How I made over £600 worth of crypto in 12 months from absolutely nothing with cake defi
Last year (January 2021) I was always was on the hunt for some excellent free money offers, one of which sounded an excellent offer, but one perhaps that would take a little bit more work and understanding: Cake DEFI.
The offer was simple, deposit $50 of a crypto currency into Cake Defi, to get $30 worth of a free crypto currency called DFI.
The deposit could then instantly be withdrawn back into my original account and then after the crypto being in a ‘freezer’ for 6 months could be withdrawn.
This was the first step, just over 12 months later what now sits in my account is worth £600 of cryptocurrency. Some of which I have now withdrawn and could have turned it into cash, but instead I have kept the vast majority in the account with a small amount being taken out and put into Bitcoin instead.
To understand the goings on in the last year it is important to understand a couple of the terms, there are a whole host but the two that are most important are, understanding what cake defi is and what staking is
First of all what is Cake Defi and is it Legit?
Cake Defi is a decentralised finance platform that allows you to manage your money yourself, you can deposit your crypto and earn from it by either staking, liquidity mining or lending. The way I earned is through staking the DFI token that I have earned over the last year.
In answer to whether cake defi is legit, it is certainly not a scam, the money that I have earned can be withdrawn and converted to cash quite easily as I demonstrated to myself this year.
It has been around for a good decent amount of time now and has improved itself greatly with lots of new additions and innovations.
For a more thorough and technological review of the thoughts of cake defi I would go here. Captain alt coin can explain these things much better than I can
I agree with the sentiment, although not perfect Cake Defi is moving in the right direction but with all crypto there is high volatility and risk. The beauty of this offer from me is what I earned was effectively risk free as I have not put in any of my own money, but I would happily do so. But as with any investment do your own research and beware of the risks.
What is staking
So, with staking be how we made the crypto grow it would be helpful to know what staking means, and I will try to explain in the simplest form as that is all I am able to muster.
Effectively by staking your crypto, you lock that crypto into a so called ‘node’ which helps verify the transactions on the blockchain. These locked coins help to proof consensus which helps to validate and secure the network, ensuring the validity of the new transactions. The reason people would do this is because for securing the validity of the blockchain, the people who have staked their coins are then rewarded for doing so by receiving new coins from the network.
The sign-up offer that gave me $30 of free DFI
So, the first step involved turning nothing into $30 of free DFI. This offer is still exactly the same as it was a year ago and once you know how is really simple to complete and to maximise the offer.
Sign up with cake defi with a referral code – Here is mine https://cakedefi.com/?ref=919426
Complete KYC / confirm your identity (you will need passport if from UK rather annoyingly but worth it)
Deposit $50 of crypto in to the platform, advise going bit above $50 so as to make sure you get the bonus, do it in one transaction.
Highly advise using bitcoin cash or dash as the crypto currency that you choose to deposit. Much much cheaper and quicker than others.
Get your $30 worth of free DFI
You can then if you so wish withdraw your initial deposit straight back out of cake defi. Leaving your balance at $30 free DFI
This will be locked for a minimum of 6 months where it will be ‘staking’ and earning a good return on investment currently at 40% APY
After the 6 months you can then unstake your coins, withdraw it with kucoin or bitrex and turn to cold hard cash or whatever you want.
My DFI sign up bonus and tracking of 12 month journey
26/1/21 My DFI bonus 12.00561862, which was worth £21.83 with the price of DFI on this day at £1.83.
Now let’s see how I grew this 30x over the next 12 months. Any coin prices were taken on the last day of the month mentioned and based on coin geckos prices.
In February 2021 my DFI was staking in the background bringing in daily rewards. From sign up date to the end of February from staking it had brought in a small 0.40 DFI from staking. Small but passive.
I also gained 3.29 DFI from a referral sign up offer where as well as them earning $30 I earned $10 of DFI.
This brought our end of month balance to 15.707 DFI at a price per coin of £2.19
Making a grand total of £34.39 worth of DFI from when first signed up
March I earned another referral which at the time was worth 3.10 DFI, with the staking rewards coming up to 0.49 DFI so a little bit more than the last month and now with the free DFI from these referrals the staking bonuses would be even bigger.
At the end of March I had a total of 19.306 DFI, with the price at the end of month £2.44 meaning my new balance was £47.10
Was nothing but staking, but with the high APY we did well and earned 0.64 DFI, bringing our new total to 19.94 DFI with an end of month price of £2.62
My new total was £52.26
Now in may I decided to freeze some of my DFI for even longer, this was free money, my plan was to retire in 5 years so I thought why not go for bust on some of my crypto freeze it in staking for even longer (5 years)+ this increased the staking bonus somewhat as well and gave a further freezer staking bonus increasing the APY slightly.
