“Trade. Earn. Win.” The happy bunny flipping a pancake and the double- or triple-digit interest rates on offer are closer to the marketing style of Las Vegas than Wall Street. Don’t be fooled: PancakeSwap and its competitors in what’s now known as DeFi, or decentralized finance, are bringing casino capitalism to the crypto masses.

The promised rewards are huge, and the marketing makes it easy. “High APR, low risk” is the pitch for PancakeSwap’s “Syrup Pools,” where anyone can lend money. The annual percentage rates, the APRs, are sweet: On Monday a crypto token called CHESS was promising more than 300% a year, paid in CHESS.