You can earn crypto with a lot of different activities nowadays. You can earn crypto for walking, playing games, or reading my articles here on Publish0x.

You know the drill of earning cryptos but have you ever heard of something like pay2earn? It sounds like a classical rip-off and it probably is. Welcome to the CakeELITE!

Pay2Earn Is The Name Of The Game

Just before the FTX empire collapsed like a house of cards, Sam Bankman Fried said: "Some big crypto exchanges are already secretly insolvent." The same possibly applies to lending services. Celsius, Hodlnaut, and BlockFi are already long gone but CakeDeFi is still there. 

Does CakeDeFi really have a substantial business or is CakeDeFi already secretly insolvent?

Well, I don't know what is going on behind the scenes of CakeDeFi but what's going on in front of the scenes makes me seriously wonder. 

For example, CakeDeFi has recently announced the cakeELITE program, an "exclusive membership plan to level up your returns."

So far, the only exclusive thing about this questionable program is the salted prices. See yourself in the screenshot below.

When you pay a whopping $1,000 for an annual plan, you get a 2.5x reward booster and a monthly reward cap of $100.

In short, you have to pay a bunch of your hard-earned cryptos in order to earn more of it.

I don't know any serious investment platform where you have to pay a fee in order to earn. Such "Pay2Earn" business models are anything but serious. This should be obvious, right?

I really wonder what types of degens are subscribing to such a paid investment plan, probably those degens who pride themselves on being in the elite of whatever. These are also the ones who bought their first $DFI tokens at the all-time high of $6.50 to put them in the freezer on CakeDeFi for ten years, doomed to get rekt.

Many of us were affected by the bearish events last year and lost cryptos in BlockFi, Celsius, Hodlnaut, FTX, or a similar service. The smart people went into self-custody after the slaughter in Centralized Finance. They have withdrawn their crypto from centralized platforms to become their own bank. In the end, it is better to be safe than sorry.

This is what the intelligent people did but what are the dumbasses doing? Well, I suppose they are paying $1,000 upfront to store their crypto on a centralized platform. It is not only as if they haven't learned anything from the events of the last bear market, they are even making it worse.

My Final Words

I already got myself into trouble with the DeFighters from the DeFiChain in the past. Now I might get myself into trouble with the cakeELITE. One thing is for sure, being part of the so-called cakeELITE is nothing to be proud of. The opposite is the case.

What do you think about such a thing as pay2earn? It would be awesome if you leave a comment below the post.

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You may also like: How I Got Myself Into Trouble With The DeFighters Gang From DeFiChain

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