Honestly, I feel a bit regretful about the Pancake 3.0 proposal.

The veToken mechanism is fundamentally sound: the holders of veCake are true holders who remain committed even during the lowest price phases of $Cake (of course, once locked, they can't easily withdraw).

In our view, while the bribery model may not be perfect, it is the best solution available in the current environment.

The reason for the current proposal to eliminate veToken and the bribery model is that:

Currently, Cake is allocating too much to low volume pools, while these pools generate too little income (i.e., Cake burning), creating a mismatch that needs to be addressed by subsidizing based on pool size.

We believe the opposite is true; small pools need subsidies, just like a country must subsidize emerging industries.

This is the difference between equality and equity; large pools exist regardless, and whether they receive subsidies or not won’t affect people's decision to continue as LPs or quit.

Each small pool has the opportunity to become a large pool.

Moreover, those who receive bribes are those who have given up liquidity; their qualification for bribery is fair.

In fact, public bribery resembles bidding more than genuine private bribery; bribery is just a metaphor.

This proposal essentially ends the life of CakePie (equivalent to Convex of Curve), and whether there are hidden motives within, we cannot know.

Therefore, I feel regretful.

Stakeholders: former holders of $CAKE, $CKP, and $MGP.