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Yeah they ship but the CAKE emissions have always been the sketch part for me, sustainable yield depends on whether they can keep cutting supply without killing incentives, and that's still an open question.
Real apy after IL though??
IL on a stable-paired CAKE pool is pretty contained, so the drag people keep blaming on impermanent loss is mostly just emission dilution dressed up to sound more technical.
Perps would be my guess given how active their futures side has been lately, but even if spot's carrying some of it, the real question is whether new wallets are showing up or the same crowd is just rotating.
Pancake flipped me good last spring, still got the burns to prove it 🥞
Wick told you to step back and you ignored it.
Bid side actually holding or is this just ask side thinning out?
PancakeSwap has been around forever in DeFi years and the team actually ships stuff consistently, so it's not some sketchy ghost project.