Calling 2020 a crazy year would be a bit of an understatement. It was the year that Brexit finally came about and the year of the U.S. presidential campaign. It was also the year of COVID-19 — a global pandemic unlike anything we've ever experienced — which changed the way we live.
For us at Cake DeFi, and for many of you reading this, 2020 was the year that Bitcoin finally broke key resistance levels to achieve a new all-time high (ATH) since 2017.
Having spent a lot of time at home, so many people picked up new hobbies and skills last year, like cooking and baking. We're no different, but we weren't just baking in the kitchen, we've been baking up a storm with our platform too. Check out this article to find out more about the ingredients we used, how we kept our kitchen tidy and just how far our cake is rising :-)
- We really cranked up the temperature of the oven! 2020 was a very successful year for Cake DeFi. We established a strong financial position, so much so that we can cover an entire year's costs based on 2020's performance.
- We added more flavours! We went from having just a single product — Staking — to an entire product line!
- We're giving you the recipe! With the quarterly transparency reports and monthly employee spotlight videos, you always know you're in good hands and where the journey is headed.
- The cake is rising! Our team has grown from 15 employees to 42 — in just one year! And our customer retention rate is also extremely high: once a baker, always a baker.
Baking from home right at the beginning of the year due to the lockdown was not a problem at all for our kitchen staff, since we often worked remotely anyway.
On the contrary: everyone was able to get the dough rolling without distraction, and the daily digital social contact was very enjoyable!
At the beginning of 2020, however, Cake DeFi had hardly any ingredients - in fact, staking was the only, albeit delicious, product in the range.
Then, before the end of the first quarter, a second product was added: Bitcoin Lapis, for super sweet returns of up to 7.5% per year on your Bitcoins!
And because every world-class confectionery needs maximum transparency and hygiene, we started with quarterly transparency reports in 2020: You can find the very first one here.
In the monthly Employee Spotlight videos, you'll also get to know all our kitchen staff personally! We started with 15 (30, to be exact) dedicated hands - a number that, as you'll see, has rapidly evolved alongside the entire confectionery!
Just in time for the Bitcoin halving on May 11, a very special new ingredient was added to the staking: DFI.
Cake did a lot of research & development work for the DeFiChain Foundation here for the perfect mix of sweet and salty, and we're super happy how DeFiChain eventually evolved and positively impacted Cake DeFi. But more on that later (or in detail here in the DeFiChain 2020 Review).
Just two weeks later, another ingredient followed, this time in Cake DeFi's Lapis product: Ethereum! For up to 7.5% return per year, you can since bake the second largest cryptocurrency.
Shortly after Cake DeFi's one-year birthday on July 7 - for which, of course, everyone got an extra-large slice of cake - we then already had the second transparency report!
Because baking from home was not just something necessary, but a welcome "distraction" for every employee, we achieved all of our goals in the second quarter - and we always shoot for the moon!
Before long Cake DeFi would become a fully-licensed company in the global financial centre of Singapore, after our team filled out over 100 pages for the application: Wow!
A big milestone, and we are happy to be able to prove to our customers that the pastries at Cake DeFi are of the highest quality and safety - virtually awarded with three Michelin stars.
Further evidence of the outstanding performance at Cake DeFi is the fact that the company has been consistently cash flow positive for the past several months (and still is in 2021).
As a result, the company is able to operate sustainably over the long term without additional fundraising. In other words: No one will stop baking here anytime soon!
By the time the third transparency report came out, users had deposited a total of over 1000 Bitcoins with Cake - showing once again that there's nothing tastier than a generously prepared, well-baked cake.
Then, on August 21, we announced a super-received new addition to Lapis: Cake DeFi has since been working with licensed custodians who fully insure the already very low risk on Lapis and even provide guaranteed returns! Lapis thus not only tastes incredibly good, but also is incredibly good for you - without any possible side effects :-)
For the most loyal and hard-working bakers among you, we have also launched the VIP Confectionery program, which allows you to get promoted and enjoy additional bonuses, such as a dedicated interface or the possibility to buy Bitcoin at 50% discount: the icing on the cake.
With the addition of USDT Tether to the Lapis pie, on which you can get 8% return, we then started into October, and thus into the last and fourth quarter. You can find the full transparency report on that here.
The big highlight in the fourth quarter of 2020 was the launch of Liquidity Mining on Cake. To date, approximately $50 million worth of assets have been allocated to this service, and that number continues to grow, quickly. This means that the costly research and development work that Cake DeFi has been doing on DeFiChain is slowly starting to bear fruit - which can then serve as delicious ingredients.
Also, by the end of the year, the number of employees has grown from initially only 15 people in the kitchen, to now over 42 talented and hard-working bakers who have perfected their craft.
Overall, by the end of 2020, Cake DeFi stands stronger and bigger than ever. We've managed to average about 10% growth per week throughout the year - across the board.
Financially, we are in such a good position that Cake DeFi could diligently continue to bake and bake for over a year without generating a single cent of revenue. Thus, the entire kitchen staff and all amateur bakers are well covered and have absolutely no need to worry about the future of Cake DeFi.
Perhaps the most impressive, and arguably most important, however, is the incredible customer loyalty. Once someone really starts baking at Cake, they stick with it - we see virtually no churn from customers after they've already learned to bake for a few weeks.
Here's to a delicious 2021. Register now at Cake DeFi, put on your chef's hat and let's get the dough rolling!
Your Cake DeFi Team