"Stakers don't care about real yield, they only look at nominal yields"

Why don't we all stake with Celestia and Polkadot then?

Staking isn't just the reward you get for participation -- you also have to believe in the asset. So indeed, most stakers don't directly think about "real yield = nominal yield - dilution", but they think about "how bullish am I about the base asset + nominal yield".
The dilution gets baked into the former.

Mint BASECYPHER #base $base freemint #zora $zora

Mint BASECYPHER #base $base freemint #zora $zora https://zora.co/collect/base:0x1d95982fc3e0ef80d41e10eeaed9550db68ec9e0/1?referrer=0x581ad5344EC758dCeEB9B5557F2E7DC31AbA6386