Series 3: Starting your journey on Crypto on Defi with Cake DFI tokens

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I was lured by the high yields of CakeDefi which is roughly around 80% or at point of writing. This is accounted for in APY (Annual Percentage Yield) by staking. I signed up about 3 months ago but failed to take any action on this. Given how cash interest rates is just no longer interesting, I’ve been looking to invest my cash.

You can find out more here: CakeDeli Link

The crypto space is really intriguing. I’ve been reading trying my best to keep up with the crypto world but it is extremely dynamic but I do see use and real world cases which we can tap on and try to make a deal out of these new coins/system.

I decided to put in SGD$100 into Cakedefi as an experiment to see what rewards I’ll get in the next three months or so as a regular monthly updates similar to what I have been doing for my own robo advisors accounts.

If you are keen to join Cakedefi, here’s how to do it online:

Registration

  • Head to my referral link below (QR code or referral code) 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 date and the stuff that you are applying for – their website will guide you), and upload proof of your addresses through your banking statement or utilities bill.
  • KYC approval time is fast so you can do this rather quickly.
I’m only trying out the staking on DFI and not farming for other stuff. I have yet to be convinced by CakeDefi so I will only play small money here.
 
 
How do we begin? To make the CAKE, you’d need the main ingredient: DeFi coin.
  1. First, transfer BTC from Gemini to your Cake wallet at here 
    • I chose Gemini because of their 10 free withdrawal per month
    • I chose BTC because there’s no deposit fee 
    • There are also many ways to do it. However take note that buying BTC with cash on Gemini is a $4 charge per transaction.
  2. Transfer from Gemini to Cake is pretty fast as well:
    • 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.
  3. Once you have BTC in your Cake wallet, click on “Swap” at DeFi column
  4. OR, head to staking page  where you can swap + stake in one page.
I received 11.4 ish DeFi coins which works out to be around USD$2.63 per coin.

Referral Reward

Upon deposit of US$50 coins and above, I received notification of the bonus DFI:

The bonus DFI that is worth USD 30 is frozen for the next 180 days and is already working for you. Currently you get paid the base APY plus a little bonus %.

 
Free money to take but take note that the bonus will be locked for 180 days.
 
As most would caution, maybe these will turn into ZERO so only do it if you are comfortable.
 
If you already intend to stake with CakeDefi, 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)
 

Disclaimer

This is not a sponsored post. This is purely my own opinion after using their service and/or products. If you like what you are seeing, do remember to check they out and do your diligence. There is no one size fits all investment strategy. Please use my referral code if you would like to try CakeDefi:  786793

Now, if what I am sharing does resonates with you, do use my referral codes here at Referral and Recommendations

If you like what I am sharing or if it resonates with you, do use my referral codes for other services at https://lifejourney.blog/contact/

The pictures were taken from CakeDefi website for this article.

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