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).

governance

github

twitter

discord

etherscan

website

Exchanges (DEX)

PancakeSwap

# PancakeSwap Active users (weekly) Methodology

## 1. Overview

Active users (weekly) is calculated as the number of unique wallet addresses that performed any trading or flash loan activity on PancakeSwap protocols within a 7-day rolling window. User engagement across PancakeSwap's decentralized exchange (DEX) services on multiple blockchain networks is captured by this metric. Both swap trading activity and flash loan usage are combined in the calculation, with all participants treated as 'Trader' type users to provide a comprehensive view of weekly protocol engagement.

## 2. Data sources

- **Blockchain events**: `Swap` events from PancakeSwap V2 `Pair` contracts and PancakeSwap V3 `Pool` contracts, and `Flash` events from PancakeSwap V3 `Pool` contracts, covering Arbitrum, Base, BSC, Ethereum, and 2 other chains
- **Denylist data**: A curated list of contract addresses excluded due to limited price feed support for low liquidity tokens

## 3. Step-by-step calculation

### Component A: Trading activity extraction

- **Purpose**: Identify unique users who performed swap transactions on PancakeSwap
- **Logic**: `Swap` events from PancakeSwap V2 `Pair` contracts and PancakeSwap V3 `Pool` contracts are parsed across all supported chains. For V2 swaps, token amounts are calculated as the net difference between input and output amounts (`amount0In` minus `amount0Out`, and `amount1In` minus `amount1Out`). For V3 swaps, the `amount0` and `amount1` fields are directly used. Each swap event is joined with blockchain transaction data to resolve the user address from the transaction's sender address. Any trading pairs listed in the denylist are excluded.
- **Key fields**: `block_timestamp`, `user_address`, `account_address`, `chain`

### Component B: Flash loan activity extraction

- **Purpose**: Identify unique users who utilized PancakeSwap's flash loan functionality
- **Logic**: `Flash` events from PancakeSwap V3 `Pool` contracts are parsed across all supported chains. For each flash loan event, the borrowed amounts (`amount0` and `amount1` for the two tokens in the pool) are captured and joined with blockchain transaction data to resolve the actual user who initiated the flash loan transaction. The same denylist filtering is applied to exclude problematic trading pairs. Flash loan users are classified with the same business categorization as traders.
- **Key fields**: `block_timestamp`, `user_address`, `token0_amount`, `token1_amount`, `chain`

### Component C: Denylist filtering

- **Purpose**: Ensure data quality by excluding unreliable trading pairs
- **Logic**: A hardcoded denylist of specific contract addresses across BSC and Base networks with limited price feed support or low liquidity is maintained. Both trading and flash loan activities are filtered to exclude any events involving these denylisted contract addresses.
- **Key fields**: `account_address`, `chain`

### Component D: Final aggregation

- **Purpose**: Combine trading and flash loan activities to calculate active users (weekly)
- **Logic**: Trading activity and flash loan activity are combined using a union distinct operation, ensuring that users who performed both types of activities within the same 7-day window are only counted once. Block timestamps are truncated to week boundaries using weekly granularity to create consistent weekly buckets. Users are deduplicated within each 7-day window, so a user who performs multiple swaps, multiple flash loans, or both activities within the same 7-day window is counted as one weekly active user. All users are classified as 'Trader' type regardless of their specific activity.
- **Key fields**: `timestamp`, `user_wau`, `chain`, `user_type`

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

Unique revenue-generating users over a rolling 7-day window.

PancakeSwapCAKE

Active users (weekly)

Active users (weekly)

Competitive landscape

Chain breakdown