2023-04-24 16:56:00 ET
Today's price action in the overall cryptocurrency market has been relatively muted. However, one of the most notable decliners has to be PancakeSwap (CRYPTO: CAKE) , which saw its CAKE token plunge 13.2% over the past 24 hours, as of 4 p.m. ET.
Reports that a so-called "mass unlock" of calls on the CAKE smart contract drove a reduction of 4% in the protocol's total value locked (TVL) over the past day. This comes as PancakeSwap officially concluded the integration of its V3 liquidity pools with Ethereum and BNB Chain.
It appears that commentary from Cake DeFi's CEO Julian Hosp are at least partially responsible for this move. He was quoted as saying: "[T]oday, 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 toward what we call "true DeFi."
For further details see:
Why PancakeSwap Is Plunging Today