So pancake swap recently slashed the staking APY heavily for the CAKE token (12% down from around 70%).
That's unless you choose their locked staking option. You can choose your lock-up period and the maximum is 1 year, where you'll be given 230% APY. This is an attractive offer but I'm not sure whether CAKE will hold its value one year from now. Traditionally, the BNB chain was the only option if one wants to interact with smart contracts but not have to pay Eth's transaction fees. But now there are many competing layer 1's.
What do you guys think?
Well, most new projects do this and more likely a norm now. To be honest, this is a subjective topic, it will depend on every individuals risk appetites if they want to hop in, of course there will always be a risk and we may never know if it will hold or not. No one can predict that. The thing is, will the APY be fixed or not? If it's not if there are lot of stakers then probably it's too risky, the APY will surely decline.