Tag: defi

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

On By RistrettzIn Cryptocurrency, Deals, Personal Finance SeriesLeave a comment

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://atomic-temporary-178675883.wpcomstaging.com/contact/

The pictures were taken from CakeDefi website for this article.

Series 1: Starting your Cryptocurrency journey with Crypto.com

On By RistrettzIn Alternative Income, Cryptocurrency, Interest Rates, New Ideas, Performance, Personal Finance SeriesLeave a comment

Crypto.com (CRO mainnet & https://crypto.com) has been around for some time now. I have not seen any utility crypto company who has delivered what they want to deliver to consumers over the last few years. They are as similar if not the same as any other company with a physical product that works. While I have my concerns, I do feel that they offer a little bit of everything which new users can learn about and existing users can complement with their existing knowledge.

Cryptocurrency

To a certain extent, sometimes just jumping on the bandwagon allows one to commit and understand how the crypto world works. Once you have committed some money, one will take the effort to find out more and discover the traits of the crypto world and what it entails. Crypto is a highly aggressive alternative investment and everyone should be careful. This article just talks more about what I feel so do your own diligence before jumping onto something.

Meanwhile, given that Binance International is going through some regulatory and compliance issues in Singapore. Crypto.com is a good way to explore your options. To explain further about the perks on opening a crypto.com account:

Sign-up promo (SGD100 + NFT) & USD25 Referral promo

 
By signing up, you will get SGD 100 and an exclusive NFT. Of course, you would need to be the first 100,o00 users to do so. To find out more read here: Mid-Autumn Crypto.com Promotion
 
Plus, I’d get my very first NFT “Lion Mooncake”. Curious to know how it looks like!
 
To maximise your rewards, you can choose to stake SGD $500 CRO so that I can unlock the referral bonus of US$25 (Referral Bonus)
 
To redeem NFT, you will need to sign up the NFT account that Crypto.com has at Crypto.com NFT Account
How to connect your Crypto.com/NFT and Crypto.com App accounts (Taken from their website):
    1. Sign in or create an account on Crypto.com/NFT.
    2. Go to Account Activity and select Connect to App.
    3. Enter the email address that’s associated with your Crypto.com App account and send a connection request to your inbox.
    4. Open the authorisation email, click Connect, enter your Crypto.com App passcode, and click Authorise & launch NFT.
If you would like to give Crypto.com a try do remember to use my referral code: 1JIC-91CM

Crypto.com Eco-system

 

I understand that by now, most would be a little confused with so many accounts. What Crypto.com can do is a lot of stuff. Listing it down and in summary:
 
a. https://crypto.com – This is their main app which allows you to swap cryptocurrency and also to setup your Metal VISA card. The Visa Card gives you the perks of cashback and using CRO to pay for specific vouchers (Special cashback discounts as well) – [APP only]
 
b. https://crypto.com/exchange – This is the trading account which allow you to set limits and trade with other pairs that they allow on the exchange (You can treat this as a brokerage account. The perks of opening the exchange account can be found here: Exchange Perks [Website & APP]
 
c. https://crypto.com/NFT – This is the marketplace for NFTs and also known as non-fungible Token. This is also what many know as digital art. [Website & APP]
 
d. https://crypto.com/defi-wallet – With the Crypto.com DeFi Wallet (a non-custodial wallet), you can send crypto to anyone around the world at your preferred confirmation speed and the network fee. With this you can also store and earn interest Crypto.com DeFi Wallet is a decentralized wallet, which means you own your private keys. During wallet creation, you will have to write down your recovery phrase which when needed, you will be able to restore your funds. (This is very important)
 
From here you can have the option to choose among the whitelisted validators for staking and redelegation (change delegation from existing validator to another validator). This will give you additional interest. Read more about it here: Defi-Wallet Earn

Some simple benefits for sign up

1. Supercharger

Other than putting approved coins to earn interest on the APP. You can also join in the syndication on the Exchange or the Supercharger event on the Crypto.com APP itself. You can stake your CRO and treat it as a way to farm for other coins that crypto.com has a promotion or link with. More information can be found here: Supercharger Event.

2. Metal Card Cashback

 
The Metal Card Cashback works like a credit card cashback account. The only thing that functions differently is that it is a debit card. You will need to pre-load it with cash before transacting with spends. Like any other card, they have to abide by MAS PSA. The card also credits cashback based on the MCC spends. More details can be found here: Cashback eligibility under their CRO cashback rewards program
 
Not to mention that if you take on the higher tier cards, you can get rebates for Spotify, Netflix and ever prime plus other perks which can be found here at https://crypto.com/sg/cards

3. Additional Promotion and Discounts

More perks and discount will be added over time and the updated ones until 30 Sep 2021 can be found here at User Exclusives and Promotions. If you have any queries, drop me a note and I will try my best to answer your questions. It can be daunting at first but eventually, you will get a hang of it.

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. If you would like to give Crypto.com a try do remember to use my referral code: 1JIC-91CM

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://atomic-temporary-178675883.wpcomstaging.com/contact/

The pictures were taken from Crypto.com website for this article.