Signing up and investing in Cake Defi to stake DFI was one of the best decisions that I had made in 2020.
I wrote about my best investment at publish0x about 4 days ago.
I decided to promote Cake Defi to my son as Cake Defi has introduced a new referral program where a new sign up can get $20 worth of DFI after the first deposit and an extra $10 worth of DFI by signing up through a referral link.
My son has told me about the free bitcoin that he earned from Coinbase Earn program. I suddenly had an idea that he could actually use his free bitcoin to deposit into Cake Defi to get the free $30 worth of DFI without a single risk using his free Bitcoin from Coinbase.
He can deposit his Bitcoin to earn interest using the Cake Defi Lapis Service with an interest rate of up to 7.5%. The principal and returns are fully guaranteed based on the information written on Cake Defi website.
Rather than leaving his free Bitcoin in Coinbase, he can choose to auto-compound to earn interest in the long term. Cake Defi does not charge fees from its users for the Lapis Service as it receives commissions directly from its partners.
The free $30 worth of DFI for signing up would be locked up for 180 days but my son can still earn good staking returns.
Using free money from Coinbase to get more free money from Cake Defi was a sudden great idea that I had for him.
With the rising of cryptocurrency into the mainstream so prominently, it is great that he can build his digital asset totally free for him through Cake Defi.
I know that Coinmarketcap also has a similar earn program for its users so it is not hard for one to get some free cryptocurrency with the different promotions that are going on in 2020.
On Christmas, 1inch customers, who had used 1inch exchange, received free 1inch tokens that was worth $1200 then. I really missed this free opportunity.
When I first joined Cake Defi, DFI tokens was worth around $0.26 each and the price of DFI has fired up to around $1.50 now.
Joining and earning at Cake Defi would definitely be risk-free for my son if he does not invest with his own money but use his free Bitcoin to do so.
The only troublesome part is to complete the KYC(Know Your Customer) before one can fully utilise the service of Cake Defi.
Since Cake Defi is an officially registered company in Singapore so it has to ensure it follows the strict laws and regulations of Singapore.
I would consider Cake Defi a safe place to invest since it is a Singapore registered company rather than some liquidity pools that appear out of nowhere.
My son can also use his own referral link to earn referral reward. He can get $10 worth of DFI when a new user signs up through his referral link. It is a win-win for both.
Cake Defi has staking reward of 37% APY for DFI as well as liquidity mining of above 200% APY. The interest rate is definitely better than putting our money in the bank.
My son can definitely make his crypto grow rather than leaving it in cold storage at Coinbase.
After making a good profit at Cake Defi, it is definitely my personal best recommendation after involving in trading as well as other cryptocurrency activities since I first started.
I do have confidence in Cake Defi but I must agree all investments do come with risk so it is always better not to invest what one cannot afford to lose.
Disclaimer: This is my personal reflection and I am not in any position to instruct anyone what they should do. I am not responsible for any action taken as a result of this post. My post can only be a reference for your further research and growth.