Join 100,427 users already on

Cake DeFi, 3 Years Down The Road — My Best Mistake So Far!

0 22
Avatar for TraderFX
Written by   20
7 months ago

The More I Learn, The Less I Know

The world of investment is much like a foray into the unknown, or perhaps a rabbit hole into uncharted territories. Indeed, investing is as addictive as it is a fascinating art to learn. As a young investor 3 years ago, it wasn’t long before I soon found myself frantically scouring through a blindingly extensive list of cryptocurrency platforms in the hopes to generate passive cashflow, having grown so tired of the paltry returns of traditional finance. I was mesmerised by the offerings and potentials of decentralized finance. It is hence of little surprise that one day, Cake DeFi should show up on an advertisement aptly targeted to me while I was scrolling through my mobile device. Boy, was I impressed with the promise of generous passive cashflow that Cake DeFi claimed to bake, what with >100% APYs back then! Never having given up on any good offer , I hastily signed up for Cake DeFi without giving much thought and hence started my investment journey in DeFiChain, which cost a little over $0.5 then. I enthusiastically deposited a variety of coins into Cake DeFi — in fact, small amounts of each cryptocurrency, just to test the waters.

A Regret

Shortly thereafter, the cryptocurrency boom happened. BTC and the altcoins rallied to an all-time-high. It was time to sell and make some profits! My paper hands immediately fidgeted to the withdraw button on the Cake DeFi website, but much to my horror — the withdrawal fees were ridiculously hefty! The average withdrawal fee for each cryptocurrency came to an astounding $75 — a fee which was significant for me, given the small scale of my investment. Worse still, my investment portfolio was a diversified mix of multiple different cryptocurrencies — withdrawing them all would incur the entire host of withdrawal fees on the chart! Disgruntled, I took to the telegram group to voice my concern and frustration with the high fees that Cake DeFi charged, and wasn’t at all pleased at the explanations offered, such as the then expensive ETH gas fees from network congestion, and the use of smart contracts. I was consumed with such regret for having invested with Cake DeFi. After all, the many other platforms which I joined then gave me great if not better returns with free/ cheaper withdrawals, such as Mineify, Darkmine and MyGBit, to mention a few. Why did I make such a hasty decision to invest in Cake DeFi?

p.s In case you don’t already know, the other platforms mentioned above turned out to be scams, as time would tell.

Young, Dumb & Broke

Indeed, time is a great teacher that never fails; she has witnessed the fall of many of those ‘great’ aforementioned platforms, if not all. It was a painful lesson to learn it the hard way — if something is too good to be true, it most probably is! Perhaps it is not until we lose something, that we start to appreciate the ones that truly stand the test of time. Little had I known that the investment that I had almost too hastily embarked on and regretted for later that is Cake DeFi turned out to be the most solid gem of investments I have undertaken so far. In fact, I am nowadays least concerned by the relatively high withdrawal fees of Cake DeFi (partly due to a revised fee structure which has become more affordable), because I have changed my perspective to looking at Cake DeFi as a long-term investment vehicle with which I compound my earnings and subsequently accrue interests in the form of DFI which I can withdraw cheaply every now and then, bearing the fruits of my investments. Hence concludes my brief story with Cake DeFi — an initial mistake which turned out to be such a blessing in disguise! Read on more about Cake DeFi here in my previous article to find out what I like about the company!

Overview of Cake DeFi

Cake DeFi is one of the fastest growing Singapore-based fintech platforms in the DeFi space that generates passive cashflow from your idle cryptocurrencies, running off the DeFiChain network of which DFI is the native token and hence the main currency in which most of its rewards are paid. Led by an aspiring and dedicated team, Cake DeFi has built a solid reputation for itself in the digital assets industry, having garnered the trust of many happy users like myself.

In essence, Cake DeFi offers the following services:

  • Staking: Allocate DFI for entry into staking to earn returns ranging between 30–40%. There are no fees to stake/ unstake assets. Staking is done on a flexible term, with no minimum contract period. Rewards are paid out in DFI twice daily, and as such compounded with the capital.

  • Liquidity mining: Allocate 2 assets of equal value into liquidity mining pools, such as Bitcoin-DFI, Ethereum-DFI, USDT-DFI etc, to generate returns of up to 100% APR (depending on market conditions). Rewards are paid out twice daily mainly in DFI, and can be auto-staked to generate further compounding interests. The recent introduction of decentralized assets represents a revolution in decentralized finance, enabling investors to double dip in the best of both worlds of investing in stocks/ ETFs/ precious metals, with the high yields of cryptocurrency!

  • Lending: With lending, assets (Bitcoin/ Ethereum/ USDT/ USDC) are locked in tenures of 1 month duration, with guaranteed base APYs and potential returns should the price of the asset exceed a certain target, on expiry of the term.

  • Freezer: The freezer can be likened to a loyalty programme, whereby investors lock their funds in liquidity mining/ staking for a fixed period of time ranging from monthly up to 10 years, in return for increased returns.

  • Borrow: Use DFI as collateral to borrow assets at an affordable APR of 5%. Invest your borrowed funds into any of Cake DeFi’s offerings which offer high yields, easily offsetting the loan interests!

Cake DeFi Turns 3!

Cake DeFi has recently turned 3 years old, and to celebrate its anniversary is running a promotion that runs until 30th June 2022! The promotion is summarized below

  • Freezer bonus

A) Immediately receive a 5.00% bonus in your Cake DeFi wallet for allocating DFI into the Staking Freezer for 5 years

B) Immediately receive a 7.50% bonus in your Cake DeFi wallet for allocating DFI into the Staking Freezer for 10 years

  • Sign up, get verified, and invest $50 to get a chance to win $3,333!

A lucky randomly selected new user shall receive a one-time bonus worth $3,333 after registration, successful KYC verification and investment of $50 or more into the Lending, Staking Freezer or Liquidity Mining Freezer services for 28 days or more. Plus, avail a free $50 bonus while you do so, by signing up with my exclusive invitation link here! For more information on how to avail this signup bonus, please check out my previous article here!

Final Thoughts

Cake DeFi is a wholesome and transparent cryptocurrency investment platform that generates passive cash flow off your idle cryptocurrencies while keeping your assets safe. If you are new to Cake DeFi, now has never been a better time to sign up and invest! Click here to embark on your journey of passive income today!

For more information about Cake DeFi, feel free to check out my previous articles here.

$ 0.45
$ 0.45 from @TheRandomRewarder
Avatar for TraderFX
Written by   20
7 months ago
Enjoyed this article?  Earn Bitcoin Cash by sharing it! Explain
...and you will also help the author collect more tips.