5 days ago, I posted about staking DFI at Cake Defi with only 25.2% APY.
As I am monitoring this new investment, it is currently giving more than 30% APY for staking DFI at the point of my post.
The amount of reward seems to be auto-adjusting on its own based on how much DFI tokens that its master nodes can generate.
I notice the reward changes quite regularly.
What is DFI Token?
It is used for paying fees, loans, staking nodes, create new token and budget proposal in the Defi Blockchain that is under the DeFi Foundation in Singapore.
Defi Blockchain provides decentralized finance service on Bitcoin with many common services like lending, exchanges, loans etc like other Defi.
The current price of DFI is about $0.25. It was about $0.16 on 3 July 2020 so there is a price growth of over 50%. I personally think that it has potential for greater growth since it is really new.
Cake Defi is the only place to stake DFI tokens at this current moment.
Cake Defi would run the staking nodes for us. Our staking in Cake Defi would not be based on only one node but all the collective nodes for every coin that we stake.
It has auto compounding option so we can easily compound our earning back into staking.
Cake Defi aims to provide a passive income for us without tedious work.
Since Cake Defi is a registered Singapore company so I would personally think it is safer than most staking platforms.
Thank you for reading my short update in staking DFI at Cake Defi.
Disclaimer: This is my personal reflection and I am not in any position to instruct anyone what they should do. I am not responsible for any action taken as a result of this post. My post can only be a reference for your further research and growth.
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