The Lair which houses all the waffle treasure in the volcano, why do you want Waffle treasure? I don't know but it's there. Okay? It weighs enough that only five able bodied people could carry it, together.

Of course though there's another path leading to The Core. The Wafflemeister themselves, waffles don't really have genders.

There's also a Waffle Scroll hidden here, it seems that Waffle-kind invented their own new Kido.

You can either. Grab some treasure, continue on to the final boss or take the scroll back so everyone can learn the Kido. Or all three, except fighting while carrying treasure is difficult.