Last week I read this article on PublishOx about Cake DeFi. It stated that you would currently (till August 13) get a $50 sign up bonus for a $50 deposit. That is a pretty amazing return and for once a sign up bonus that is achievable for a small fish like me, that doesn't have thousands of dollars to deposit. So I decided to check it out! It was worth it and I wanted to share my experience with you!
What is Cake DeFi?
Cake is a platform where you can earn money with your crypto. You can do so by staking, lending, providing liquidity or putting assets in the freezer. They also work with their own token: DFI which you can also stake at even higher returns (currently a whopping 100.7% APY). Find out more on their website
What is the Sign-Up Bonus?
Because of the Olympics they currently have the sign-up bonus of deposit $50 worth of any crypto and get $50 worth of DFI as a bonus!
It is important that you use a referral code, otherwise your bonus will only be $25! If you are still looking for a referral, feel free to use mine: https://app.cakedefi.com/#?ref=348795 (code: 348795). After making a profile you have to do a KYC verification (mine went through in about 12 hours, much better than some other crypto platforms) and then do the deposit of $50 in any available crypto. I then received my bonus within minutes.
The DFI you receive is then placed in the freezer for 6 months, but it earns rewards every 12 hours and auto-compounds those, making your profits even higher! You can withdraw your original deposit in the meantime though.
Conclusions
I am pretty chuffed having tried this: doubling your money in minutes is pretty nice! I found the site easy to use and I received my bonus within minutes. Do remember to always do your own research, I do not give financial advice!
Have any of you tried Cake DeFi yet?
I have been thinking about this a lot, but the sign-up process didn't fill me with confidence... I couldn't find much detail on the KYC storage either, do you have any details on how it'd stored?