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In this article, I will show you my own experience staking DFI tokens on CakeDefi.com.
On their official website, this is what they say: "Cake is a platform that empowers you to be in control of your finances by creating cashflow and harnessing the potentials of Decentralized Finance."
I came to know about CakeDefi while research on Pancakeswap. There is a weird attachment to food in the DeFi business with pancake, sushi, pizza, or burger.
In my case, I am only looking to stake my assets for some gains. The advantage of staking is that your asset is not locked up unlike their Freezer Program and the staking return is quite attractive.
The main issue is you have to get your hands on DFI, which is the native token of the DeFi Blockchain.
The easiest way to get some DFI is to send your crypto to CakeDefi and then swap them for DFI tokens. I cannot buy directly from CakeDefi as their buy feature is not available in Singapore.
Another way to get DFI is to buy them on exchanges like Kucoin or Bittrex. I am using KUCOIN to buy DFI and then send them over to CakeDefi. The transfer is quite fast, usually within 30minutes.
Once you got some DFI on CakeDefi, you can then simply go to Product -> Staking and stake your desired amount of DFI.
As illustrated in the picture above, the reward is payout every 12hours so it's quite nice to see your gains increasing frequently.
If you are opening an account with CakeDefi, you can get extra $10 in DFI if you use my referral code:
https://app.cakedefi.com?ref=976239
I hope you will find this article useful. Happy staking!
