Date: 2023-05-02T17:21:35Z Creator: Bitfolio Academy
Breaking news. Pancakeswap’s CAKE token is in a state of upheaval. Those who staked a year ago at 100% APY are now unlocking their CAKE and are cashing out. A year ago, one could borrow CAKE at 30% interest and stake it for 100% interest.
With the current reduced staking rewards of just 21% APY with a one-year lock, users have little incentive to reinvest. In an effort to combat the crash, Pancakeswap’s DAO is proposing to make CAKE a deflationary asset, like BNB and ETHer. Will this make a difference? I doubt it. This will just reduce the staking rewards even further.
Pancakeswap’s CAKE token has fallen 29% in the past week, and it appears that the selling will continue.
Let me know in the comments. 🤔
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