Pancakeswap’s native token (CAKE) has plummeted to $2.83 from roughly $3.33 in the last 24 hours — down over 15% at press time.
According to Pancakeswap data, 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.
According to BSCscan data, a mass of ‘unlock’ calls’ — alongside ‘withdraw all’ 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.
Julian Hosp, CEO and co-founder of Cake DeFi said in an interview with CoinTelegraph, that “the days of platforms touting sky-high yields are over.”
Hosp added:
“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 “true DeFi.”
Hosp explained that, following “the string of bank collapses,” the public has lost confidence in both centralized finance (CeFi) and traditional finance (TradFi) — turning to “alternative ways to store and manage their wealth, such as DeFi).”
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