Cake DeFi is a company that provides simplified access to defi functions utilising the DeFiChain and focused around the native token, $DFI. Today, they have launched their revamped referral program following feedback from the community, demonstrating that Cake DeFi listens to the community and wants to give back to the people that help to grow the platform.
Before we jump into a look at the new program, here is a quick overview of Cake DeFi if you have never heard of them.
The core products of Cake DeFi are:
- Liquidity Mining
The lending tools on Cake DeFi offer very competitive return rates on $ETH and $BTC, and if the price of these cryptocurrencies rises, their returns are actually some of the best (from 5% up to 7.5%). This is one of my personal favourite places to get more from my $ETH and $BTC while earning in $ETH and $BTC and without needing to worry about holding the platforms own tokens to meet loyalty tiers.
Cake DeFi quick comparison
For comparison, the current rates offered on popular interest platforms are currently:
- ETH: 4.5% (max 15 ETH)
- BTC: 5% (max 0.5 BTC)
- ETH: 5.05% (6.35% if earning in CEL + 5%-25% bonus depending on loyalty tier)
- BTC: 3.5% (4.4% if earning in CEL + 5%-25% bonus depending on loyalty tier)
- ETH: 6% (at maximum loyalty tier or 8% if earning in NEXO)
- BTC: 6% (at maximum loyalty tier or 8% if earning in NEXO)
- ETH: 4.5-5.5% (depending on your CRO card tier)
- BTC: 4.5-6.5% (depending on your CRO card tier)
- Cake DeFi:
- ETH: 5% (up to 7.5% if price targets are hit)
- BTC: 5% (up to 7.5% if price targets are hit)
As you can see, Cake DeFi is very competitive without worrying about loyalty tiers at all and with the potential to outperform even the highest tier earnings on most other platforms when earning in $ETH and $BTC.
How does the new referral program work?
The revamped Cake DeFi referral program allows referrers to earn weekly revenue on the assets held by the people that they have referred. The total amount that can be earned is tier-based, but even at the lowest tier, as long as the people you refer hold at least USD $50 in assets in active earning services on their Cake DeFi account, you are able to earn weekly revenue.
How do the referral tiers work?
The tiers are dictated by the number of people you have referred.
- Tier 1: Earn 0.25% annually - Less than 3 referred friends
- Tier 2: Earn 0.5% annually - 3-5 referred friends
- Tier 3: Earn 0.75% annually - 6-9 referred friends
- Tier 4: Earn 1% annually - 10 or more referred friends
For example, if you have referred 4 people, you will be earning 0.5% pa of their assets paid out each Monday based on their asset value each week. So if their assets go up, your weekly income goes up.
If you refer 2 more people (6 total), your earnings will increase to 0.75% pa of the assets held by your referrals.
Once you reach 10 referrals, your earnings will hit 1% of the assets of everyone that you have ever referred.
What currency are the rewards paid in?
Your reward payments are made in the same currency as the asset held by your referral. So if they hold $BTC, you receive $BTC. If they hold $ETH, you receive $ETH.
The only exception to this is the liquidity mining where value is based on $DFI, so on those assets, you are paid in $DFI.
Do wallet balances count towards rewards?
Cake DeFi does not appear to count wallet balances towards rewards, only earning services. So your earnings will only be based on the assets that your referrals hold in:
- Liquidity Mining
Is there still a lump sum referral reward?
The previous Cake DeFi referral program paid out a USD $10 reward in $DFI for every new referral. It looks like this lump sum reward is going to be dropped. However, for a limited time, it will still be paid out on new referrals. Cake DeFi has not yet indicated when this limited-time promotion will end.
What do the referrals get?
New customers that sign up to Cake DeFi using a referral link, (like mine here) or referral code (like mine: 364676) receive USD $20 paid in $DFI and a bonus USD $10 paid in $DFI for a total of USD $30.
Cake DeFi referral program summary
In summary, the revamped Cake DeFi referral program offers a powerful way to earn ongoing passive income by referring new customers. Even if you don't refer any for a while, as long as those you have already referred continue to hold at least USD $50 in assets, you will continue to earn weekly payments.
Unlike most other referral programs that offer a once-off lump-sum reward or a temporary fee discount, the Cake DeFi referral program offers substantial ongoing rewards.
I'm always a fan of referral rewards, but Cake DeFi has made their program one of the most enticing referral programs around.
Get started with Cake DeFi
Cake DeFi referral code: 364676
Cake DeFi referral link: https://app.cakedefi.com?ref=364676
Once you have signed up, make a deposit to the value of USD $50 or more in one of the supported currencies.
Go to the "Referral" page in the website menu and get your own referral link and referral code.
Share your referral link and referral code with friends.
To boost your referral opportunities, consider posting your referral code on sites like Invitation.codes
As always, do your own research. This isn't financial advice and should not be construed as such. This is purely for entertainment purposes only. You should not invest anything you cannot afford to lose. And yes, at the time of writing, I do have an account with Cake DeFi and I do use their services. If you signup for a Cake DeFi account using my referral link, you are helping me out!
For more from me subscribe to my YouTube Channel: https://www.youtube.com/channel/UCJighnSAVlt1NzPjUMtX1iQ/
You might also like to follow me on Twitter: https://twitter.com/MattTalksCrypto
Signup bonuses and referral rewards:
💰 Earn interest on cryptocurrencies:
- Celsius (Get bonus BTC when you deposit $200 or more in crypto as your first deposit and hold it for 30 days: https://celsiusnetwork.app.link/1255999311 (referral code: 1255999311)
- BlockFi (Get USD $10 in BTC): https://blockfi.com/?ref=40e8c3ec (referral code: 40e8c3ec)
- Cake DeFi (Get USD $30 in DFI): https://app.cakedefi.com?ref=364676 (referral code: 364676)
🎯 Discounts and bonuses:
- Crypto.com App ($25 when you meet the staking requirements in the app): https://crypto.com/app/h9tfssd364
- Crypto.com Exchange ($50 when you meet the staking requirements on the exchange): https://crypto.com/exch/h9tfssd364
- Binance (Trading fee discounts): https://www.binance.com/en-AU/register?ref=D7J2UAE7 (referral code: D7J2UAE7)
- Coinbase (USD $10 in BTC when you buy or sell $100 in crypto): https://www.coinbase.com/join/brown_dtz (referral code: brown_dtz)
- Cudo Miner (Get an 0.00005 BTC signup bonus when you start mining): https://www.cudominer.com/?a=uadh6Q6C3
🎮 Crypto Game bonuses:
- Splinterlands (Bonus free card after Spellbook purchase): https://splinterlands.com?ref=darksbane (referral code: darksbane)