Most of us make many investment mistakes in the past and it is really unavoidable that we may lose some money along the way.
I started to diversify my investment in 2020 with many high-risk investment programs that supposed to have a lifetime payout but turned out to be scams. The good part is that I did not really lose much but there were probably others who lost a lot more.
I had also invested in cryptocurrencies like TRX, BTT, Statera, OMG and a few others. Some of them did provide me with profit but I had to kick myself for selling earlier when the price skyrocketed.
With evaluation, my best investment is investing in staking DFI at Cake Defi.
Staking DFI did not start immediately after signing up at Cake Defi as it needed us to provide our residential address info and identification info for KYC (Know Your Customer) especially with regulations to prevent money laundering by many laws in different countries.
I managed to get my approval in August 2020 after Cake Defi verified the documents provided for KYC.
Cake Defi is an officially registered company as Cake Pte Ltd in Singapore under the great leadership of Dr Julian Hosp.
Dr Julian Hosp is a best-selling author and speaker as a blockchain expert. He is also a professional athlete. He studied medicine in Innsbruck, Austria, so he is also a certified doctor.
Before starting Cake Defi, he was the co-founder of FinTech-Startups in 2015 that was also located in Singapore. He left the company after 4 years even though there was already an attractive 100 million US dollars in funding as well as 100 employees then.
After investigating more, I found out about the credibility of the founder, Dr Julian Hosp. With such a person behind this company, I figured that there is potential so decided to invest in DFI mainly for staking to earn reward in its attractive interest.
The price of DFI was around $0.26 when I first purchased DFI tokens. After a short period of investing in DFI, the price rose to around $0.30 and I was really glad in the price improvement.
On September 2020, DeFiChain Foundation decided to give a free airdrop to Bitcoin hodlers and it ended up with dumping of DFI leading to a serious price plunge.
I found out later that it actually stopped the airdrop after realising the huge dumping of DFI as a result.
Naturally, my heart did sink with the sudden drop of the price then. I continued to stake to earn interest in Cake Defi and even bought more DFI tokens by taking advantage of the price plunge.
The price of DFI stayed below $0.30 until mid of November when it started to pick up its momentum gradually. This was probably due to its announcement of its launch of liquidity mining(yield farming) on its newly launched DEX with huge attractive reward of more than 400% APY during the promotional period.
The great awakening of DFI started in early December. With most of the Altcoins underperforming even with the rise of the price of Bitcoin, the price of DFI was able to rise and reach different milestone prices.
On Christmas (25 December 2020), its price managed to break into the dollar range. It has maintained more than a dollar even since then and it is still going up even until today.
It is never easy to spot a right investment as no one can really predict how well a cryptocurrency can perform in the future.
Market news may not always be accurate and we need to depend on our own judgement and decision.
Investing in what we can afford is always the great advice of many seasoned traders and investors.
It is truly a great year for DFI with its ups and downs but I am glad to have made a decision in getting myself into it.
Cake Defi has also offered a referral program where new sign up gets $20 worth of DFI after making the first deposit.
By signing up a referral link like the one below, both the new sign up and the referrer would get an extra $10 worth of DFI each.
The catch of this free money is that it would be locked up in the staking pool for 180 days so no withdrawal would be allowed.
The good part of this free money is $30 worth of DFI in the staking pool would allow us to earn an interest of 37% APY at this current moment.
Thanks for reading my best investment in 2020 and have a great 2021 as the year is coming to an end.