Cake Defi is a decentralized finance platform based in Singapore, utilising the Defichain blockchain which is secured by anchoring with the btc blockchain. Cake Defi offer a very generous $40 sign-up bonus, paid instantly as DFI (Defichain), for anybody who deposits $50. Additional you can take a quiz and earn $1 of DFI, $1 of ETH and $1 of BTC. This does not require any additional transactions or trades, just a deposit which you will be able to instantly withdraw if you need to.
- Sign-up to Cake Defi using the referral link and ensure that there is the information: “Referral code has been applied 571562″ to ensure you receive the bonus.
- Verify your identity using photo ID. This used to take up to 72 hours, but should be much faster for most of the time.
- Deposit $50. There is a limited number of currencies that can be used and if you are planning to withdraw your deposit instantly I would strongly recommend DASH as it has the lowest withdrawal fees. Bitcoin Cash has the next lowest withdrawal fee, followed by Doge and then Litecoin. I suggest checking the withdrawal fee page before signing up to see which suits you best.
- Once your deposit has been received, your sign-up bonus of $40 will be paid into your account instantly. This will be staked and locked for 180 days however it does earn interest during that time, currently around 18% APY! Go to the freezer section and turn off auto-renew if you will want to withdraw after 180 days.
- The DASH, or whatever you deposited, can be immediately withdrawn to wherever it was deposited from and if necessary, exchanged to GBP and withdrawn to your bank account.
- After 180 days, withdraw your bonus along with the interest it has accrued. Obviously you are able to do Liquidity Mining on CakeDefi.
- Do the Learn Lesson and get $1 of DFI, $1 of ETH and another $1 of BTC.
I have been really impressed with Cake and Defichain as a whole. I invested a bit more than the $50 and due to Liquidity Mining it already gave a nice bonus which I really apprechiate. I am now using the Freezer on Cake Defi to stake more DFI over a much longer timeframe than the initial 6 months as the APY is fantastic, the longer timeframes gives discounts on fees and I can see the value of the coin appreciating over the next few years.
Cake do have other opportunities to earn interest on your crypto using their liquidity pools or via lending. BTC, ETH, BCH, DOGE, LTC and USDT all have good APRs, just keep an eye on the withdrawal fees for BTC, ETH and USDT to ensure you stake enough or for long enough to make it worth your while.
For anybody struggling with buying DASH, it can be purchased at Bitpanda as previously mentioned, but also Binance, Coinbase, Kraken, Poloniex and Kucoin. Deposit/withdrawal fees and methods across these exchanges vary.