Cake Defi is going to launch its Litecoin Liquidity Pool in about 24 hours at this point when I was creating this post.
It would be launched on 2nd February 2021 at 11:00 UTC. Deposits would be available a few hours before the official launch.
The 1st week of the launch would have low liquidity mining rewards so that more time is given to those who are interested to join.
The mining rewards would be increased from 9 February 2021. It was stated that the liquidity providers can get 100x the initial return.
I am really wondering whether it would cause a demand for Litecoin and lead to a price increase to the Litecoin.
DFI tokens have been doing really well if we consider it being around for less than a year. It was traded at only $0.16 on 3 July 2020 about half a year ago. It is currently trading at the price of $2.55.
Staking DFI tokens would allow us to earn 37% APY without the fear of impermanent loss like the liquidity pool if you like to earn at a steady and safer way.
My son has just registered at Cake Defi yesterday and he used the Bitcoin that he earned from Coinbase to stake at Cake Defi for an interest of up to 7.5% APY at its BTC Lapis.
He went ahead to complete the KYC and it was verified and approved very quickly actually.
Liquidity mining does have its risk of impermanent loss but there is usually a high APY to offset the impact by many liquidity pools out there in the Defi Market.
If you are a strong support of Litecoin, this may just interest you especially Cake Defi is a registered company in Singapore with an actual physical office.
For new users, there is a free $20 worth of DFI tokens after the 1st deposit of at least $50.
Those who sign up through a referral link can still get the additional $10 worth of DFI tokens.
Referral link: https://pool.cakedefi.com/#?ref=610483
That is a cool $30 worth of DFI tokens.
These free DFI tokens would be locked up for 180 days with staking rewards as a bait to ensure new members would have experienced Cake Defi for six months as well as to prevent abusers from selling their free reward.
Staking and unstaking of DFI tokens has no lock-up period actually. I have always stake and unstake within minutes but removing our liquidity mining may take a few hours.
You can find out more or join Cake Defi using my referral link below.
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. By reading this post, you acknowledge and accept that.