Putting Cryptocurrencies at Work with Cakedefi
Updated: Jun 21
Cakedefi, registered in Singapore, is a platform which focuses on the passive income of cryptocurrency. It allows users to generate a regular stream of cash flow through pooled masternode staking and lending services. The platform was launched in 2019 with the vision of providing financial service to the masses through cryptocurrency. Dr Julian Hosp and U-Zyn Chua are the founders of the platform. The company is distributed across the globe with footprints in several big cities like Tel Aviv, New Jersey and London. I started to use the platform some days back and this article will take you through various functions of the platform.
Cakedefi - the first staking provider for DeFichain
DeFichain is a proof-of-stake blockchain dedicated to fast, intelligent and transparent financial services. It has been designed by keeping in mind the financial perspective. DeFi or decentralized finance is really doing very well and people are enjoying trustless lending-borrowing activity without the intervention of any third party. It is good to be your own bank! But it is really difficult to be your own bank. The current systems are still not optimized in providing financial services that are truly under the control of the people who use them. DeFichain wants to give people seamless access to decentralized financial services and it is unique as it wants to create decentralized financial services around Bitcoin. To provide immediate security and immutability of the blockchain, DeFiChain anchors itself to the Bitcoin blockchain. After a certain span of time, DeFiChain saves its most recent Merkle tree to the Bitcoin blockchain. Unlike Ethereum or other Turing-complete blockchains, DeFiChain is not a general-purpose blockchain and it does not allow commands outside the basic set of functions. You can stake DeFichain(DFI) token on the platform with 37% APY. The rewards are paid every 3 hours.
Baking masternodes and earning staking rewards
Presently Cakedefi is offering staking service for DFI, PIVX, XZC, DASH. It is easy to take part in fully transparent masternode pools here. You have no need to run the nodes on your own. Holding proof-of-stake (PoS) coins and earning staking rewards can be very rewarding in the long run. I experimented with staking some DFI as I found long term price appreciation potential in the project.
The author’s staking dashboard
Lapis Service provides cash flow for your BTC, ETH or USDT now. BTC/ETH/USDT Lapis is offered every week. Each Lapis batch runs for 4 weeks, starting and ending on Friday. The base return of BTC or ETH Lapis is guaranteed. There could be potential bonus returns if the spot price of BTC or ETH remains above a certain range. You can enter the service with any crypto amount of your choosing. Once you decide on your entry amount, your crypto will be locked in option contracts for next 4 weeks entirely. Lapis does not charge fees from users as the platform receives commissions directly from its partners. You can deposit BTC, ETH and USDT and earn 7.5% APY for BTC and ETH and 8% APY for USDT. Your principal and returns are fully guaranteed and risk-free with potential bonuses. After the 4 weeks period of the batch, you will have the option to auto-compound into the next batch. You can also withdraw only your proceeds, or your entire principal + returns to your account.
Lapis products of Cakedefi
Cakedefi allows you to do liquidity mining in different pools. The listed pools are BTC-DFI, DOGE-DFI, ETH-DFI, LTC-DFI, USDT-DFI. Liquidity mining APY is really attractive. When you provide liquidity, select the pool as per your risk appetite. Please remember that you need to provide liquidity in an equal proportion to two different cryptocurrencies in a particular pool.
Various liquidity pools on Cakedefi
Cakedefi is growing. The word ‘DeFi’ in its name does not mean that the platform is fully decentralized. Without KYC, you can not earn a single penny on the platform. Cakedefi wants to be compliant with the regulatory norms and it is offering a blend of CeFi & DeFi in one platform. The platform supports buying BTC and ETH through Master or Visa card with 1.99% gateway fee too. Fiat support is really a cool thing in such platforms. The platform definitely shows good transparency as it reveals the trades within each Lapis Service batch at the end of the batch. Another exciting news is that Cakedefi is going to be AI-supported soon and you will be able to set your risk tolerance and volatility tolerance. The number of supported assets is on the lower side frankly speaking but they have the plan to introduce real estate, precious metals, stocks and various other financial products in the future. If you are looking for putting your cryptocurrencies at work, you can definitely try Cakedefi.