I can say that Pancakeswap is a leader in Defi because its high TVL and variety of pools and many other options which are not available elsewhere. You are right that even if they offer less apr then also they would be able to keep the TVL high. Its because more people trust and want to keep their holding on pancakeswap.
CAKE token price is quite stable these days and CUB is like a child in front of this.
@tipu curate