DFI had reached a new all-time high of $1.81 on 5 Jan 2021 based on the information from Coinmarketcap.
When I headed over to Bittrex, it was trading at about $1.89. That is really impressive for a token that was only about $0.16 about 6 months ago on 3 July 2020.
Those who managed to invest in DFI tokens then must have earned a really nice profit of 11 times.
Since DFI is one of the main tokens that I have invested so I had been watching this token closely.
The price of DFI has been increasing steadily ever since the new Dex and liquidity pools were launched.
When we looked at the past prices of DFI that I had taken from Coinmarketcap, we can see that it has been growing progressively and steadily.
Based on how it is growing, it looks like DFI token has a great chance of passing a new milestone of $2 soon.
I saw that the highest past trading at Bittrex today was at the price of $1.96. It only takes about 4 cents to reach the $2 mark at Bittrex but the other exchanges may not be trading at such a high price.
This is where some traders were able to make good use of arbitrage trading to earn from the different prices of different exchanges as well as a way to balance the liquidity pool leading to impermanent loss.
I must admit that staking is still the safest way to earn at Cake Defi since it is a constant reward at 37% APY with the option to auto-compound if we want to.
Liquidity pool is for those who are willing to take risk in impermanent loss to earn a higher APY.
Currently, I understand that we can recover our impermanent loss if the price goes back to our initial invested price. The other way to cover the loss really depends on the higher APY from reward but it may take a longer time based on the explanation from Dr Julian Hosp in his youtube videoclip.
It was great to be an early investor in DFI tokens and DFI tokens probably have a chance to become more valuable in future since Defichain has stated some other plans in the whitepaper that has not been implemented yet.
Some of the other future developments are decentralized lending, transferable debts and receivables, decentralized non-collateralized debt.
Furthermore, Cake Defi has started its referral program to attract a greater pool of members to stake and provide liquidity without the need to install any software.
A total of $30 worth of DFI is an attractive offer. When a new user signs up, $20 worth of DFI would be given after the 1st deposit.
Another $10 worth of DFI is given for signing up through a referral link.
The $30 worth of DFI would be locked for 180 days in staking that still allows us to earn staking rewards that we can choose to withdraw or reinvest to compound.
Full access of the service of DFI can only be done after complete KYC since Cake Defi is a registered company in Singapore that needs to follow the required protocol.
For those who really do not want to invest a single cent, the part about the referral program allows those who refer new members to earn $10 worth of DFI when those new members use our referral link. Win-Win for both sides actually.
I remember that we can only see our referral link after we complete the KYC with verification from Cake Defi admin.
Visit Cake Defi to find out more with my referral link. It is currently a growing opportunity if we consider the fact that it is still in its early stage.
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.