A few reasons for you to get on the DeFi Chain.
- Free Money
- Passive Income
- Stability
is not an exchange, it's not a swap, and it's not a blockchain video game. CakeDefi's biggest services are crypto lending/loans, liquidity mining, and staking.
While their loans have low rates and you can take out some of the best coins in crypto, what I focused on with CakeDefi was liquidity mining and staking.
Let me break down my three points.
Free Money
CakeDefi has a learning program, like many other large exchanges, which allows a user to gain some free Bitcoin. But when you're signing up for an account with CakeDefi there are 3 ways for you to earn free money.
- Have a BRAVE browser and be signed in. CakeDefi offers a sign-up bonus to Brave members.
- CakeDefi offers a deposit bonus of up to $200 in Bitcoin. When making your first deposit with CakeDefi, they give you about $20 in Bitcoin for every $100 you deposit. The more you deposit, the more they reward you.
- By using a referral code from someone who already has an account, you can get yet another deposit bonus. My referral code is: 572886
Passive Income
I put most of my money into CakeDefi's liquidity mining with the Bitcoin and DefiChain pair. That investment is earning me 51% APY. What I like about CakeDefi is the way they automatically stake my rewards from LM. Rewards from LM are paid out every 12 hours by CakeDefi, and they are immediately deposited into your staking account, earning you 40% APY. There is no need to log in every day and move funds around, there is no need to check on anything.
I do not have much money to play around with inside the crypto space, but what I've invested in CakeDefi is earning me daily income that I enjoy watching grow.
LM can and will change its APY over time. When I first started with CakeDefi, the rates were much higher than they are now. I'm not going to bore you with the details of LM mechanics, but that slow decay is usually inevitable. Their staking has remained at exactly 40% since I've started, and the DeFiChain, the coin you get as a reward for staking and mining, is doing quite well.
For those unsatisfied with the rewards of either staking or liquidity mining, may I turn your attention over to CakeDeFi's decentralized assets that earn in the neighborhood of 90% APY. These are a bit trickier to navigate, as you'll need a mobile wallet and CakeDefi's mobile platform, plus the Dassets require some trickery with crypto collateral and loans. But if you're looking to maximize your passive income, Dassets are lucrative.
Stability
Now this is a bit of a caveat, but in the wild and volatile world of crypto, this has been one of my surest investments. Yes, in November and December things shrunk. But what makes me happy about passive income is that even when the market shrinks, I'm still earning income. Sure, that income is lessened by said shrinkage, but I'm most likely still in the green thanks to the passive income.
Bitcoin be crazy, yo, and since most other coins follow in Bitcoin's footsteps, DeFiChain be crazy, too. Yo. But in the time I've kept my money with them, I've been pleased with the growth. My only real complaint is that I wish the APY was as high as it was when I first invested.
I could go into CakeDefi's creators, the company's backstory, and their various initiatives, but those don't really have anything to do with you being on their chain and earning money.
Are you on CakeDefi? If not, are you earning passive income from other sources? Let us know in the comments below!
