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How To Get A Free $50 Signup Bonus From Cake DeFi: A Tutorial

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7 months ago

An Introduction

Cake DeFi is a leading fintech platform that generates passive income off your idle cryptocurrencies, baking passive cashflow even while you sleep! Essentially, Cake DeFi offers a variety of services such as lending, borrowing, staking & liquidity mining for your cryptocurrencies at generous APYs of up to 50%. They have a generous signup bonus of up to $50 for new users once certain conditions are fulfilled, with some added perks during promotional periods. These terms have recently been updated by Cake DeFi in a way that may cause some confusion to new users — it is the aim of this article to shed some details on this. To learn more about Cake DeFi, feel free to check out my previous articles below!

An Overview Of DFI

Before a foray into the exciting realms of Cake DeFi, a noteworthy mention is DFI, which is the native token of the DeFiChain network, on which most of Cake DeFi’s services are based. As such, most of the rewards generated in Cake DeFi are paid out in the form of DFI — an altcoin that has comparable, if not better, performance to BTC.

You can obtain DFI via a few ways:

  • Direct purchase on Cake DeFi using a credit card.

  • Via an exchange like Kucoin.

  • Swapped from another cryptocurrency like BTC or USDT via the Decentralized Exchange (DEX) built into Cake DeFi.

How To Avail The $50 Bonus

  • Sign up for Cake DeFi here (my affiliate link entitles you to an exclusive additional bonus — read on more to find out more)!

  • Complete KYC verification.

  • Deposit at least $50 in supported assets to the platform.

  • Alternatively, buy cryptocurrencies directly on Cake DeFi itself.

  • There are 3 ways to qualify for the signup bonus:

  1. Freeze at least $50 of liquidity mining shares for 1 month.

  2. Freeze at least $50 of staking shares for 1 month.

  3. Allocate assets of at least $50 for at least a month in 1 lending batch.

  • Then, participate in Learn & Earn to get an additional $10

The Freezer: A Quick Introduction

The freezer can be likened to a secure vault that locks up your cryptocurrencies for a set period of time, ranging from 1 month to 10 years, in exchange for upsized rewards of up to 2x in amount! Assets that can be frozen include staking and liquidity mining shares. Depending on your investment strategy, the freezer may or may not be a suitable strategy for you, as your funds are effectively locked up for the set period of time. If you are a HODLer like me, there hasn’t been a better way to HODL than using the freezer to earn upsized rewards! DFI rewards generated from the freezer are credited directly into staking shares twice a day, and are free to be utilized as you wish (rewards are not frozen, only your capital is).

#1 Freeze $50 of liquidity mining shares for 1 month

By providing liquidity (funds) in a Decentralized Exchange, investors earn rewards from liquidity mining pools.

  • Head over to liquidity mining and choose from a wide selection of liquidity mining (LM) pools. You can choose to invest in the conventional LM pools, or in the newer LM pools of decentralized assets. For more information on decentralized assets, check out my previous article here.

  • Click ‘add liquidity’ on the LM pool of your choice. Note that each LM pool comprises a primary token like BTC, ETH, USDT etc paired with either DFI (the native token of the DeFiChain) or dUSD (a stablecoin pegged to the USD on the DeFiChain network) in equal proportions. If you only have the primary token, fret not because you can still utilize the simple mode, whereby the system will automatically convert 50% of the primary token into DFI on the Decentralized Exchange (DEX) to be entered into the LM pool. If you have both tokens, then you can disable simple mode and enter the assets into the LM pool directly. Confirm your selection on the screens that follow. (Be sure to enter at least $50 in assets into the LM pool to qualify for the signup bonus)

  • After adding liquidity into the LM pools, next is to freeze it via the freezer. Head over to the freezer, and select the LM pool that you have just entered. Select the duration of your tenure from 1 month to 10 years, and click freeze. (Minimum duration of assets to freeze is 1 month to qualify for the signup bonus)

#2 Freeze at least $50 of staking shares for 1 month

Staking is the act of committing your cryptocurrencies to support a blockchain network by contributing to its security and efficiency. In return for staking, you will earn staking rewards. Cake DeFi supports staking of 2 cryptocurrencies, namely DFI and DASH.

  • Head over to staking, and click ‘Stake’ on the coin you would like to stake. Staking is done on a flexible term, with no lock-in periods/ withdrawal penalty.

  • Indicate the amount of DFI/ DASH you would like to stake, and click ‘Stake’. (Be sure to enter at least $50 in assets into staking to qualify for the signup bonus)

  • Having purchased staking shares, head over to the freezer, and select the staking shares that you would like to freeze. Select the duration of your tenure from 1 month to 10 years, and click freeze. (Minimum duration of assets to freeze is 1 month to qualify for the signup bonus)

#3 Allocate assets of at least $50 for at least a month in 1 lending batch

In lending, assets like USDT, USDC, BTC and ETH are entered into lending batches that run for 1 month. At the end of the lending period, rewards are paid and your capital is released/ compounded, with additional bonuses if the price of BTC or ETH goes above a certain level.

  • Head over to lending, and choose the asset that you would like to lend out.

  • Indicate the amount of assets that you would like to lend out. (Be sure to allocate assets of at least $50 into lending to qualify for the signup bonus) You can choose whether or not to auto-compound the capital/ rewards for your lending batches.

  • Confirm your entry into the lending batch.

There is no need to freeze any lending batches, as they are by default of a 1-month tenure anyways.

Learn & Earn

Learn & Earn is a specially curated educational section on Cake DeFi that is a great starting ground to learn about the 3 main cryptocurrencies on the platform — namely Bitcoin, Ethereum, and DFI! So far, the DFI and Bitcoin Learn & Earn lessons have already rolled out, with a sweet $5 bonus to be claimed upon completion of each module for new users. The Ethereum module is yet to be released — keep an eye on this! Do note that while all new users are eligible to participate in all the Learn & Earn modules, only a limited amount of slots are reserved for existing users — hence be sure to keep an eye out for when the Ethereum modules are released, as these get snapped up pretty fast!

In Conclusion

So there you go, a sweet $50 signup bonus that awaits you upon your successful registration as a Cake DeFi user! To recap, the $50 is derived from the following:

  • $30 in signup bonuses to new users upon fulfilling the required criteria as above.

  • $10 additional bonus from availing my affiliate link, or when entering ‘677920’ as a referral code on signing up.

  • $10 from Learn & Earn.

As a happy user of Cake DeFi for more than 2 years, my only regret is not having started earlier on this exciting journey of passive income. Indeed, the best time to invest was 10 years ago; the second best time is now! Sign up for Cake DeFi today, and start baking passive cashflow!

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As always this is not financial advice! But simply investment platforms I have invested in and have found worthy of sharing with. Do your own research before investing and never deposit money you cannot afford to lose. Feel free to ask me any questions below.

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🎁 Huobi A cryptocurrency exchange with diverse offerings, free airdrops and trading bots.

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