At the very beginning of 2021 I followed a very good advise from meme master @PVMihalache and started using CakeDeFi: mostly I was attracted by the 30$ signup bonus, (which I guess is still working, you'll receive 30$ in DFI token when you deposit at least 50$) always a good incentive to start using a service.
CakeDefi, for those who may not know, is a decentralized platform that allow users to easily put their coin at work with different tools: staking, liquidity mining and lapis. APT may vary a lot, from 2/3% with regular staking up to 200% when you lock your liquidity pair LTC/DFI.
Since I joined DFI has performed very well, surging around +300%. That means that my bonus of 30$ worth now around 90$. Not bad for a time-frame of one month.
After joining I became a little more involved in the project, and I currently am staking a little amount of DASH that i had (4.8% APY), plus I'm putting at work little earnings in Ethereum from various sources in liquidity mining (ETH/DFI pair is 153% APY).
I'm extremely satisfied: allocating resources is really easy and doesn't costs insane high gas fee, which I guess it's kind of a point in favor at this point.
At this point I will continue monitoring CakeDeFi too understand if putting more assets at work here, probably yes. When comes to DeFi, the risks that come from software development are even much higher then impermanent loss in my opinion.
News from CakeDefi
Speaking of monitoring CakeDeFi and its development, here's a quick look at the recent news coming from the team:
- DOGE liquidity mining feature was added at the end of January. It worked at 420% APY at the beginning, which is insane, now comes at more reasonable 161% APY. But seriously, nothing more surprise me speaking of DOGE
- Withdrawal fees for DFI are now much lower
- Transparency Report is out
This article was originally posted on my blog on Publish0x
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