If you’ve just visited our website and have questions like “What is Cake DeFi?”, “How do I use your services?”, “Is your platform safe?” and “What’s with the name?” –– then this article is, most definitely, a must read for you.
- What is Cake DeFi?
- What Services Do We Offer?
- Is Our Platform Safe?
So, let’s start with the most popular and commonly asked question of them all.
What Is Cake DeFi?
Founded in 2019 by our CEO Dr. Julian Hosp and CTO U-Zyn Chua, Cake DeFi is a Singapore-based fintech company that provides an easy-to-use platform that aggregates various DeFi applications and services, and which can be accessed by crypto investors from around the world -- allowing them to easily and securely generate passive income from their crypto assets.
Why build such a platform? The main reason stems back from a personal dilemma experienced by one of the founders, Julian, back in 2019. At the time, he was faced with solving an age-old problem of making money from his cryptocurrencies without having to sell them -- which, essentially, led to the birth of Cake DeFi: a one-stop-shop for crypto investors to generate returns while still owning their cryptos and which allows for making sound investment decisions based on their risk tolerance and - in the near future - AI algorithms.
To know how both founders ended up working together to develop Cake DeFi from the ground up, you may watch this video.
What Services Do We Offer?
Currently, the services that we offer are Lending, Staking, Liquidity Mining and Borrow. These services can easily be viewed or accessed by simply clicking on the “All Products” menu button on top of the home screen (if you’re using your browser) or “Bake” (if you’re using the Cake DeFI mobile app).
What’s the best way to determine which service is most suited for you? Some of the considerations include the type of crypto assets that you own, how much funds are you willing to invest and your risk tolerance.
If you consider yourself a beginner and / or have low risk tolerance, it definitely makes sense for you to opt for our Lending service.
What is Lending?
It is exactly what the term implies: you lend an asset with the understanding that it will be returned with interest. And what assets can you lend using our service? You may lend Bitcoin (BTC), Ether (ETH), USD Coin (USDC) or Tether (USDT).
How do you use our Lending service?
If you’re using a browser, simply go to the lending section of our website, click the “ENTER” button displayed on your preferred crypto and key in your preferred amount. If you’re using the Cake DeFi mobile app, simply go to “Bake” and follow the same instructions.
To know more about our Lending service, you may click here.
What is Staking?
True to its literal meaning, staking is the act of committing your cryptocurrencies to support a blockchain network by contributing to its security and efficiency.
So, how do you use our Staking service?
First of all, it should be noted that this service is most suited for intermediate level crypto investors. Also, you may only use our Staking service if you have DASH or DFI -- the native cryptocurrency of the DeFiChain blockchain.
With that, you may participate in staking through our service by simply going to the staking section of our page (if you’re using a browser) and clicking on the “STAKE” button at the bottom of your preferred cryptocurrency.
If you’re using the Cake DeFi mobile app, simply go to “Bake” and take the same steps.
To know more about our Staking Service, you may click here.
What is Liquidity Mining?
Simply put, Liquidity Mining allows crypto investors to receive liquidity mining rewards by providing liquidity in a Decentralized Exchange by means of allocating crypto trading pairs into a liquidity mining pool.
How do you use our Liquidity Mining service?
Although liquidity mining is most suited for advanced level crypto investors, almost anyone can participate by simply going to the liquidity mining section of our page (if you’re using a browser) and “ADD LIQUIDITY” in the liquidity mining pool of your choice.
If you’re using the Cake DeFi mobile app, simply go to “Bake” and follow the same instructions.
For more information about our Liquidity Mining service, you may click here.
What is Borrow?
In finance, the term borrow simply means “to obtain or receive money on loan with the promise or understanding that it will be repaid.” Crypto investors who do not wish to sell their crypto assets but want to receive funds to support their lifestyle or generate cash flow by using them as collateral can use Cake DeFi’s “Borrow” service.
How do you use our Borrow service?
If you want to learn more about our Borrow service, you may click here.
Is Our Platform Safe?
Our short answer to this question is, “Yes!” Cake DeFi is one of the most secure -- if not the most secure - DeFi platforms in the crypto space today.
In fact, just a month ago, we successfully completed a security audit conducted by top IT security consultancy firm Cure53 -- which, particularly, gave positive remarks on our UI, backend API, and underlying servers.
We are also very proud about the asset custody and segregation protocols that we have put in place to establish trust with our users by ensuring that they have full ownership of the crypto funds that they have allocated into our services.
If you want to know more about how we provide transparency and protect your assets, you may click here.
Also, if you want to use our services and benefit from the many advantages that we offer through our platform, but are not yet a registered Cake DeFi user, you may click here to sign up and start generating passive income with us.
You will get US$30 worth of DFI when you register successfully and make a deposit of US$50 or more, and allocate the amount for at least 28 days into either our Lending, Staking Freezer or Liquidity Mining Freezer service.
So, what are you waiting for? Sign up now and start “baking” returns from your cryptos in a safe and easy manner.