PancakeSwap

Pancakeswap&#8217;s native token (<a href="https://cryptoslate.com/coins/pancakeswap/">CAKE</a>) has plummeted to $2.83 from roughly $3.33 in the last 24 hours — down over 15% at press time.
According to Pancakeswap <a href="https://pancakeswap.finance/info/v3/tokens/0x0e09fabb73bd3ade0a17ecc321fd13a19e81ce82">data</a>, the Total Value Locked-up (TVL) in CAKE is down almost 4% on the day — accompanied by a 212.45% surge in volume in the last 24 hours.
<figure id="attachment_319981" aria-describedby="caption-attachment-319981" style="width: 1184px" class="wp-caption aligncenter"><img class="wp-image-319981 size-full" src="https://cryptoslate.com/wp-content/uploads/2023/04/cake.png" alt="Source: PancakeSwap" width="1184" height="470" srcset="https://cryptoslate.com/wp-content/uploads/2023/04/cake.png 1184w, https://cryptoslate.com/wp-content/uploads/2023/04/cake-300x119.png 300w, https://cryptoslate.com/wp-content/uploads/2023/04/cake-1024x406.png 1024w, https://cryptoslate.com/wp-content/uploads/2023/04/cake-768x305.png 768w" sizes="(max-width: 1184px) 100vw, 1184px" /><figcaption id="caption-attachment-319981" class="wp-caption-text">Source: PancakeSwap</figcaption></figure>
According to BSCscan <a href="https://bscscan.com/address/0x45c54210128a065de780C4B0Df3d16664f7f859e">data</a>, a mass of &#8216;unlock&#8217; calls&#8217; — alongside &#8216;withdraw all&#8217; calls — have spammed the CAKE smart contract.
Mass unlocking of tokens preceded the event and currently continue to spam the contract en-masse as the CAKE token endures a sharp sell-off.
<figure id="attachment_319985" aria-describedby="caption-attachment-319985" style="width: 1356px" class="wp-caption alignnone"><img class="size-full wp-image-319985" src="https://cryptoslate.com/wp-content/uploads/2023/04/cake-2.png" alt="Source: PancakeSwap" width="1356" height="508" srcset="https://cryptoslate.com/wp-content/uploads/2023/04/cake-2.png 1356w, https://cryptoslate.com/wp-content/uploads/2023/04/cake-2-300x112.png 300w, https://cryptoslate.com/wp-content/uploads/2023/04/cake-2-1024x384.png 1024w, https://cryptoslate.com/wp-content/uploads/2023/04/cake-2-768x288.png 768w" sizes="(max-width: 1356px) 100vw, 1356px" /><figcaption id="caption-attachment-319985" class="wp-caption-text">Source: PancakeSwap</figcaption></figure>
Julian Hosp, CEO and co-founder of Cake DeFi said in an interview with CoinTelegraph, that &#8220;the days of platforms touting sky-high yields are over.&#8221;
Hosp added:
<blockquote>&#8220;Today, we see yields adjusting at healthy, realistic, albeit much lower levels. We believe that this is actually a good sign, as it indicates that the industry is moving towards what we call &#8220;true DeFi.&#8221;</blockquote>
Hosp explained that, following &#8220;the string of bank collapses,&#8221; the public has lost confidence in both centralized finance (CeFi) and traditional finance (TradFi) — turning to &#8220;alternative ways to store and manage their wealth,  such as DeFi).&#8221;
The post <a rel="nofollow" href="https://cryptoslate.com/cake-plunges-15-amid-mass-unlocks-ceo-says-sky-high-yields-are-history/">CAKE plunges 15% amid mass unlocks; CEO says &#8216;sky-high yields&#8217; are history</a> appeared first on <a rel="nofollow" href="https://cryptoslate.com">CryptoSlate</a>.

CAKE plunges 15% amid mass unlocks; CEO says ‘sky-high yields’ are history

CryptoSlate

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