$CAKE A year has passed, and these charges still stand
cake kitchen's five cardinal sins:
1. Syrup Pool, initially using high inflation rates to lure investors into locking up their funds, cake's total supply increased from around 100 million to now about 400 million, with all the chips in the hands of retail investors, creating long-term selling pressure, which is the root cause of its inability to rise.
2. Centralized Tokens, cake is a centralized application, completely lacking the concept of web3. From minting tokens to buyback and burn, including the recent dividends, all are manually operated by the project team. Who can guarantee that the millions of tokens minted each week won’t be dumped by the project team first?
3. Insider Trading, the kitchen's structure is very narrow, every time good news is released, there will be insider trading.
4. Blood-sucking LP Fees, the kitchen uses the free mint rewards from cake to provide to LPs. About 30% of LP transaction fees are supplied to the kitchen, while LP providers can only take 70% of the fees and a small amount of cake. This also creates a connection with the syrup pool; retail investors staking in the syrup pool incur losses, and so do LP providers. Only the kitchen is the eternal bloodsucker; they don’t care about the price of cake because the price of cake has nothing to do with them.
5. Development Capability, the kitchen can be said to have no development capability, merely occupying a position without contributing. In the innovation-driven development of the web3 world, the cake project has been around for over three years since its launch, with no innovative products, only copying other projects. #cake
Once a believer, now a long-term victim who has awakened, my cake is still locked in the syrup pool, but the kitchen's operations treat investors as foolish blood bags
#cake.