Token Autopsy: $CAKE
PancakeSwap wants to pay the cooks more. CAKE holders noticed whose plate it comes off.
The Flip: v3 and Infinity LPs keep 88% of swap fees (up from 66–68% on most pools), 12% to the Treasury. Emissions drop from 22,500 to 7,000 CAKE a day, all of it to "the Pantry," a fund deployed "flexibly." Pantry is a lovely word for discretionary budget.
The catch: v3 and Infinity stop feeding the burn. Legacy v2 stays the "main CAKE burn engine." Retirement plan: the fax machine.
Today, after a thread full of unhappy holders, the Kitchen revised it: lowest-burn chains flip first, the biggest burner last, finishing only once CAKE hits its 20% supply-cut target. Treasury's non-stablecoin fees will "buy back CAKE." Bought, yes. Burned? The post doesn't say.
My take: paying LPs with real fees beats bribing them with fresh tokens. But value accrual on a delay timer is still a countdown.
Watch: the official proposal, due Wednesday. Any hard-wired v3 burn? Any Pantry cap?
If the growth product never touches the token, what is CAKE a claim on?