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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)


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