This week shall be proclaimed as the week of baptism into crypto lol.
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:
- 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
- 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
- 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!
- Once you have BTC in your Cake wallet, click on "Swap" at DeFi colum
- OR, head to staking page where you can swap + stake in one page.
Proof of reward
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.