Cake Q1 2021 Preview: Choosing Our Path
As laid out in the Q4 2020 Review, CakeDeFi has seen tremendous growth and is now ranked as one of the top players in the industry. Since beginning our journey in 2019, we've grown to have a solid customer base, healthy operational cashflow, and a great team who are aligned with CakeDeFi's mission and vision.
So all things considered, we've got all the ingredients ready to start making that cake batter. But before, we need to decide how we want to take it forward in 2021.
By the end of year, we anticipate that Cake DeFi will be close to enacting its vision of being a one-stop-platform for all financial services. The next ingredient is deciding how we get there — which could be:
- The first option follows a traditional cookbook recipe. It's a more mundane and predictable route, which entails offering the same services it has to date. Even though it will generate steady cashflow, it's highly unlikely that it would change or revolutionise the world. In addition, as larger players enter the scene, it could lead to a potential buyout, which goes against everything we are trying to build.
- Option number two is to crack some eggs, throw in some flour and sugar and whisk frantically — to disrupt the existing financial systems. Taking a more disruptive approach successfully could help change the world for the better, but is considerably harder to achieve. Following this plan of action, Cake wouldn't be in competition for market share (as there would be no other company doing what it is doing), so it could go all out, conduct an IPO and, eventually change the world.
So which path do you think we're all routing for?
The disruptive, exciting, world-changing path of course! 🚀
Major milestones Q1 2021
Considering Cake DeFi's long term goals and our lofty ambitions, we have outlined the following milestones for Q1 2021:
- To greatly update and improve the user experience (UX). This is one of our key priorities this quarter, and will be key to help us increase user adoption. We want crypto enthusiasts and non-crypto-native users to be able to understand and use Cake DeFi — with ease.
- To deliver our new mobile app later this quarter. Most of today's interactions happen on mobile, and an app has been one of the most requested features from our users.
- Cake plans to add Bitcoin Cash and Litecoin Liquidity Mining very soon, as decided in DFIPs 5 and 6.
Having hired a Head of Marketing and Head of Communications in Q1 2021, we plan on making considerable progress, taking a more strategic approach to marketing and communications.
With all everything planned for the year, Cake DeFi will probably be hiring 12-15 new team members in Q1 2021. Most of these roles will be on the tech and product side, as we continue to drive innovation in our space.
Lastly, and what some could consider as most interesting, Cake DeFi will not proactively seek fundraising opportunities this quarter. We have a very healthy cashflow, putting us in a strong financial position already.
We're already excited by the progress we've made in the first few weeks of the new year, and we hope you are too.
We will be providing updates here regularly so keep an eye out for them to learn more about how Cake DeFi will disrupt the traditional financial industry this year!
Happy baking,
Your Cake Team