CAKE is the native governance and utility token of PancakeSwap, a leading decentralized exchange (DEX) built on the BNB Smart Chain (BSC). Its core issuance data can be traced through its historical changes.

Issuance Price: Approximately $0.4

According to public records, the CAKE token was first issued on September 18, 2020, with an issuance price of approximately $0.4.

Evolution of Total Supply

CAKE's total supply (or maximum supply) has not been static, but has undergone several significant community governance adjustments, reflecting the project's continuous optimization of its tokenomics model.

  • Initial Phase (September 2020): CAKE tokens were designed without a supply cap, adopting an inflationary model.
  • First Major Adjustment (2021): As the platform upgraded from V1 to V2, a community vote approved a proposal to set CAKE's maximum supply cap at 750 million tokens.
  • Tokenomics 3.0 (May 2025): This was the most decisive adjustment. The PancakeSwap community voted to approve the Tokenomics 3.0 proposal, aiming for deflation. This proposal ultimately reduced and locked CAKE's maximum supply to 450 million tokens. This change aims to achieve an annual deflation rate of at least 4% through continuous token burns and other mechanisms.

Analysis of CAKE Coin Issuance Price and Total Supply

Current Supply Status

Maximum supply is an ultimate target value, while total supply and circulating supply are dynamic.

  • Maximum Supply: According to Tokenomics 3.0, which took effect in May 2025, it is 450 million CAKE.
  • Total Supply and Circulating Supply: As of mid-October 2026, multiple mainstream data sources show that CAKE's total supply is approximately between 329 million and 331 million tokens, with circulating supply close to this, at about 320 million tokens. These figures fluctuate in real-time with token burns, releases, and other mechanisms.

In summary, CAKE's issuance price was approximately $0.4. The evolution of its total supply is clear: from no cap to 750 million tokens, ultimately set at a hard cap of 450 million through community governance, reflecting the ability of decentralized protocols to self-adjust based on market conditions and long-term development goals.