I started posting about DFI token when I started staking DFI tokens at Cake Defi with an attractive APY then.
Back then, the decentralised exchange(DEX) and the liquidity pool were not launched yet. There were those who felt that there was no actual product to back DFI token and it was mainly a staking token.
When DefiChain launched its new DEX and its 3 new liquidity pools with extremely high APY on 30 November 2020, the evolution of the DFI token started.
I started to see DFI token reaching new all-time high almost everyday. DFI has just reached an all-time high again with the price of $2.29.
We can see from the screenshot from Coinmarketcap that it was only about $0.16 six months ago.
The attractive DFI staking reward of 37%, the liquidity pools high APY ranging from 170.41% to 242.18% as well as the low transfer fee needed to the new DEX can all be possible reasons for DFI token to rise in price significantly.
I personally felt the most important component of its success is the confidence that investors have in Cake Defi and DefiChain which are both under the same management actually.
One of the reasons that I trusted the service of Cake Defi and even provided the needed KYC is it is a registered company in Singapore and it even has a physical office. Below is a screenshot that I had taken from the website of Singapore Registrar of Companies.
Both of the founders of Cake Defi and DefiChain are guys with good reputation. Dr Julian Hosp is an international blockchain expert with a huge portfolio behind him. U-Zyn Chua has contributed as a blockchain adviser to the Singapore Ministry of Defense as well as an early contributor to many blockchain projects in Bitcoin, Ethereum and Dash.
Below is a screenshot of a brief outline about them from the website of Cake Defi.
By the rate of the price of DFI, it looks like it may reach $3 very soon.
Currently, there is a $20 free DFI tokens for new member after the 1st minimum deposit of at least $50.
An extra $10 worth of DFI tokens for those who sign up via a referral link.
The total free $30 free DFI tokens would be locked for 180 days with staking rewards of 37% APY that can be withdrawn or reinvested.
For normal staking of DFI tokens, we can actually stake and unstake immediately without a lock period. The lock period is only for the free DFI tokens to prevent abusers.
As Cake Defi is a registered Singapore company, there is a need to complete KYC before the full access to its service after signing up for an account.
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.