Skip to main content

Checking out Cakedefi - a SGD$100 experiment


This week shall be proclaimed as the week of baptism into crypto lol. 

Within a short span, I created accounts with 3 different crypto platforms - Hodlnaut, Celsius and now.....Cakedefi.

Lured by the dangling carrots of 80 to >100% APY by staking on Cakedefi, I decided to check it out.

The crypto space is really intriguing. I am just a beginner trying to dip my toes into the various ponds in hopes to gain more understanding of what others are trading/doing. I've been reading crypto articles on and off for the past year, but it's never the same as taking actions and trying things out in reality. #nevertryneverknow

I thought it wouldn't hurt for me to test out all these crypto platforms with a bit of money. I ain't no baller, but I have mentally prepared myself to see deep losses.

As such, I decided to put in SGD$100 into Cakedefi as an experiment to see what rewards I'll get in the next 180 days.

If you are keen to join Cakedefi, here's my sharing on how to kickstart this:

Registration

  • Head to my referral link here to set up your Cakedefi account. 
    • Rewards: Get a total of US$30 worth of DFI ($20 worth of DFI when you sign up and make a deposit of $50 or more + $10 referral reward)
  • KYC applies - you'd need to standby a pic of you with your IC (and writing some stuff on a piece of paper - their website will guide you), and upload proof of your addresses through your banking statement or utilities bill etc. Not too different from Hodlnaut and Celsius.
  • KYC approval time was pretty quick - around 15 mins

My intent - to stake defi coins for 88.9% (note that this rate changes every 12h). I don't find other coins worth staking on Cake since the yield at Hodlnaut and Celsius are better.


As such, my following post focuses only on staking DeFi.

How to start? To make the CAKE, you'd need the main ingredient: DeFi coin.
  1. First, transfer BTC from Gemini to your Cake wallet here 
    • I chose Gemini because of their 10 free withdrawal per month
    • I chose BTC because there's no deposit fee
    • I'm not sure if this is the cheapest way to buy DeFi but it's convenient for me without jumping through so many platforms. Let me know if you've a better option
  2. Transfer from Gemini to Cake is pretty fast
    • Email from Gemini: Your Bitcoin withdrawal has been confirmed
    • Email from Cake: Your deposit is being processed. You will receive another email when your deposit is successful.
    • I like how they alert me via email for each transaction!
  3. Once you have BTC in your Cake wallet, click on "Swap" at DeFi colum
  4. OR, head to staking page  where you can swap + stake in one page.
In my case, with $100 SGD, I received 25.6193291 DeFi coins which works out to be around SGD$3.90 per coin. At point of writing, based on coinmarketcap, the estimated price is US$2.74 ~SGD$3.70. I'll just give and take for the convenience. 

Proof of reward

Upon deposit of US$50 coins and above, I received notification of the bonus DFI:

The bonus of 10.9090909 DFI is frozen for the next 180 days and is already working for you. Currently you get paid 88.9% APY.

Another free US$30 in lol πŸ’°Take note that the bonus will be locked for 180 days though....which is on...22 February 2022 swee la!


As most would caution, maybe these will turn into ZERO ¯\_(ツ)_/¯ so pls DYODD!

If you already intend to stake with Cakedefi or want to kickstart this journey, pls use my referral link here where you'd get a total of US$30 worth of DFI ($20 worth of DFI when you sign up and make a deposit of $50 or more + $10 referral reward)




Stay tuned for my next update on my $100 experiment πŸ˜Š
----

Referral for crypto platforms

To earn 8.88% APY on your stablecoin and receive US$50 in BTC on your first US$400 deposit, pls use my referral link here. You can refer to my registration guide here.


If you're keen to set-up a Gemini account to buy and sell cryptos, head to my guide here. You can also click on my referral link here. Upon your purchase/sales of USD$100 cryptocurrency, both of us will get USD$10 worth of bitcoin. 😊



If you want to earn higher interest on your BTC, ETH etc via Hodlnaut, pls use my link here. Pls refer to my registration guide here to download the app.

By using my link, you'll get US$20 signup bonus after you make a first-time deposit of US$1000 equivalent of coins in ONE TRANSACTION, within 7 days after your account is approved.



If you already intend to stake with Cakedefi or want to kickstart this journey, pls use my referral link here where you'd get a total of US$30 worth of DFI ($20 worth of DFI when you sign up and make a deposit of $50 or more + $10 referral reward)


Comments

Popular posts from this blog

I finally cross $700k networth, after 1 year 4 months

I wondered how I should kickstart this post - should I be positive or negative about this? After 1 year 4 months, I finally crossed $700k in networth - returning back to where I've been at, back in Dec 2021.  I am disappointed.  For the past many years, I've always been growing my networth, at around $100-$150k/year. I had big plans to hit a net worth of $850k by December 2022, but the universe had other plans for me. Instead, I only managed to reach $646k, leaving me with a $204k gap to my target.  Ever since I became more aggressive in my "investment" portfolio in 2021, being sucked by greed to deploy most of my cash into stocks and crypto, I fell heavily, along with the crashes. Crypto wiped out 5 digits savings, so did the stock market.  To be honest, ever since the crashes and a bad hit to my net worth, I actually didn't do anything special to improve. I didn't make drastic spending cuts, I didn't stop my holidays, I didn't continue investing (no

What the luck? DBS and OCBC banking tokens died!

What luck. My ibanking tokens went dead one after another. OCBC Token First was my OCBC token. It said "low battery", but I ignored it. And when I finally need to use it, it was dead. Granted that I could use SMS OTP, I had to make a big transfer to other banks and it was over the withdrawal limits. And to do that, I needed the ibanking token. And serve me right for not activating the onetoken. In the end, I had to call in to OCBC call centre for a replacement. 7 working days, they said. What a long wait. In the midst of it, I needed to make my interbank transfers. I even went down to OCBC bank and explored a stupid manual way i.e to withdraw cash and deposit into the other bank. But the moment they told me they ran out of big notes, I got scared. While waiting for the token to arrive, I figured I could actually do transfers in smaller amounts, but had to bear with a daily cap. Sigh. And, one week later, my OCBC token arrived. How efficient. DBS token

Extremely bad start with UOB One

With the influx of posts on social media re UOB One (psst on grabpay) and the receipt of my house keys, I decided it was the time to sign up for a UOB One account plus credit card. It was gonna be the best tool for household joint expenses and joint savings. However, I've faced multiple hiccups that made me VERY frustrated....WHY ME?! 1. Delayed approving process led to losing out of sign up bonus First, I signed up for the UOB One card and Account in early Oct through Singsaver's promotion. The promotion said that I'd get to enjoy cash incentive for registration + UOB's promotion of $80 cash credit with min $1k spent within 30 days of card approval. Mind you, t hese terms were stated to end on 31 Oct , extracted below: S$80 Cash Credit for  UOB  One Account:  Limited to the first 500 new to  UOB  Deposits customers who either (i) deposit and maintain $5,000 or (ii) credit their salary, into their new  UOB  account for 6 consecutive months. Terms and conditio