Of course nobody knows what will happen with absolute certainty. I’m not claiming the new model will definitely work - but what we do know is that veCAKE clearly isn’t delivering as promised, so we need to try something different.
Just 3% of CAKE locked after 2 years demonstrates that people don’t connect with this model compared to traditional stake-and-forget. While rewards sound nice in theory, when mCAKE loses value daily, those rewards effectively become worthless. Nobody wants to lock new CAKE when: 1) The system is confusing, and 2) They can lose 10% of their value overnight. The risk isn’t worth it.
Yes, theoretically the peg could restore to 1:1 someday. But it hasn’t so far, and the CakePie team shows little interest in implementing ideas to fix it. I find it telling that CakePie responds quickly to criticism here but ignores critical user problems for months.
Let’s examine your arguments:
More bribes? Week in, week out on Telegram, people complain that bribes are less and less - that’s precisely why the CKP price has dropped so significantly. PancakeSwap has seen HUGE volume recently, yet bribes have dropped significantly. By your logic, they should’ve increased.
Rewards? They’re minimal when the peg deteriorates so rapidly. CKP has crashed to levels where rewards barely matter anymore.
The real-world data simply doesn’t support keeping the current system.