> For the complete documentation index, see [llms.txt](https://docs.kpk.io/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.kpk.io/funds/infrastructure/onchain-accounting/meta-balance-adapters/pancakeswap-v2.md).

# PancakeSwap V2

The PancakeSwap V2 adapter reports an account's V2 LP across any pair as the dilution-adjusted pro-rata share of both reserves, emitted as one `Supplied` leg per token. PancakeSwap V2 shares the Uniswap V2 Pair/Factory ABI and pro-rata math, so this is a thin subclass of the [Uniswap V2](/funds/infrastructure/onchain-accounting/meta-balance-adapters/uniswap-v2.md) meta-adapter. It differs in two respects: the reported protocol slug, and its `_mintFee` protocol-fee fraction, which is **not** Uniswap's — it overrides the dilution coefficients accordingly. A single immutable meta-adapter serves every pair; the active pair set lives on NAVCalculator.

* **Type:** Meta-adapter
* **protocolSubId:** `keccak256("pancakeswap-v2")`
* **Instance key:** the PancakeSwap V2 pair address, widened to bytes32.
* **Source:** [`PancakeSwapV2PoolsMetaBalanceAdapter.sol`](https://github.com/karpatkey/onchain-accounting/blob/main/src/balances/MetaBalanceAdapters/pancakeswap/PancakeSwapV2PoolsMetaBalanceAdapter.sol)

***

## Positions returned

Per pair instance, up to two legs:

| Leg          | PositionKind | isDebt  | Description                          |
| ------------ | ------------ | ------- | ------------------------------------ |
| token0 share | `Supplied`   | `false` | Account's pro-rata share of reserve0 |
| token1 share | `Supplied`   | `false` | Account's pro-rata share of reserve1 |

Legs with zero amount, unregistered assets, or assets excluded by `assetFilter` are dropped.

***

## Balance calculation

<figure><img src="/files/JYdVE6nRshbLUNjWNNaB" alt="Flowchart of the PancakeSwap V2 balance adapter: read calls derive position legs into PositionBalance entries."><figcaption><p>PancakeSwap V2 adapter — how the underlying balances reported to the NAV Calculator are derived.</p></figcaption></figure>

Delegated to `UniswapV2PairLib.pairAmounts(pair, account, ...)`, same as [Uniswap V2](/funds/infrastructure/onchain-accounting/meta-balance-adapters/uniswap-v2.md) but with PancakeSwap's own `_mintFee` coefficients. The account's LP balance is converted to underlying reserves against an effective supply that includes the protocol fee LP the pair would mint on its next mint/burn:

```
balance         = pair.balanceOf(account)
totalSupply     = pair.totalSupply()
(r0, r1)        = pair.getReserves()
effectiveSupply = totalSupply + pendingProtocolMint        // V2 _mintFee dilution

amount0 = balance × r0 / effectiveSupply
amount1 = balance × r1 / effectiveSupply
```

with PancakeSwap V2's `_mintFee` coefficients `(numFactor, rootKCoeff, rootKLastCoeff) = (8, 17, 8)`, overriding Uniswap's `(1, 5, 1)` via the `_mintFeeConstants()` hook:

```
pendingProtocolMint = totalSupply × (√k − √kLast) × 8 / (17·√k + 8·√kLast)
```

PancakeSwap's protocol-fee fraction is larger than Uniswap's; using Uniswap's `(1, 5, 1)` constants would understate the dilution LP and slightly overstate the holder's reserve share whenever PancakeSwap's `feeTo` is set.

It is 0 when `feeTo` is unset, `kLast == 0`, or `√k <= √kLast` (read defensively).

***

## Identity

* **positionId:** `abi.encode(address pair)` — one positionId per pair instance (same schema as Uniswap V2).
* **positionKind:** `Supplied` for both legs.

There is no `labels` field on the position. The adapter implements `positionLabels(positionId)`, which returns `["AMM Liquidity Pool", "sym0/sym1"]` from the pair's on-chain token symbols — surfaced only by the verbose reads (`getAccountPositionsVerbose` / `getAccountNavVerbose`); the full breadcrumb is `[protocolName, ...labels]`.

***

## Constructor

```solidity
constructor(
    address navCalculator_
)
```

| Parameter        | Description                                      |
| ---------------- | ------------------------------------------------ |
| `navCalculator_` | NAVCalculator contract for asset-registry access |

No protocol addresses are pinned — every pair is self-describing.

***

## Registration

Register the adapter once with `addMetaBalanceAdapter`, then enable each pair with `addMetaInstances`. The instance coordinate is the PancakeSwap V2 pair address widened to bytes32. The adapter holds no instance state — it reads its active set from `NAV_CALCULATOR.getMetaInstances(address(this))`.


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