You might have seen cake referral ads that promise you $30 in dfi tokens for a deposit of $50 or more in the cake app. Cake allows users to hold their cryptocurrencies and put them to work at the same time. Cake is the first fully transparent platform that generates constant cash flow for you. (https://app.cakedefi.com?ref=297392)
I have currently staked about 580 DFI tokens for 10 years. It is one of platforms that allows you to stake for 10years. NOT ONLY THAT, they also give out rewards which COMPOUNDS EVERY 12 hour cycle while some other platforms would give out rewards every day but it does not compound. They also provide staking for Dash which is about 5.4% APY.
At this moment, DFI is at a relative cheap price to purchase, with more than 50% drop in value. MOREOVER, right now staking DFI, they are rewarding you with 100.9% APY which is pretty significant. It was up from 37% because CAKE TEAM is no longer going to stake and they have burned off a significant amount of DFI so that is why the yields are so high.
https://coinmarketcap.com/currencies/defichain/
Cake also offer Liquidity Mining of BTC-DFI (89%) / ETH-DFI (66%) / USDT-DFI (93%) / LTC-DFI (76%) / BCH - DFI (80%) - DOGE-DFI (20%). You can understand what exactly is liquidity mining with one of the videos being explained by the CEO of CAKE with the link below.
https://blog.cakedefi.com/the-7-most-frequently-asked-questions-about-liquidity-mining/
https://www.youtube.com/watch?v=gDR19KNyPlc
LASTLY, they also provide lending services where you could lend BTC & ETH as well at USDT with a super attractive rate @ 5% to 8% APY.
If you have read my post up to this point in time, I would believe that you are pretty interested in decentralized finance, if you have any queries feel free to leave it in the comments section, I would be more than glad to help you.
Just a gentle reminder, DFI can only be purchased with either BTC / ETH. Please do not directly purchased it from the platform because Cake would purchase DFI from a 3rd party platform, hence there will be a cut of 10% fees. You could the following method which I believe is the economical way.
[Gemini-Bittrex]
1. Add SG bank into Xfers (For Singaporeans ONLY)
- 2. Gemini ‘Xfers Direct’ SGD bank transfer -> BTC [0.35%]
- 3. Gemini BTC -> Bittrex [Free for first 10 withdrawals per month]
- 4. Bittrex BTC -> DFI [0.75%, can use given Bittrex credits*]
- 5. Bittrex DFI -> Cakedefi [0.1DFI]
If you have benefited from my post, I hope that you can use my referral code in the bottom :
https://app.cakedefi.com?ref=297392
https://gemini.com/share/98wzkg5s7
https://bittrex.com/Account/Register?referralCode=ALN-LPU-PYL
https://www.kucoin.com/ucenter/signup?rcode=rJ946L3&lang=en_US&utm_source=friendInvite
If you enjoy my content, do comment in the comments section if you would like me to talk more about what is staking, DeFi , liquidity mining.
Signing Off,
Chronification :)
