Pancakeswap记录历史上的高交易量

但是，该平台团队的新数据揭示了令人惊讶的转折：高交易活动与其本地令牌蛋糕的预期燃烧率之间的脱钩。

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连锁店上最杰出的分散交流之一Pancakeswap已经看到其交易量达到了历史最高点。但是，该平台团队的新数据揭示了令人惊讶的转折：其本地令牌蛋糕的预期燃烧率并没有逐步增加。

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

尽管许多人可能认为更多的交易等于更多的令牌，但Pancakeswap最近的表现显示出更为复杂和有趣的动态发展。

High Volumes, Low Burn: A Look at Fee Tiers

高卷，低燃烧：看费层

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％来自流动性池，费用为0.01％，这是平台上最低的。这些池，旨在吸引高频交易者并为用户提供更好的利率，已成为贸易执行的主要途径。但是，随着交易费用较低，取决于折衷：收集和燃烧的蛋糕令牌较少。

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.

这种转变有助于解释为什么尽管交易活动激增，但实际的蛋糕令牌数量并未按比例地增加。取而代之的是，与前几个月相比，它的体积较小，但费用较高。

Token Price Impacts Burn Value

令牌价格影响燃烧价值

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，蛋糕的价格在5月份上涨了大约15％，从$ 2.03升至2.50美元。虽然较少的令牌被数字烧毁，但令牌的美元价值增加了​​，傍晚，一些通缩问题。

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.

对于长期持有人来说，这个细微差别很重要。该平台继续保持蛋糕的通缩立场，但现在很明显，必须与不同的费用结构和代币定价一起评估燃烧价值和代币量。

Implications for Liquidity Providers

对流动性提供者的影响

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.

蛋糕的价格上涨还会影响pancakeswap农产品中流动性提供商（LPS）提供的年百分比（APR）。随着代价更高的价格，产量吸引力会提高，可能会吸引更多的资本进入农场，尤其是与高效，低收入池相关的资本。

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.

通过保持竞争性APR，PancakesWap不仅保留其流动性深度，而且吸引在越来越拥挤的Defi市场中寻求产量耕种机会的用户。

Efficiency Over Quantity: Rethinking Burn Metrics

效率超过数量：重新思考燃烧指标

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.

此更新标志着煎饼生态系统中燃烧指标的解释方式发生了一种微妙但重要的转变。尽管燃烧的令牌数量的原始数量似乎是最终的健康指标，但它不再讲述完整的故事。

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.

资本效率水池，较低滑倒和减少费用的趋势突出了成熟的Defi景观，在此期间优先考虑用户体验和成本效率。 Pancakeswap决定监控并可能调整其燃烧战略的决定反映了一种平衡长期可持续性与市场份额增长的细微差别方法。

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背后的团队通常被称为“厨房”，将继续观察这些趋势，并适应其支持健康的通气模型的策略。随着Defi的发展，诸如PancakesWap之类的平台表明，越来越多的效率是对生态系统强度的衡量标准。