What is Cake DeFi?
Cake DeFi is a transparent and regulated platform focused on building innovative products for crypto, and enabling users to earn cash flow from their cryptocurrency assets. Operating and registered in Singapore, Cake DeFi fully complies with all regulatory requirements of the Monetary Authority of Singapore. Cake DeFi partners with the largest and most trusted institutional lenders in the cryptocurrency landscape including Genesis Capital – providing users one of the highest yields on its lending products. By allowing its users to harness the potentials of Decentralized Finance, Cake DeFi’s aim is to onboard the masses onto crypto in a simple and hassle free manner.
What is DefiChain (DFI) cryptocurrency?
DeFiChain is a blockchain platform dedicated to enable fast, intelligent, and transparent decentralized financial services. Unlike most of the other DeFi projects that are built on the Ethereum network, DeFiChain is built on Bitcoin (as a software fork), and leverages Bitcoin's security by anchoring to the bitcoin blockchain (via merkle root) every few minutes. By dedicating the functionality of a blockchain specifically to decentralized finance, DeFiChain is able to provide high transaction throughput, reduced risk of errors, and intelligent feature development.
Now if Cake DeFi is all that is advertised I couldn't say for sure, but what I've research about it is that they are operating since early 2019 and they improved since than their service offering with DeFi products having DFI at their core. It might hold some risk as any other Liquidity Pool in the DeFi space, but it has additional products with less risk while more grounded % APY. I think that for the time being it could be an opportunity to learn some additional earning methods in the DeFi space and grab a decent bonus of $30 for signup and deposit.
They have the requirement to complete KYC in order to be able to deposit and get your initial bonus of $20 worth of DFI. On top of that registering through a referral brings you another $10 of DFI thus totalling $30 worth of DFI for free. The only condition is that the corresponding bonus DFI is locked into a stacking deposit for 180 days. But don't worry as that has a 37% APY thus after that period you will get some more tokens on top of that.
Considering that we are in a bull run and I couldn't predict in which part the market will move in time, I have decided to deposit a stablecoin - Tether. At the moment I am staking it for a 8% APY which while is not thrilling it is good enough in order to produce passive income while the DFI deposit will materialize itself and I will be able to remove the funds if I desire so. Let's see some calculations with the cost and profitability of such investment.
Based on the above calculations I think in the end I will get about $40 profit. And if the DFI price improve that amount could be much better. Nevertheless, probably I will do also some Liquidity mining on the USDT-DFI Pool which has a 240.74% APY rewarded every 12 hours. I think it is a good experiment to try some additional investment instruments and they got quite few instruments to try them out.
Posted Using LeoFinance Beta