Where is all this Cake coming from?
Auto stake is above 73 million tokens. Manual stake is at almost 66 million tokens. The Cake BNB pool is 680 million dollars. It looks like people keep staking more and more. If people are earning yields they appear to be restaking because the pools are going up.
Now the total amount of Cake coins is 181 million so it is going up. It is not a speedy increase but again without the lottery, there is not enough to keep supply down. I don't think that necessarily matters. Ethereum doesn't have a hard cap and Pancake Swap doesn't either.
Total value locked is 8 billion and their market cap is about 3 billion. For comparison, Uniswap supposedly only has 5 billion locked and has a market cap of 12 billion. I think that is a pretty close comparable. Shouldn't pancake swap be worth more than Uniswap? It has more locked and I think it does more transactions. It has a better method of earning yields for its stakers. I challenge anyone to find a token that does more to provide yield while maintaining a stable ecosystem.