Hello everyone! For the last months, I've been looking for staking opportunities, trying to diversify and minimize risk, especially due to the possibility of Ponzi schemes and crypto-related frauds. In this effort, I have discovered CakeDefi platform, which is considered a totally transparent service by letting users “see the masternodes” that provides a regular cash flow.
Further, other Cake users provide positive feedback, and the official YouTube channel is full of transparency reports and developer Q&As, which is a promising indicator. As advertised:
“Bake masternodes and earn staking rewards in real time. Join fully transparent masternode pools to earn staking yields of up to 80.6% in real-time, without the complexity of running nodes yourself.”
So, we have a symbiotic Partnership between the company "Cake DeFi", which is regulated and registered in Singapore as a Lending & Staking Provider, and the DeFiChain Foundation, which is a fully decentralized Community-Project.
According to the official r/cakedefi, the company experienced a 30k growth in May 2021 from April 2021, with a total of 150k customers. Cake reports approximately 70 million $ in revenue (doubled from April). More importantly, Cake’s customers made approximately 59 million $.
What about the token, DefiChain (DFI)?
Here are some metrics for the project taken from CoinMarketCap and KuCoin exchange:
Official Website: https://defichain.com/
Whitepaper: Click to view
Consensus Protocol: PoS
Cryptographic Algorithm: Identical to Bitcoin
Issue Date: 2020-12-04
Price on 9/6/2021: $3.25 (-7.62% in 24 hours)
Market Cap: $977.5M
CoinMarketCap Rank: #213
Circulating supply: 300.5M
Total Supply: 1,200,000,000
Market Cap: $817,331,931
You can also check the weekly statistics from another great platform, lunarcrush.com:
Also, I am bullish on the token. For instance, based on thecoinperspective.com, if DeFiChain had PancakeSwap's market cap of $3.1B, 1 DFI would be worth $10.29, an upside of 216.00%.
Further, if you check some movements on tradingview.com, despite the bear market that we are seemingly experiencing at the moment, the indicators suggest a strong buy.
What about my experience?
I’ve been using Cake Defi for a little while, I'm on second month so far, and have been staking DFI for 80% APY getting two times a day a new tokens. More specifically:
APY (current): 80.6%
Reward payout every 12h
Available shares: 94,159.325
Total shares: 147,000,000
To sum up, I would recommend joining the Telegram Community Chat and do your own research. Keep in mind that for a $50 Deposit you get a sign-up Bonus of around $30 using a referral code/link. For your convenience, the following steps are needed to create an account
Registration Guide:
Sign-up at Cake Defi using the referral link
Verify your mail, login and complete your KYC verification
Make a deposit worth $50 of any supported cryptocurrencies
You will get $30 worth of DFI coins freezed for 180 days.
Again, I would appreciate it if you used my referral code/link.
Referral code: 872922
Personally, I consider staking DFI in a proof-of-stake blockchain and a transparent platform. Currently, DFI is traded at hotbit and kucoin. I used kucoin to buy DFI and I transferred the DFI tokens from kucoin to CakeDefi’s DFI wallet (the fees are 1 DFI token).
However, keep in mind this is not a financial advice, nor I am a financial advisor. Please also remember, always do your own research and never go in with more than you are comfortable losing. Stay safe and strong.