Liquidity providers deposit funds into PancakeSwap and receive trading fees from traders (supply-side fees).

PancakeSwap is a non-custodial exchange protocol built on Binance Smart Chain and other blockchains (originally a fork of Uniswap). PancakeSwap was founded by an anonymous team and launched in 2020.

CAKE tokenholders own and govern the protocol. They currently take a cut of the total trading fees paid by traders (revenue).

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PancakeSwap

# PancakeSwap Tradeable assets Methodology

## 1. Overview

Tradeable assets measures the cumulative number of unique assets that have become available for trading on PancakeSwap, segmented by chain and product (PancakeSwap V2 and PancakeSwap V3). The growth of the PancakeSwap ecosystem is tracked by counting distinct assets for which trading pairs or liquidity pools have been created, providing insight into asset diversity and expansion over time. A cumulative approach is used, meaning the asset count only increases as new assets are introduced and never decreases.

## 2. Data sources

- **Blockchain events**: `PairCreated` and `PoolCreated` events from `Factory` contracts, covering Ethereum, BSC, Arbitrum, Base, and 2 other chains
- **External data**: Asset metadata containing symbol and decimal information

## 3. Step-by-step calculation

### Component A: Trading pair collection

- **Purpose**: Gather all trading pair and liquidity pool creation events across PancakeSwap products and chains
- **Logic**: `PairCreated` events from PancakeSwap V2 `Factory` contracts and `PoolCreated` events from PancakeSwap V3 `Factory` contracts are extracted across all supported chains. Each event contains the addresses of two assets (`token0_address` and `token1_address`) that form the trading pair, along with the block timestamp when the pair was created. PancakeSwap V2 pairs use a fixed fee tier of 0.25%, while PancakeSwap V3 pools have variable fee tiers extracted from the event data. Asset metadata is joined to provide symbol information.
- **Key fields**: `block_timestamp` (timing), `token0_address` (first asset address), `token1_address` (second asset address), `chain` (chain identification), `product_id` (product identification), and `fee_tier` (fee tier information)

### Component B: Asset extraction and deduplication

- **Purpose**: Convert trading pairs into individual asset records and identify unique assets per chain and product
- **Logic**: Both `token0_address` and `token1_address` are extracted from each trading pair, creating separate records for each asset. Timestamps are truncated to daily boundaries to establish daily time series. Records are grouped by chain, product, and asset address to find the first appearance date of each unique asset on each chain for each product. This ensures each asset is counted only once per chain and product, regardless of how many trading pairs it participates in.
- **Key fields**: `timestamp` (daily boundary), `chain` (chain identification), `product_id` (product identification), and `token_address` (unique asset address)

### Component C: Daily asset counting

- **Purpose**: Count new unique assets appearing each day per chain and product
- **Logic**: First asset appearances are grouped by date, chain, and product, counting distinct asset addresses that had their first trading pair created on each day. This produces daily counts of new tradeable assets being introduced to each chain and product.
- **Key fields**: `timestamp` (daily boundary), `chain` (chain identification), `product_id` (product identification), and `tradeable_assets` (count of new tradeable assets)

### Component D: Cumulative aggregation

- **Purpose**: Calculate the running total of unique tradeable assets over time
- **Logic**: Daily new asset counts are processed using a cumulative sum calculation partitioned by chain and product, and ordered by timestamp. This produces a running total of unique assets ever made tradeable on each chain for each product. The final metric represents the cumulative count of distinct asset addresses that have been included in at least one trading pair or liquidity pool, providing a monotonically increasing measure of asset diversity over time.
- **Key fields**: `timestamp` (daily boundary), `chain` (chain identification), `product_id` (product identification), and `tradeable_assets` (cumulative tradeable assets)

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Number of unique tokens tradeable on the exchange.

PancakeSwapCAKE

Tradeable assets

Tradeable assets

Competitive landscape

Chain breakdown