabbits, the #PancakeSquad.

The entire collection sold out in under a minute, and has already generated over 32M USD in trading volume on the PancakeSwap NFT Market.

We’ve seen some amazing communities of PancakeSquad owners popping up already. Shout out to the #NoneClub!

Yes, yes, we’re working on building a number of use cases for these beautiful bunnies over the coming months.
And no, we won’t reveal what those use cases are yet.

So… how would you like your Squad to be used?


We had some amazing entries for our Halloween Pancake Squad giveaway! The following winners will all be receiving 1 Pancake Squad NFT and $100 in CAKE. Another 4 winners in each category will be receiving $100 in CAKE each!

Best Pumpkin:

Best Costume:

Best Pancake (cupcake?!):

Farm Auctions

A total of 21 projects joined the Farm Auctions to bid for a coveted PancakeSwap farm pair, with 6 winners in total in October.

We’ve burned a total of 221,130 CAKE so far since the first auction launched back in August.

Farm Auctions give projects a way to incentivize liquidity provision for your token’s pairs.

If you’re a project looking to run a Farm, apply via the PancakeSwap Farm application form.

IFO: Duelist King (DKT)

This month, we welcomed the first IFO in a while — Duelist King (DKT).

An astonishing $650 million USD of tokens was committed to the sale, a massive overflow compared to the target of $437,500. We’re amazed at the community’s response.

We take the demand for the DKT launch as a fantastic sign of how hungry the community is for GameFi right now. Congrats to the Duelist King team!

We’re still on the hunt for new projects to launch on PancakeSwap.
If your project’s got what it takes, apply today!

CAKE Emission Reduction

This month, you voted to cut the amount of CAKE entering circulation from 15/block to 14.5/block. Combined with our ever-increasing suite of token-burning mechanisms, we’re looking forward to the continued gradual decrease

Logo Update

OK this one’s a little one — we’ve made some smol but meaningful refinements to our logo.

Rounder. Squishier. The ideal Pancake type. You might not like it, but this is what peak perfomance looks like.

On top of the visual updates, we’re glad to announce that we’re replacing the stack-of-pancakes logo with the iconic pancake rabbit logo, to represent the CAKE token. It’s now just one icon for both CAKE and PancakeSwap. Updates coming to the website soon.

Get the updated logos here

Hello, Goodbye

This month, as we welcomed a few new chefs to the kitchen, a few others hung up their chef hats for good.

While it’s always sad to say farewell, we’re super proud of how much these members have brought to the table (heh) during their time at PancakeSwap, and we’re super proud of their overall contributions to the DeFi scene over this last year. PancakeSwap wouldn’t be where it is today without you, guys.

We know these departures have come as a shock to some members of the community, but fear not — PancakeSwap isn’t going anywhere.

New chefs are on their way in, and the team continues to grow — we’re not just going to reach chef equilibrium… we’re going to keep growing.

🎉 With that, today we’re delighted to welcome the Chef Huan to our backend team! 🎉

  • Huan joins us with seven years of experience in BE development, two years in FE, and two years in crypto which felt like a decade.

Coming early this month, we’ll also be joined by another member on the BD team and a new member of the design squad, with more chefs inbound over the coming weeks.

Think you’ve got what it takes to become a chef?
We’ve still got plenty of roles open, with more coming soon:

👩‍🍳🕔 Still Cooking (Coming Soon)

IFO: Mines of Dalarnia (DAR)!

You voted YES to host yet another IFO, Mines of Dalarnia — the latest project launched on Binance Launchpool.

IFO start time: 7:30 am UTC, Nov. 4

Join the live AMA with the DAR team at 2PM UTC today in our Telegram group:

Oh, and this time, you can pay directly with CAKE! See below for more info.

More IFOs

We’re aiming for an increased frequency of IFOs in the coming weeks and months. But beyond just more IFOs, we will also be gradually introducing improvements to the product and format.

Removing the need to create CAKE-BNB LPs to join the IFOs is only the first of a couple of routes we’re exploring to improve the IFO experience. We’ve heard a lot of great suggestions for things like NFT utility, staking requirements, and varying weights of the two pools. 🐰

Developing these updates takes time and development resources, so you can expect gradual improvements as we bring new IFOs to the table rather than one large change all at once.

📈 Charts

Coming Soon™ to a swap near you… charts!
Here’s a sneak peak of the live test 👇

And we’ve got more plans for the charting functions beyond what you see in this image, too…

Maybe something to do with this bit of news? 🤔🤔🤔

Calling for more NFT Collections!

Are you the creator of a BSC NFT collection? Applications for listings are now OPEN!

We are currently only processing BEP-721 NFT collections that are already 100% minted on Binance Smart Chain, and your metadata and images must be stored on ipfs or similar decentralized storage.

Apply at:

👀 Something big?

✅ Design
⏳ Development

Still hungry?

This month we released an updated to-do list.

Items in the Backlog/Exploration phase haven’t been forgotten, they’re just lower priority in the immediate future than those in the other phases.

Don’t call it a roadmap. Where we’re going, we don’t need roads.

In fact, we’re moving a few parts from the Backlog forward to Upcoming… 🤔 Which would you like to see first?

Let us know on Twitter, in our Telegram group, or over in our growing Reddit community!

Stack ‘em!

The Chefs 🐰🥞