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

Pancakeswap’s autochthonal token (CAKE) has plummeted to $2.83 from astir $3.33 successful the past 24 hours — down implicit 15% astatine property time.

According to Pancakeswap data, the Total Value Locked-up (TVL) successful CAKE is down astir 4% connected the time — accompanied by a 212.45% surge successful measurement successful the past 24 hours.

Source: PancakeSwap

According to BSCscan data, a wide of ‘unlock’ calls’ — alongside ‘withdraw all’ calls — person spammed the CAKE astute contract.

Mass unlocking of tokens preceded the lawsuit and presently proceed to spam the declaration en-masse arsenic the CAKE token endures a crisp sell-off.

Source: PancakeSwap

Julian Hosp, CEO and co-founder of Cake DeFi said successful an interrogation with CoinTelegraph, that “the days of platforms touting sky-high yields are over.”

Hosp added:

“Today, we spot yields adjusting astatine healthy, realistic, albeit overmuch little levels. We judge that this is really a bully sign, arsenic it indicates that the manufacture is moving towards what we telephone “true DeFi.”

Hosp explained that, pursuing “the drawstring of slope collapses,” the nationalist has mislaid assurance successful some centralized concern (CeFi) and accepted concern (TradFi) — turning to “alternative ways to store and negociate their wealth,  specified arsenic DeFi).”

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