PancakeSwap hits 200 million users as tokenized assets surge
PancakeSwap (CAKE)
Editor:
Eugene Serbin
bsc.news reports that PancakeSwap has reached 200 million users, solidifying its position as the leading decentralized exchange in the 2026 retail cycle. The platform processed $2.36 trillion in trading volume during 2025, capturing 37.8% of the total DEX market share before accumulating $4.2 trillion in lifetime volume. Operating across eight blockchains including BNB Chain, Ethereum, and Arbitrum, the protocol maintains BNB Chain as its primary engine for liquidity and transaction counts.
The $CAKE governance token, with a circulating supply of 389 million, saw an 8.19% net burn in 2025 and faces a proposal to cap supply at 400 million. PancakeSwap has aggressively expanded into tokenized real-world assets, crossing $1 billion in cumulative volume for these assets. Tokenized stock trading volume on v3 reached $3 billion in 2026, outpacing competitors like Raydium CLMM and Uniswap v4.
This growth was accelerated by a late October 2025 partnership with Ondo Finance, which introduced over 100 tokenized US stocks and ETFs to the BNB ecosystem. These assets trade continuously with fractionalization, removing traditional brokerage friction for users.
How the market reacted
Whalio's own Binance spot order flow for CAKE, measured when this story was written up on 7 September 2026. Not the outlet's figures.
CAKE is currently trading at $2.24 with a 24-hour spot volume of $10,439,366 and 89,540 trades. The 24-hour buy ratio stands at 50.3%, while the 1-hour ratio is 54.4% and the 4-hour ratio is 53.9%, indicating that buying pressure is currently stronger in the short term than it has been over the full day. The volume delta shows positive inflows of $95,354 in the last hour and $397,884 over four hours, contrasting with a lower 24-hour delta of $58,612. This suggests that recent trading activity is more aggressive than the average pace seen over the previous 24 hours. A cumulative volume delta of $579,758 by the 24-hour close confirms net buying pressure over the full day, with 17 of the 24 hours showing net buying.
The latest daily buy ratio of 43.6% sits at the 2nd percentile of the last 324 days, against a median of 50.6% - among the weakest buying days it has had.
Was that an ordinary day?
The same Binance spot measurements for CAKE, averaged over the days leading up to the story.
Over the preceding week, the average buy ratio was 49.0%, making the current 24-hour ratio of 50.3% slightly higher by 1.3 points. The 24-hour spot volume of $10,439,366 represents 1.21x the weekly average volume, indicating an unusually active trading day compared to the norm. While the 8-day volume delta was negative at -$1,927,710, the recent hourly inflows suggest a shift toward accumulation. This day stands out as an unusual one for the coin, driven by volume significantly above average despite the broader weekly outflow trend.