Cake Defi was the first platform that allowed us to stake DFI tokens.
After the launch of the New Dex of DefiChain, it is still the preferred choice by many due to the fact that we do not need to install software for our DFI staking or liquidity mining.
The new Dex has its advantages like slightly higher APY but the need to install the DefiChain software is a hassle.
Hotbit Exchange does offer DFI staking reward at 27.85% APY.
The DFI staking reward of Cake Defi at 37% APY is still higher. The other main reason that we should choose Cake Defi is the simple reason that Cake Defi and DefiChain are under the same founders.
Cake Defi is a registered company in Singapore so it is a legal and safe company that is governed by the laws and regulations in Singapore so there is a need to complete KYC before we can use its full feature.
Below is a screenshot that I had taken from the website of Singapore Registrar of Companies.
The overwhelming popularity Of Cake Defi had led to a good problem but terrible to those who are eager to clear their KYC.
There is a great delay in the clearing of KYC by the staff of Cake Defi due to the increase of its popularity.
I have recently joined the telegram of Cake Defi and it was mentioned by the Cake Defi Team that it may take up to 72 hours for the clearing of KYC due to the enormous interest.
Below is screenshot taken from my telegram account.
It is really a good problem as it is definitely an indication that DFI token has captured the attention of many investors and they are looking for passive income through staking or liquidity mining.
On the twitter of Dr Julian Hosp, one of the founders of Cake Defi, he mentioned about Cake Defi looking for a part-time KYC specialist on a contractual basis. Below is screenshot taken from twitter.
Cake Defi is trying to provide better service by increasing its staff because the sudden great increase of sign-ups.
Previously, free $20 worth of DFI tokens was given to new member without a minimum stated but it has recently announced and changed its term to the 1st deposit must be at least $50 or more to qualify for the $20 free bonus.
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
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.
It is never easy when we see a good potential project and we desire to get involved as soon as possible.
The delay of KYC has been flooding with messages in the telegram but Cake Defi Team is really doing their best.
As a registered company, I believe KYC is really an important procedure to ensure the identity of those who are involved in staking or liquidity mining.
I have started staking since August 2020 and I have never faced problem in the service provided by them.
I had to wait for a few days for KYC verification too but the wait is really worth it especially the enormous adoption of DFI tokens.
The price of DFI token has managed to hit an all-time high for the past weeks.
I personally believe there is a chance for it to cross a new milestone of $3 as well as higher value in future especially we can see that Altcoin season seems to be here with the prices of many altcoins growing faster than Bitcoin.
You can find out more or join Cake Defi using my referral link below.
Cake Defi Team is trying its best to clear the KYC as soon as possible so if you do join, you really need to be patient.
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.