PancakeSwap (CAKE)

PancakeSwap is the dominant automated market maker on BNB Chain, and CAKE has spent 2026 leaning further into a deflationary "Ultrasound CAKE" model — its community capped maximum supply at 400 million tokens in January and the exchange has kept burning more CAKE than it mints every week since. In September, PancakeSwap opened a Pre-Access Portal offering tokenized, indirect exposure to private companies ahead of potential public listings, giving CAKE a new fee-generating vertical.