PancakeSwap ($CAKE) is a decentralized exchange (DEX) built on the BNB Chain, offering users token swaps, yield farming, staking, and NFT marketplaces. Key features include Syrup Pools, Ethereum liquid staking (wBETH), a prediction market, and Initial Farm Offerings (IFOs). PancakeSwap transitioned to a deflationary token model in 2023, burning over 102% of minted CAKE weekly. The protocol is open-source, audited, and continues to innovate, with an annual revenue of $27 million.