Staking DFI Tokens at Cake Defi with 25.2% APY
Cake Defi is quite a new company that is registered in Singapore.
It caught my attention with its new staking token called DFI that has a high reward of 25.2% APY.
Dr Julian Hosp is the CEO and Co-founder of Cake Defi.
He is not only a current blockchain adviser to the Singapore Ministry of Defense. He is an entrepreneur, speaker as well as best-selling book author.
Cake Defi is a registered company in Singapore that aims to enable people like us a way to get cashflow using cryptocurrencies passively.
It is offering a high interest for this new cryptocurrency called DeFiChain (DFI).
DFI aims to enable Defi on Bitcoin and it is also based in Singapore. It includes services like lending, transferable debts, exchanges, dividend distributions etc like those popular Defi Blockchain but on Bitcoin instead of Ethereum.
I remember that read somewhere about Cake Defi had a startup worth of 1.4-million dollars.
As a new company registered in Singapore, it seems to have a high potential especially with the reputation of Dr Julian Hosp to boost this company to a great height.
DFI is still a very new tokens so no one really can predict its success in bringing Defi to Bitcoin but we can see that there is potential for it to make it big.
DFI was only priced about $0.16 on July 2020 and it is currently at the price of about $0.25 at the point of my post.
I decided to make an investment in staking DFI by transferring ETH to buy and stake on Cake Defi to start earning DFI tokens with a high interest of 25.2% APY by staking DFI.
We can choose to auto-compound to earn better profit.
I had taken a chance with this new company and new token. If it ever hits big, I may just have a nice good passive income in the future with a small investment now but it is indeed still a risk when we consider both company and token being new in the market.
I guess investing when they are still new would give me the benefit of getting in early with lesser investment to reap a big profit if they ever become successful.