$CAKE I have also been studying the tokenomics of cake recently and found some interesting things. Let me share my basic understanding of what I discovered, and if there are any experts, please feel free to correct me.
The core of cake's tokenomics is to take a portion of the total fees as protocol revenue to buy back and burn cake. According to the official documentation, for every 25 units of total fees, 8 units are taken as protocol revenue, which means the theoretical maximum proportion is 8/25=0.32. This protocol fee rate should have been introduced with PancakeSwap V3, which went live in April this year. Referring to the data from defillama in Figure 1, before v3, the proportion of protocol revenue used for burning was not high. For example, in February it was 0.056, in March it was 0.11, and it started to rise and stabilize around July, with proportions in July, August, September, and October being 0.275, 0.323, 0.324, and 0.325 respectively. Referring to Figure 2, the official burn chart shows that the number of burns has significantly increased and stabilized in recent weeks. I suspect that the protocol launched in April, but the chaotic proportions in May and June might be due to adjustments in the protocol pool leading to inaccurate statistics. At least in recent months, cake has a quite excellent economic model in the web3 world. The recent annual deflation rate should be around 7% or even higher, while the official target is 4%. I looked at several other tokens, and personally, I believe that pancake's model is better because, first, it is indeed making money, and second, it is truly a buyback and burn model. SushiSwap and Aave's models are buybacks for stakers. If we refer to stocks, pancake is a buyback, while suchiswap is dividends, which is clearly better.
Of course, this is my personal opinion and does not constitute investment advice. I hope experts can provide corrections.