PancakeSwap is a token. It has no blockchain of its own and no consensus of its own — it rents both from the chains it is issued on, which is why it is listed separately from the cryptocurrencies.
| CoinSpectrum Grade | C · 54/100 · provisional, D to C |
|---|---|
| Type | Token |
| Class | DEX |
| Backing | Non-backed |
| Market capitalisation | $683M |
| Price | $2.10 |
| Circulating supply | 325,992,084 CAKE |
| Issued on | 10 chains |
Market data rebuilt every six hours; this build 28 October 2026. Live prices on the ranking.
C — 54 out of 100, provisional (from 8 of 10 criteria, 28 October 2026 build). With what is not yet measured anywhere from nothing to full marks, the score would be 43 to 63 (D to C).
| Criterion | Score | Basis |
|---|---|---|
| Leading Consensus Mechanisms | 4 | group average |
| Host chain | 6.1 | Issued on BNB (C, 61/100) |
| Asset class (below every coin family) | 1.8 | Tokens: below every native coin family on the consensus ladders, 0.9 of 10 by largest asset and 2.7 by combined market cap |
| Network security | 0 | No network of its own: secured by its host chain, scored above |
| Decentralisation | 6.7 | group average, 3 of 4 measured |
| Minting and supply (who can mint more) | 0 | CakeToken.mint is onlyOwner, and the owner is the MasterChef farm contract run by the team (timelock/multisig). The 2023 450M and 2026 400M caps were set by Snapshot votes, not enforced on-chain.; no fixed maximum supply source |
| Premine (pre-issued at launch) | 10 | 0% of supply pre-issued at launch. The CakeToken constructor mints nothing: all CAKE has been minted over time by MasterChef as farm/pool emissions, of which 1/11 went to the dev address under v1. source |
| Fundraising | 10 | No sale, no investor allocation source |
| Holder concentration | — | Not yet measured |
| Supply & Demand | 7.7 | group average |
| Supply & Demand | 7 | average of 5 measures |
| Exchanges (10 or more: 10) | – | exchanges not yet counted |
| Daily volume ($10K 0, $1B or more 10) | 5.9 | $7,305,419 traded in 24 hours; #155 by volume on the exchanges the site reads (scored on the median day of the last 2, $8,808,525) |
| Turnover (volume ÷ market cap, 5% a day: 10) | 6.9 | 1.3% of its market cap a day, median of the last 3 days |
| Order-book depth (bids and asks within 2% ÷ market cap, 1%: 10) | 7.1 | $949,106 within 2% of the price on 8 exchanges, 0.14% of its market cap, median of the last 2 days |
| Market cap ($1M 0, $10B or more 10) | 7.1 | $683M, 7.1 on a scale of 2.5 points per tenfold |
| Paper trading (futures, options and margin ÷ market cap, 0%: 10, 100%: 0) | 8 | futures, options and margin positions 3.8% of its market cap |
| Supply (smaller is better) | 8.3 | fixed maximum supply of 400 million |
| Record (origin, claims, halts) | — | Not yet reviewed |
Ten criteria, weighted equally — for a token, the host chain replaces the developer share, the asset class stands in for the consensus ladders, and who can mint more for the Cryptocurrency Standards. Provisional: criteria marked — are not yet measured and are left out of the average. A rating of structure and market depth, not a price forecast or investment advice. How the grade is built · Highest-graded cryptocurrencies.
| Pre-issued at launch | 0% of supply |
|---|---|
| Sold to the public or to investors | 0% of supply |
| Who can mint more | An issuer, foundation, multisig or admin key can mint more |
| Fundraising | No sale and no investor round |
The CakeToken constructor mints nothing: all CAKE has been minted over time by MasterChef as farm/pool emissions, of which 1/11 went to the dev address under v1.
Fair launch Sept 2020 by anonymous developers: no presale, private sale or VC round. CAKE was distributed through yield farming.
CakeToken.mint is onlyOwner, and the owner is the MasterChef farm contract run by the team (timelock/multisig). The 2023 450M and 2026 400M caps were set by Snapshot votes, not enforced on-chain.
insiderPct is null: the dev-fund share applied only to MasterChef v1 emissions (Sept 2020-2022), and how many CAKE it produced versus later emissions and burns is not reconciled. Whether the deployer minted any pre-launch liquidity before handing ownership to MasterChef is not established.
Sources: raw.githubusercontent.com · raw.githubusercontent.com · cointelegraph.com · forklog.com. Researched 2026-10-23, medium confidence.
It is issued on 10 chains, which means 10 separate issuances of the same claim. Linked names are chains that are themselves cryptocurrencies with a page here.
CoinSpectrum counts an asset once. A token has neither its own blockchain nor its own consensus mechanism, so it fails both of the site's two conditions — it is a thing issued on a chain, and the chain is what is counted. The methodology states the rule, and the argument for it is set out in full.
Listed, not hidden. The point is that it is measured as what it is.