Pancakeswap記錄歷史上的高交易量

但是，該平台團隊的新數據揭示了令人驚訝的轉折：高交易活動與其本地令牌蛋糕的預期燃燒率之間的脫鉤。

PancakeSwap, one of the most prominent decentralised exchanges on the BNB Chain, has seen its trading volumes hit all-time highs. However, new data from the platform’s team reveals a surprising twist: the expected burn rate of its native token, CAKE, hasn’t risen in step.

BNB連鎖店上最傑出的分散交流之一Pancakeswap已經看到其交易量達到了歷史最高點。但是，該平台團隊的新數據揭示了令人驚訝的轉折：其本地令牌蛋糕的預期燃燒率並沒有逐步增加。

While many might assume that more trades equal more tokens burnt, PancakeSwap’s recent performance shows a more complex and interesting DeFi dynamic unfolding.

儘管許多人可能認為更多的交易等於更多的令牌，但Pancakeswap最近的表現顯示出更為複雜和有趣的動態發展。

High Volumes, Low Burn: A Look at Fee Tiers

高卷，低燃燒：看費層

In May, up to 90% of PancakeSwap’s trading volume came from liquidity pools with a 0.01% fee tier—among the lowest on the platform. These pools, designed to attract high-frequency traders and offer better rates to users, are becoming the dominant path for trade execution. But with lower transaction fees comes a trade-off: fewer CAKE tokens are collected and burned.

5月，pancakeswap的交易量的90％來自流動性池，費用為0.01％，這是平台上最低的。這些池，旨在吸引高頻交易者並為用戶提供更好的利率，已成為貿易執行的主要途徑。但是，隨著交易費用較低，取決於折衷：收集和燃燒的蛋糕令牌較少。

This shift helps explain why, despite a surge in trading activity, the actual number of CAKE tokens burnt hasn’t risen proportionally. Instead, it has remained relatively flat when compared to previous months that saw less volume but higher fees.

這種轉變有助於解釋為什麼儘管交易活動激增，但實際的蛋糕令牌數量並未按比例地增加。取而代之的是，與前幾個月相比，它的體積較小，但費用較高。

Token Price Impacts Burn Value

令牌價格影響燃燒價值

Interestingly, the price of CAKE rose by approximately 15% in May, moving from $2.03 to $2.50. While fewer tokens were burnt numerically, the dollar value of tokens burnt increased, evening out some of the deflationary concerns.

有趣的是，蛋糕的價格在5月份上漲了大約15％，從$ 2.03升至2.50美元。雖然較少的令牌被數字燒毀，但令牌的美元價值增加了​​，傍晚，一些通縮問題。

For long-term holders, this nuance matters. The platform continues to maintain a deflationary stance for CAKE, but it’s now clear that burn value and token volume must be assessed alongside the varying fee structures and token pricing.

對於長期持有人來說，這個細微差別很重要。該平台繼續保持蛋糕的通縮立場，但現在很明顯，必須與不同的費用結構和代幣定價一起評估燃燒價值和代幣量。

Implications for Liquidity Providers

對流動性提供者的影響

The price uptick in CAKE also affects the Annual Percentage Rates (APRs) offered to liquidity providers (LPs) in PancakeSwap’s farming products. With higher token prices, the yield attractiveness increases, potentially drawing more capital into farms—especially those tied to efficient, low-fee pools.

蛋糕的價格上漲還會影響pancakeswap農產品中流動性提供商（LPS）提供的年百分比（APR）。隨著代價更高的價格，產量吸引力會提高，可能會吸引更多的資本進入農場，尤其是與高效，低收入池相關的資本。

By maintaining competitive APRs, PancakeSwap not only retains its liquidity depth but also appeals to users seeking yield farming opportunities in an increasingly crowded DeFi market.

通過保持競爭性APR，PancakesWap不僅保留其流動性深度，而且吸引在越來越擁擠的Defi市場中尋求產量耕種機會的用戶。

Efficiency Over Quantity: Rethinking Burn Metrics

效率超過數量：重新思考燃燒指標

This update marks a subtle but important shift in how burn metrics are interpreted in the PancakeSwap ecosystem. While the raw number of tokens burnt might seem like the ultimate health indicator, it no longer tells the full story.

此更新標誌著煎餅生態系統中燃燒指標的解釋方式發生了一種微妙但重要的轉變。儘管燃燒的令牌數量的原始數量似乎是最終的健康指標，但它不再講述完整的故事。

The trend toward capital-efficient pools, lower slippage, and reduced fees highlights a maturing DeFi landscape—one where user experience and cost efficiency are prioritised. PancakeSwap’s decision to monitor and possibly adjust its burn strategy reflects a nuanced approach to balancing long-term sustainability with market share growth.

資本效率水池，較低滑倒和減少費用的趨勢突出了成熟的Defi景觀，在此期間優先考慮用戶體驗和成本效率。 Pancakeswap決定監控並可能調整其燃燒戰略的決定反映了一種平衡長期可持續性與市場份額增長的細微差別方法。

The team behind PancakeSwap, often referred to as “The Kitchen,” will continue to observe these trends and adapt its strategies to support a healthy deflationary model. As DeFi evolves, platforms like PancakeSwap are showing that efficiency—not just volume—is increasingly the measure of ecosystem strength.

pancakeswap背後的團隊通常被稱為“廚房”，將繼續觀察這些趨勢，並適應其支持健康的通氣模型的策略。隨著Defi的發展，諸如PancakesWap之類的平台表明，越來越多的效率是對生態系統強度的衡量標準。