Cake Defi was launched in June 2019 with 2.4 m USD seed round.
Under the same founders, Julian Hosp and U-Zyn Chua, they have defichain that is an decentralized exchange built on BTC blockchain.
Its security system has yet to be hacked and all the investors have not lost a single cent since its launch.
Cake Defi is a registered company in Singapore with a physical office and it is regulated by the laws of Singapore. This definitely boosts more trust for potential investors.
Below is a screenshot of the latest information that I had taken from the Business Filing Portal of the Singapore Register of Companies.
Chicken Genius Singapore has over 248k subscribers on his youtube channel. He shared about his thoughts about Defichain. He is a very experienced trader in stocks with all these subscribers looking out for his advice.
Video Source
Both images below were taken from Cake Defi website to provide you with an explanation of the referral program.
In short, we get to earn $10 for each referral and our referral gets $30 worth of free DFI tokens when they make a deposit of $50. We also get 1% p.a. of our referral investments.
Getting 1% p.a. of our referral investments may not sound really attractive but looking at the long term can be an attractive passive future income for us as our referrals grow in their portfolio with the attractive staking, lending and liquidity mining interest rates.
I have personally invested mainly in staking DFI tokens. The staking reward is currently at 85% APY today. The APY may change due to the number of stakers as well as other factors.
In my personal opinion, investing in DFI tokens at Cake Defi has lower risk than other platforms that may not have registered in any country as official companies.
I have seen many staking platforms in Binance Chain that came in a flash but disappeared in a flash too. I had lost money due to these scams when I was attracted to their crazy staking reward baits.
I have registered with Cake Defi for more than a year now. It has been my best investment since I started investing in Cryptocurrency.
One of the things that may hinder one from signing up is the need for identity verification.
We need to provide documents for verification: -
- Our identity - our identity card or passport.
- Our residential - utility bills or anything that has our address and name on it
Most people may be concerned about their personal information being revealed online but I personally feel that Cake Defi is reliable to safeguard our information since it is an officially registered company in Singapore.
It is common to complete KYC nowadays with stricter law enforcement in many countries especially for cryptocurrency.
Without the ability to invest, one can recommend Cake Defi to others and allow them to earn a passive income with this reliable company.
Cake Defi is an attractive opportunity to those who can invest as well as those who are unable to invest by referring others to it.
Below is my referral link if you are interested to sign up and get the $30 worth of free DFI tokens as well as start referring people to earn referral rewards without actual investment.
https://pool.cakedefi.com/#?ref=610483
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.
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