I remember at the time, Cake was saying how at their current rate how easy it would be to become a millionaire in 10 years by staking a modest amount of DFI for 10 years, this was unrealistic as the APY was never going to stay at that rate it was unsustainable, but then again with the price of the coin and market cap quite low the potential was quite high. But probably bit deceptive.
Also from May I started to earn a modest amount of DFI from the referral bonus so the amounts staked from referrers I would also get a reward from making the passive income even greater.
On top of all this I did also gain 3 more referral bonuses earning $10 each or 6.9 DFI in total
The total from staking bonuses and referral staking bonuses was 1.55 Dfi
Giving our new grand total of 28.40 DFI with an end of month price of a slight dip at £2.32
Making our new total £65.89
June was all about the staking with the APY still high, from staking alone our balance grew another 2.098 DFI all completely passively.
Important to note at this point all of the earnings I was restaking for a minimum of 6 months to compound our earnings.
So our total at the end of June was 30.50 DFI with an end of month price of £1.71 with the whole market going down hill DFI was no different making our new balance £52. The reality of investments they go up and down.
From the downward trend of the price in June, July was when I really started to boost my income. Firstly the referral bonus was increased to $50 for any new sign ups and $30 for the person who referred them.
I managed to get 4 referrals for 10 DFI each and then as well as that Cake Defi also ran a Olympic referral scheme where if you get 4 referrals you got a ‘bronze medal’ and a $50 bonus meaning I got an additional 20.5 DFI as a little bonus adding up to a total of 62 DFI from referral bonuses, all of this was then going to be restaked for a minimum of 6 months.
Our July staking bonuses earned me 2.412 DFI
All together bringing our total DFI to 94.98, with an end of the month price of small a small recovery 1.83. Making our balance £173.
Now if July was a good month August was even better, this was because of the referral scheme mentioned in July, having got to a bronze medal we needed 1 more referrals to get to the silver medal, which not only would give us $30 of DFI from each referral but also a whopping $100 DFI bonus for getting to 6 referrals
After the promotion ended we got 1 referral back at the normal rate so another few more DFI making our referral bonuses for august a rather nice 62.84 DFI.
Staking bonuses made a notable increase as well totalling 11 DFI for the month of august alone.
Meaning our new DFI total was 168 DFI, thanks Olympics bonus. The price continued to rebound as well and went back over £2 at £2.01.
Our new total balance was £339. This all from absolutely nothing was huge.
One more referral in September giving me 3.8 DFI and a further 8.46 DFI completely passively from staking rewards.
Giving me new totals of 181 DFI, end of the month the price was at £1.63.
Leaving us with slightly less than the last month at £295
Just staking bonuses in October another 8.56 DFI giving me a total 189 DFI with the price staying quite stable at £1.61.
Giving us a grand total of £305
The staking APY dipping a bit in November but still earning a further 7.5 DFI giving me a total of 197.35
The price did however do very well settling on 30th at £2.34 meaning our new balance was a very impressive £460
Earnings from December came from one referral earning 2.79 DFI and a dip in the staking rewards but still a pleasant 6.71 DFI.
December saw DFI hitting an all time high on the 6th December peaking at £4.24 massive price, this did settle down a little bit however and at the end of the month and year settled at £2.47 so a little bit more than November.
With the extra DFI and the increase in price, with our new total 206.87 DFI, meaning our entire balance was £510
The final month of our DFI adventure saw us earn an extra 23 DFI, 12 from another sign up referral bonus, 3 from a freezer bonus for locking in some DFI for a certain time and once again 8 DFI from staking.
This left our total at the end of January at 230 DFI the price at the end of the month was at £1.93 giving us £440 worth of crypto in a year. That being said 10 days later when I actually checked my balance and withdrew 30 DFI the balance was at £2.64 meaning that balance was at over £600.
Not bad for a years passive work on a crypto that is still very short of its ATH and in my humble opinion a market that will do much better in the next 12 months.
That being said it could all go in the toilet or to the moon or to any point in between. But for a free investment this could be a massive step towards my financial freedom. Only time will tell.
Some points to remember, obviously we were helped big time from the referral bonus and the summer Olympics bonus which really boosted our earnings, as well as at the beginning of the journey the APY being over 100% for some periods.
But it still this shows the power of staking and compounding, I don’t know where DFI will go in the future whether it will sky rocket or plummet. It is potentially on the risky side of investments, but it is a project I personally believe in.
None of this should be taken as financial advice, more just showing what is possible. Hopefully with many of my DFI staked into 2023 and the price hopefully on the way up we can see this grow even further in to the next year.
Cashed out modest sum
I did after writing this post cash out 30 DFI and changed it into bitcoin. The withdrawal fee for taking out DFI was 0.2 so quite minimal, and was very easy to complete through kucoin.
I feel safer with this investment because similar to PYNK it has come from absolutely no capital, just work and with this one very minimal work.
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