To a large extent, this is because veCAKE has no actual governance role, and opening up the records of Cake's governance proposals is all just a formality, with a new liquidity list still centralized up to the syrup pool. The low Cake PE itself also confirms that the efficiency of repurchase and destruction is not very good. BTW， If Pancake does not have the huge resource tilt of Binance, V3 will not be able to receive protocol revenue at all.