DEX · CAKE · $2.2B TVL. Screen grades as of November 12, 2026: Solvency A, Legitimacy BBB, Growth BB. BNB flagship DEX; veCAKE governance episodes; steady burn economics.
| Input / Grade | July 27, 2026 | November 12, 2026 |
|---|---|---|
| TVL | $1.7B | $2.2B |
| 12-month TVL change | -20% | -18% |
| Worst 90-day drawdown | 25% | 16% |
| Drawdown scored | 25% (90-day only, v1.0) | 18% (worse of 90-day and 12-month, v1.1) |
| Solvency (credit grade) | A · 74 | A · 79 |
| Growth | BB · 45.3 | BB · 45.3 |
TVL figures: DefiLlama, parent-level listing. The July 27, 2026 TVL was an analyst estimate and may have used a narrower definition, so part of the TVL difference can be definitional. Only these three inputs were refreshed in the re-screen; sustainability, unlocks, risk, audits, team, delivery, governance, category share and momentum were left as the July 27, 2026 estimates.
Solvency screens at A (79 / 100), unchanged from the July 27, 2026 screen. The worst 90-day TVL drawdown is 16% and 12-month TVL change is -18%. TVL stability is scored on the 12-month decline of 18%, because it is worse than the latest 90 days. Sustainability ratio (3x), unlock pressure (2%) and risk quality (7 / 10) are carried over from July 27, 2026.
Legitimacy screens at BBB (68.5 / 100). No Legitimacy input was refreshed in the November 12, 2026 re-screen, so the grade is unchanged from July 27, 2026.
Growth screens at BB (45.3 / 100), unchanged from the July 27, 2026 screen. TVL is $2.2B, -18% over twelve months (it was -20% at the previous screen). Category share (14%) and momentum (5 / 10) are carried over from July 27, 2026.
The credit grade is Solvency A. Legitimacy is BBB and the Growth outlook is BB; the weakest axis is Growth. These grades use TVL data as of November 12, 2026 and qualitative inputs from July 27, 2026.
The credit grade answers one question: can PancakeSwap survive stress and pay its users back. Legitimacy (BBB) and the Growth outlook (BB) are published beside it and are never averaged into it. Weakest axis: Growth.
| Protocol | Solvency | Legitimacy | Growth |
|---|---|---|---|
| PancakeSwap (this page) | A | BBB | BB |
| Uniswap | AA | AA | BB |
| Curve | BBB | A | B |
| Raydium | BBB | BBB | B |
| Aerodrome | BBB | BBB | B |
| Balancer | BB | A | CCC |
| SushiSwap | BB | BB | CCC |
PancakeSwap is the flagship DEX of the BNB Chain ecosystem and one of the few AMMs to achieve genuinely deflationary token economics — its burn mechanism consistently retires more CAKE than the protocol emits, funded by real trading fee revenue across a multi-chain deployment.
Solvency screens at A. The ~3x sustainability ratio is backed by steady burn economics, drawdown is comparatively shallow (~25%), and unlock pressure is minimal on a mature token. The risk score reflects a long operating history with no core-AMM loss.
Legitimacy screens at BBB. Audits are solid and delivery steady across v3 and multichain expansion. The deductions: a semi-anonymous 'chef' team structure, and veCAKE governance episodes where the core team overrode or restructured community processes — functional, but revealing where authority actually sits.
Growth screens at BB. TVL down ~20% is better than most peers, but 14% share and modest momentum describe an incumbent defending territory rather than expanding it, tied closely to BNB Chain's own trajectory.
Composite BB. Steady economics, ecosystem-bound growth, governance that works until it's tested. A full rating would examine treasury policy and the burn's sustainability across a volume downcycle.
