Hi everyone, as the bitcoin is keeping quiet for the last two weeks even after all those events and big pieces of news, there isn't much going on in the market. But CakeDefi has bought some easter eggs for you,

What Is CakeDefi?

CakeDefi is a centralized platform that offers you the services of decentralized finance. Its goal is to provide the most transparent services and products. You can generate a regular cash flow by lending, staking, and providing liquidity.

I had first heard about it in January 2021 but never signed up. Though they provide insanely high returns compared to other platforms, you need to lock your funds and that's the part I'm not a fan of. Still, you can earn some good referral rewards without locking your money, and that's why I signed up on cakedefi back in February 2022. You need to complete the KYC process before you can do anything on Cakedefi and it's not easy.

Easter Egg Hunt

You can refer your friends and earn extra rewards apart from referral rewards.  In general, if you refer your friend you get $10 and your friend gets $30, but he/she has to transfer more than $50 in any available crypto on cakedefi and keep it there for 30 days. The rewards you'll earn will be locked for 6 months but you'll earn interest on these locked rewards. As of now, this interest rate is at ~32% APR. Plus they have also increased the referral rewards by $10. So now you'll get $20 and your friend will get $40.

This easter season they have introduced the easter egg hunt program. This means you'll get extra rewards on the count of friends who have successfully signed up and deposited $50+ on cakedefi.

This program is available till the 25th of April so start referring your friends now.

I'll suggest transferring 10-15% extra to avoid any price drop effect or excessive fee. Choose low-fee cryptos such as LTC and BCH. Personally, I transferred $60 in DOGE, and the job is done. You can use my code 640428 while signing up or use this link to get that extra $10. Only the initial single deposit must be $50, after that the price will go/down doesn't matter. These rewards will be paid out in the DFI tokens. You'll also earn some percent on your referees' investments, it's not much but it's better than nothing.

Lending

You can lend your crypto to earn some extra. The interest rates are reasonable enough but nothing out of the hood. As of now, you can lend BTC, ETH, USDC, and USDT.

Staking

Staking is also a good option to earn interest on your funds but is only available for DFI and DASH.

Liquidity Mining

You can also use shared mining pools to earn some good rewards. You have to provide the liquidity in a form of pair, which means two different cryptos in the same ratio of their USDT equivalent. For example: if you want to add $50 BTC to the liquidity pool then you'll have to also provide $50 DFI with that.

This option is also available for US stock pegged tokens. There are some ~15 pairs available and the rewards are also good. A stock pegged token is a token backed by the value of the same stock such as DAAPL, DAMZN, DTSLA, and more. As these tokens are like stocks, the volatility will be less compared to crypto. 
Plus this is a good way to invest in US stocks if you are not a US citizen because of all that work around things one has to go through if he/she wants to invest in stocks outside of the US. You can check the rates here.

The Freezer

On locking your funds in the freezer for a certain amount of time you'll get extra APR. This changes frequently based on many factors. Hence don't get carried away.

Here you can see if you provide liquidity in the USDT-DFI pair for 24 months then the APR with the freezer is ~7% more than the Base APR.

Note:  If you lock your funds once then there is no way to get them out before the locked period.

CakeDeFi Learn & Earn

You can also earn an additional $5DFI via their learn and earn program. This $5 will be locked for 1 month only and you'll earn interest on it as well.

My Experience With CakeDefi

I have known the platform for more than 1 year and followed the news regarding it there is a lot of positivity around it. Before signing up on the platform in February I also did some research and found that the platform currently has 2 co-founders, one of them doesn't have a very good reputation based on the previous projects he/she was associated with. The other one though is relatively more reliable and he/she has also come out in the past to take a stand on cakedefi.

One major concern is the interest rates, which keep on declining. Don't get me wrong but the only reason people are choosing cakedefi is the high-interest rate but what if they can't keep up with it for too long. Just 10 days earlier I was earning a good amount of interest on my locked DFI but now it's only 2/3. Although the rates are high than other platforms we simply didn't sign up for this.

Their KYC is a major roadblock as it took me 3 attempts to get it approved. Some of the guys I know had given up after 2-3 attempts. Plus they require a whole lot of info and docs.

For the past 10-15 days their platform is kind of going through a maintenance process, although nothing wrong with it but it simply is discouraging for new users or the people who panic easily like me.

Rewards are paid out daily on the basis of a 12hr gap it's pretty smooth and these rewards are not locked but staked so you can simply unstake and exchange them for USDT or whatever you want.

Closing Thoughts

As always that my goal here is to introduce you to these platforms and not to make you interact with them. So, always do your own research before taking any action and if you are interested in more of this content then connect with me across the platforms and if want to signup on cakedefi then use my link to get that extra $10.

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