Most of the Defi are built on Ethereum network. We really cannot avoid the expensive gas fee especially we can see the bull run that is happening.
Through a hard fork, it had given birth to DeFiChain. It is built on the Bitcoin network to focus solely on the features of decentralized finance.
Ever since the new Dex of DeFiChain was launched on 30 November 2020, we are able to see the tremendous growth in the price of DFI.
The liquidity mining pools are made available after the launch of the new Dex. This resulted in millions of dollars being locked in the pools for liquidity providers to earn a passive income with attractive APY.
DFI tokens are currently tradable on exchanges like Bittrex, Hotbit, Latoken, Bitrue and IndoEx.
After trying out staking and liquidity mining, I personally prefer staking that offers a steady 37% APY without the impermanent loss of liquidity mining.
Impermanent loss can happen to all yield farming due to the price change that results in the off-balance of the liquidity pairs provided.
When the prices of popular tokens were down, the price of DFI was able to stay strong. Below is a screenshot that I have taken using the watchlist of my Coinbase account.
The price of DFI tokens has grown steady down the months and it has just break through into a new milestone of $2 yesterday.
DeFichain is a registered company in Singapore and one of the main founding members is Dr Julian Hosp who is the chairman of DeFichain.
U-Zyn Chua is the CTO and he is an experienced blockchain engineer who was involved in blockchain research for the Singapore government.
The fact that the staking and liquidity mining at DefiChain can only be accessed after installing the desktop app from DefiChain, Cake Defi becomes the main bridge for those who do not want to install any software on their computer.
Cake Defi is also registered in Singapore. This company is also managed by Dr Julian Hosp and U-Zyn Chua.
Cake Defi is able to offer its service for us to earn DFI tokens through staking and liquidity mining without the hassle of installing any software and we can even access our accounts using our mobile phones through our mobile web browsers.
There is an attractive DFI staking reward of 37% APY. There are 3 pairs of liquidity pools – BTC/DFI, ETH/DFI and USDT/DFI in DeFichain.
There is an attractive referral program that can attract more people to join easily.
Cake Defi is currently offering $20 worth of DFI after the 1st deposit.
When the sign up is through a referral link, both the person who refers and the new sign up would get $10 worth of DFI each.
All the free DFI tokens would be locked for 180 days with staking rewards unlike the usual when we can stake and unstake without a lock period.
This is probably a way to prevent abusers from using this referral program to reap and dump DFI tokens for fast reward.
For a starter, a new member gets a total of $30 worth of DFI tokens that will start to generate staking reward that can be withdrawn or reinvested.
We do need to complete KYC(Know Your Customer) before we can get our referral link as well as the full feature of Cake Defi.
With the referral link, the new member can further earn DFI tokens by simply referring others without investing a single cent.
Even though the DFI tokens for referring others would be locked but the staking reward can be withdrawn or reinvested.
If I can refer 10 people, I would have earned $100 worth of DFI.
If I can refer 100 people, I would have earned $1000 worth of DFI.
37% APY is definitely an attractive staking reward when we compare with most of the popular tokens now.
If you are interested to sign up or find out more about Cake Defi, you can make use of 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.