CAKE · the exchange burns far more than it prints, month after month.

New CAKE is created for liquidity farms, product rewards and ecosystem growth at about 22,500 a day — roughly 0.65M a month. That is the only way CAKE enters the market, and it is capped: the token can never exceed 400M, a ceiling cut down from 450M by a vote in Jan 2026. Emission has been trimmed repeatedly and is now a fraction of what it was.

There is nothing to unlock. CAKE launched in 2020 with no pre-mine, no private sale and no investor or team allocation, so no vesting contract has ever existed. No cliff sits in this window or any later one.

The ecosystem-growth share of the emission — 295,684 CAKE in June — is minted to a team-controlled destination, and it is already counted in the row above, so it is not booked twice here. Beyond that stream, no dated treasury release happened in the window. A vote on Jun 22 2026 sent the fees of the side products to the treasury, but that moves fee income, not CAKE. No public evidence of release in window — monitored.

No bankruptcy estate and no court-ordered distribution touches CAKE. The vote-locking product that once held tokens for up to four years was retired in Apr 2025, so there is no lock left that could expire and release a block of supply.

A large share of trading revenue is spent buying CAKE on the open market and destroying it. Swap fees give up 15% to 23% of every trade and perpetual trading gives up 20% of profits; across the 90 days that funded 6.56M CAKE of purchases, all sent to the dead address. This is the engine, and it is three times the size of the mint.

Some products charge their fee in CAKE itself and destroy it on the spot — 3% of every prediction round, 20% of all CAKE played in the lottery, all launchpad fees, plus the NFT market, profiles and domains. That removed 0.84M CAKE over the window. A vote on Jun 22 2026 redirected the side-product fee streams to the treasury, and this row has been shrinking since.

No treasury purchase happened outside the fee-funded programme already counted above. Counting the same buying twice would overstate the page. No public evidence of release in window — monitored.

There is no lock product any more. The vote-escrow model that once locked CAKE for years was retired in Apr 2025, and nothing replaced it, so no new escrow absorbed supply in this window.