CakeDefi Review 2022
Are you looking for some delicious cakes to eat or bake? Hmm... I am talking about crypto staking or lending platform - CakeDefi. Today, I'm going to share my honest review with you about CakeDefi and to answer the following questions: Is CakeDefi a scam? Is CakeDefi an easy entry into Crypto Staking? I also took a closer look at the DeFi app and how much you could earn Staking Defi so let's dive into it.
Cake DeFi is a Singapore-based staking, lending, and liquidity pool platform, enabling users to deposit and earn yield on a variety of tokens.
Despite the “DeFi” nametag, Cake DeFi is a custodial platform that offers a suite of features built around various DeFi products.
Cake DeFi offers three primary products: Lending, Liquidity Mining, and Staking– each generates different rates of yield and has different requirements. Users can earn around 6.5% lending digital assets like BTC, USDC, and ETH, or upwards of 80% by Liquidity Mining.
About Cake DeFi
Cake DeFi was founded in 2019 by Dr. Julian Hosp (CEO) and U-Zyn Chua (CTO).
The company is based in Singapore.
Julian Hosp M.D., has a wide variety of experiences, ranging from being a Trauma Surgeon in Residence to a Professional Kite Surfer. In 2015, Hosp Cofounded TenX, a cryptocurrency-enabled Visa card, and mobile wallet. Hosp and Chua worked together on the TenX token sale, helping the project raise $80M in June 2017; it was one of the largest ICOs at the time. The project, however, faced enormous difficulty in the trials and tribulations of the 2018 cryptocurrency market crash.
Staking with CakeDeFi
The Freezer is a staking Pool where you could put your coins for a fixed amount of time. With a Minimum of days, up to 10 Years. (I would not suggest 10 Years). The Pro is that you will get higher interest rates for Staking. They offer details in a beautifully designed diagram. The Con is that you can not sell your coins at this time. DFI could fall to 0 and you can not do anything about it. That's why I would suggest choosing multiple shorter periods.
Liquidity Mining with CakeDefi
With Liquidity Mining you can get the Highest return rates, they promise over 50% APY for their Liquidity mining. You are earning these SWAP rates again in their native DFI token and put those rewards again into staking.
Liquidity mining could currently be performed with Bitcoin, ETH, USDT, LiteCoin, BTC Cash, and Doge with the lowest rates.
They also offer decentralized stocks. This is something I don`t like about CakeDefi. First of all, I want to own real shares of companies I invest in. Secondly, this also brings the attention from the SEC and the german Bafin against cakeDefi which could add a future risk.
Lending with CakeDefi
According to CakeDefi lending is risk-free since they work with the institutional partners Sarrow and Signum Capital to cover the risks and provide their customers a risk-free way to make profits. The Interest rates are spilled up In the coin and DFI. By now (24.02.2022) it is 4% ETH and 4% DFI when lending. You can start lending within Batches, one of these as in the screenshot starting on March, 4. For me the rates are a bit too low, I would rather prefer a bit more risk and keep it in DFI Staking.
CakeDefi is definitely not a scam. They got a good idea to bring the advantages of mining and Staking to people, who don't want to spend hours with wallets going into mining pools etc. With their services, they want to make the Crypto market accessible to people who are less into tech and go with the advantages beyond the early adopters.
The Team behind CakeDefi is really impressive and trustworthy. The CakeDefi founders Julian Hosp and U-Zyn Chua are respected Blockchain Domain experts.
I have invested since Jan and even within the Crypto crash I was able to earn DFI through the crash and the course remained stable.Again, here the DFI price chart.