A somewhat fragmented phenomenon—

1. In the past 24 hours, PancakeSwap protocol fees exceeded $7 million, ranking second on-chain, only behind Tether.

2. The token $CAKE only slightly increased to 2.4, with a monthly increase of 20%.

This reflects what I said yesterday: protocol profitability ≠ token value capture, on-chain earnings ≠ token earnings.

Everyone actually knows this:

The surge in Pancake protocol revenue is largely due to Binance's Alpha event, which strongly tied to increasing Pancake trading volume; all of this has nothing to do with the $CAKE token, and the earnings cannot be transmitted.

This actually reflects a structural problem of the product, which is almost a common issue for early AMM leaders—

High TVL, many transactions, strong income, but the token value has no "participation rights"—no dividends, no governance incentives, no staking binding;

It's like a chef in a Michelin restaurant who cannot share profits, cannot make decisions, and is not tied to the protocol's growth, essentially just a passive shareholder.

The market will eventually force these projects to undergo structural reforms; if they do not change, the market will choose new structures with clearer "second-generation DEX" to take over.

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