Everyday we read about some new DEFI product out there. We don't know who is behind this. We don't know if their code is open source. But we are drawn to the DEFI based on the return that it offers for the stakes that you can keep with them.
Today I found out about CakeDEFI. I am sure many of you who are into the crypto for years have found out about it way earlier than me. I thought I should short review the DEFI project about which I just learned and trying to invest into for short term.
Image Credit: CakeDEFI
What does CakeDeFi Offers? What are some of their investment options?
CakeDEFI offers multiple options for you to invest your crypto into. For example you can do the liquidity mining. So for those who are into offering the liquidity for the swap projects may find this sort of offering useful.
You can also stake various cryptocurrencies for some staked percentage. For example, BTC, DASH, USDT, ETH and few pairs. So you can keep those currencies into the stake and get your funds to work for you.
What about Staking?
I am glad you asked. CakeDEFI does seem to offer the staking options. And you can definitely keep the funds and set it for lending. Currently you can do the USDT, BTC and ETH for staking and you may earn decent reward out of it. I know this could be pretty small amount of options but it does offer good percent return from staking so it's worth trying.
What about masternode staking?
Yes they are offering that too. But they have limited options as of now. They have their own blockchain named DEFI and the other being DASH. So you have only two options for the staking. So unless you want to keep those coins at stake, it's kind of limited option.
CakeDeFi is doing all of this from their own blockchain and staking in pool for other currencies. This is similar process like Binance does. However considering for me they are new so I'd take some time to invest into them.
They have limited options for staking and lending but I hope that as time goes on you can have more options.
Have you checked out Cake DeFi?