PancakeSwap (CAKE) Burn

The 0x…dEaD wallet of the CAKE contract on BNB Chain (0x0e09…ce82) held 4,871,091,807 CAKE on the morning of 3 Sep 2026. Everything ever minted, per this ledger's daily series, is 5,209,477,532, leaving a total supply of 338,385,725 — matching on-chain total supply to the token. Put another way, of every 100 CAKE minted, 93.5 have been destroyed; circulating supply is 320.8M. The contract's max supply is 400M after a January 2026 vote lowered it from 450M — a ceiling that hardly matters while supply is falling rather than rising.

A dollar value for the lifetime burn is meaningless for CAKE — over 4.8B tokens were destroyed the moment they were minted, never circulating or priced — so this ledger does not read the "burned ≈ USD" cell as money spent. The figures worth reading are in the two sections below: the net amount and the rate of supply contraction.

PancakeSwap's MasterChef issues CAKE per block; every Monday the protocol settles the week's issuance — the portion for farming, treasury and rewards is kept, while the "reclaimed" portion plus CAKE bought with trading fees is sent to the dead wallet in one batch. The last five batches: 3 Aug minted 59.10M / burned 59.45M (net −344,764), 10 Aug 59.19 / 59.64 (−446,627), 17 Aug 59.82 / 60.22 (−401,825), 24 Aug 58.40 / 59.01 (−608,623), 31 Aug 59.43 / 59.86 (−427,198). Zero mint and burn on weekdays is real, not missing data.

Gross weekly minting has grown 6.8x since 2023 (8.7M a week), and by this ledger's reading the cause lies with BNB Chain, not PancakeSwap: MasterChef mints per block at roughly 40–45 CAKE a block, and block time has been cut from 3 seconds to 1.5 (Lorentz, 29 Apr 2025), 0.75 (Maxwell, 30 Jun 2025) and 0.45 seconds (Fermi, 14 Jan 2026). The monthly series shows exactly those three steps: April 2025 minted 36.5M → May 68.8M → July 141.6M → February 2026 235.9M. Because almost all of the extra is burned within the same batch, the steps do not change supply — they only inflate both the Mint and Burn columns together. That is why this ledger emphasises the Net column.

The yearly net column (burn minus mint) tells CAKE's whole monetary history: 2020 +86.2M into supply (the first three months, daily but small burns), 2021 +168.1M, 2022 +106.4M, 2023 +26.0M — four years of inflation despite burning 40 / 286 / 355 / 429M respectively. 2024 was the first year burns exceeded minting: −5.8M. 2025 came in at −25.9M, taking supply from 381.1M at the start of the year to 355.2M — −6.8%. 2026 through 1 Sep is −16.8M after 35 weeks, a full-year pace around −25M, ~7% of supply. Tokenomics 3.0 (23 Apr 2025) set a 4% a year deflation target and a 20% supply cut by 2030; the on-chain measurement is running ahead of target, mostly from cutting farming emissions and retiring veCAKE rather than from rising fees.

The current weekly pace is −200k to −600k CAKE. At −25M a year and the early-September-2026 price of $1.82, deflation is worth about $45M a year — only 7–8% of the market cap at the same date, but one of the few mechanisms on this site that shrinks supply steadily without any single large burn: even CAKE's biggest burn day (2 Mar 2026, 61.26M) netted only +438,670.

Protocol revenue of the three AMMs (v3, v2, StableSwap) per DefiLlama: $224M in 2021 (the BSC season), $116M in 2022, $20.6M in 2023 — the trough, $52.1M in 2024, $123.1M in 2025 with $13.5M in February and a record $25.6M in October as memecoin trading on BNB Chain exploded, then $28.0M in the first eight months of 2026 — $5.3M in August, up from $1.9M in July. Lifetime total $564M. Only part of revenue buys CAKE to burn; the rest funds the treasury and products, and PancakeSwap publishes no split — so the daily table has no buyback column, and a burn-to-revenue ratio cannot be computed meaningfully for CAKE.

Price has not followed deflation: CAKE peaked at $43.96 on 30 Apr 2021 while supply was still growing by 168M a year, and was around $1.82 in early September 2026 — −96% — after two and a half years of continuous contraction. The low was $0.194 on 3 Nov 2020. A 7% a year supply cut is real, but it cannot offset how much fee flow has drifted away from BNB Chain since 2021.

Mint = every mint on the CAKE contract; burn = every transfer into 0x…dEaD; both aggregated by UTC day from Dune, all 2,171 days from 22 Sep 2020 to 1 Sep 2026. The cross-check closes: total burn equals the dead-wallet balance to the token, and total mint minus total burn equals on-chain total supply to the token — as tight as the JUP ledger. Two things to know when reading the table: (1) the Monday batch sometimes straddles days, so monthly net can be noisy — March 2026 shows +10.9M into supply and April −15.3M; the two months together, −4.4M, is the true figure; Thursday 11 Jun 2026 has 27.4M minted with no burn and the 15 Jun batch burns twice its mint — one batch split across days. Read by week or by year. (2) Revenue = the sum of dailyRevenue for the pancakeswap-amm-v3, pancakeswap-amm and pancakeswap-stableswap slugs on DefiLlama, excluding perps and other products. State reads the dead wallet and total supply over BNB Chain RPC daily; price, ATH/ATL and circulating supply from CoinGecko — CoinGecko lists total supply at 332.5M, 6M below on-chain; the ledger follows on-chain.