Originally posted by eladswerdna:

And we need the serpents now, more than ever, for their trophies are part of a recipe related to the best stam food in the game.

You actually don't need the deep sea bait (serpent bait) to get the fish n' bread recipe.

Bait -> Mossy Bait -> Sticky Bait -> Stingy Bait -> Misty Bait