Recently, I published the post "TOP 3 Ways to Stake Ethereum 2.0" because with the recent transition to Proof of Stake, there is now the opportunity to stake your Ethereum.

Today, Cake DeFi announced the introduction of Ethereum staking. Here is all you need to know.

What is Cake DeFi?

Cake DeFi is more than just a simple lending platform. The initial intention of Cake DeFi was to provide everyone easy access to DeFi services from the DFI blockchain like liquidity mining. Besides that, Cake DeFi also offers a few other services like lending and borrowing.

A few weeks ago, Cake DeFi also introduced an innovative new feature called Cake DeFi Earn to get high returns on your Bitcoin holdings.

So far, you were able to stake your $DFI tokens and $DASH on Cake DeFi. Now, Ethereum staking has been added to the staking services.

Ethereum Staking on Cake DeFi

Ethereum staking on Cake DeFi has just started and can be accessed via both Cake DeFi’s web and mobile apps. 

You can easily subscribe to Ethereum Staking on the Staking product page. The subscription process is fairly straightforward like the other staking services.

The APY of around 5% is higher than most competing staking services. That's because the staking rewards are automatically being auto-compounded every 12 hours. 

All Ethereum staking nodes are located in Singapore and run by Cake DeFi.

Learn & Earn And Sign-Up Bonus.

New Cake DeFi users can complete the new Ethereum Learn and Earn lessons and also the old lessons for Bitcoin and DeFiChain. You can earn $3 from each lesson.

That's not all. New users can still get a $30 sign-up bonus in $DFI tokens on top. To receive the full bonus, use the code 528168 when you sign up for Cake DeFi and deposit at least $50 in any supported cryptocurrency.

My Final Words

I am using Cake DeFi for quite a while now and I am already holding some Ethereum on the platform. Right now, I am lending it out but I will switch to staking as soon as the ongoing lending batch runs out. 

Why? I think that Ethereum staking on Cake DeFi has two big advantages compared to lending. With staking, my funds are not locked in batches and I can redeem them anytime. Then the staking APY is higher than the lending APY.

I am also interested to know if you are already staking your Ethereum or if you are considering staking it. Please, let me know in the comments. 

At the end of my post, I also like to remind you that my intention in this post is to raise your awareness of the new opportunity to stake Ethereum with Cake DeFi. As always, my intention is not to replace your own research. My words may have made you wiser but I am, not your financial advisor. 🤓

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