Pancakeswap has 72 million Cake in Auto Stake
Update (about an hour later) Bitcoin is shooting up and is almost at 39K. Pancake Swap seems to be following getting closer and closer to 17. I think Bitcoin might go crazy when the markets open tonight. I think a sovereign nation adopting Bitcoin as a currency is probably the biggest news in the history of Bitcoin and no one is really making a big deal about it. Even poor countries have millions and billions of dollars. So do their citizens and the corporations in their countries. If Dutch Royal Shell operates in El Salvador they should be buying some Bitcoin. If Dole Fruit imports fruit from El Salvador, they may need to buy some Bitcoin. It could be like a domino effect where more and more people need the currency to get access to the growing Bitcoin based supply chain.
Update to 6/13/21 and there is 72.3 million Cake staked in auto and just under 65 million staked in manual. Cake BNB farm is at $667 million dollars. I have to imagine that must make up most of Cake. There should be some on Binance to make it a liquid market but if you stake Cake somewhere else, I am pretty sure they don't just hold it. The restake it and somehow give you less than they earn from the Cake Stake. Cake appears to be the main revenue generating protocol for the entire chain. I find nothing that comes even a close second. Cake seems to be getting staked quicker than it is getting created. Less Cake, should mean higher price but I have been wrong on that almost all month. I have the little Cake Bunny dude conducting a lottery. Let's get that lottery back up and running so we can burn more and more cake. BURN BABY BURN!!!!
Bitcoin is looking really strong passing the 37K mark. If it hits 38K today, we will be at 40k by tomorrow. If that happens, watch Cake to get pulled up with it. But again, what do I know. I am just a purveyor of fine wallets and metal.
Well not quite yet, but Auto Cake is just about to cross the 72 million stake mark. One could assume that it will continue to rise if the price stays stable or goes up. The yield continues to go down a little bit. I am making less per day now with more coins than I was 2 weeks ago with less coins.
The rate should continue to decrease as more and more coins get staked. As more and more get staked and the yield goes down, I theorize that the price will still go up because of lack of supply. I don't fully understand how an AMM sets a price. My assumption is through oracles. I assume that price on Binance for Cake is a matter of supply and demand.
I thought a bunch of people would learn about Binance Smart Chain and staking Cake at the Miami show and that there would be a mass entrance but I only saw one big jump in the Auto stake pool when it went from 65 million to 71 million a few days ago.
I am eager to see the burn this Monday. There are now more than 180 million Cake coins in circulation. I hope that they will burn another 6 million on Monday but without the lottery in operation that is a big reduction in potential burn.