The CAKE community has been supportive in reducing emission and increasing token burn (to 15 CAKE recently) but I think that we need to increase APY to create price action in CAKE itself.
Why?
This is psychological.
When people see high APY staking, they are more likely to buy CAKE to stake.
If there are low APY rewards for staking, then they'd rather park their money somewhere else.
APY adjustment is one area Pancakeswap cannot cut down on.
We need a bigger community, more people to have their legs dipped into the CAKE economy, to grow the size and reach of this platform. To do this, we should continue attracting more people to put their money down, buy CAKE, and leave it locked in through attractive staking rewards.