Cake DeFi Referral Code: 675992
The most transparent way to put your cryptocurrencies to work
Sign up with Cake DeFi with the referral link or referral code: 675992, to receive US$5 worth of DFI tokens.
Requirements:
- completed Cake DeFi’s Level 2 know-your-customer (“KYC”) onboarding process during the Promotion Period
- Allocate at least $50 in any of YieldVault, Staking or Liquidity Mining (one transaction) during the promo period.
- Allocations need to be in one transaction ($50 worth or more). Multiple smaller allocations (e.g. 2x $30 worth) will not trigger the bonus.
After the funds have been allocated, the bonus will be placed in 12-month Freezer. Terms and Conditions apply.
Table of Contents
About Cake DeFi
Cake DeFi is one of the world’s fastest growing fintech platforms that enables users to earn and generate rewards and returns on their cryptocurrency holdings.
Cake Pte Ltd is registered in Singapore (201918368M) and a member of the Singapore Fintech Association and ACCESS.
Learn how it actually works?
Can I trust Cake DeFi?
Cake DeFi is operated and registered in Singapore and is fully compliant with all regulatory requirements of the Monetary Authority of Singapore (MAS).
Who is eligible to open an account with Cake DeFi?
Check out the list of countries excluded from using Cake Defi services.
Stay connected with Cake DeFi
Keep up to date with all of the latest Cake DeFi news on:
Cake DeFi products
- Liquidity mining: Deposit your favorite coins into shared liquidity mining pools and mine popular coin pairs for high rewards and minimal fuss.
- Staking: Join fully transparent masternode pools to earn staking yields, without the complexity of running nodes yourself.
- Lending: Lend out your BTC, ETH, USDC, USDT
What is DFI token and DeFiChain?
DeFi chain is a community project. There was/is no Initial Coin Offering, only free airdrops.
YouTube video from July 2020 explaining the DeFiChain DFI Token in detail:
Check out the latest price of DFI token on Coingecko. On 25 July 2021, A DFI token is trading at around US$2.10.
The current circulating supply (with staking and liquidity mining) is available at DeFiChain Explorer.
What can I do with the DFI tokens I earn? How can I convert my DFI to BTC, other Crypto or Fiat?
Since Cake DeFi is not an exchange, they do not offer the conversion from DFI to BTC or other cryptocurrencies or fiat on Cake DeFi.
If you wish to convert/exchange your DFI, you have to withdraw your DFI to an exchange that lists DFI.
A full list of exchanges with supporting trading pairs of DFI can be seen here.
Personally, I use KuCoin to withdraw DFI.
As of 6 Aug 2021, Cake DeFi charges a fixed withdrawal fee for DeFiChain at 0.2 DFI.
Withdrawal fees
Please note that Cake DeFi constantly adjusts fees in accordance with current market conditions, and you can view the withdrawal fee in your dashboard before making a withdrawal request.
Do note that some of the withdrawal fees are pretty pricey.
My experience with Cake DeFi
Signing up
Signing up is relatively easy but I find the “Know Your Customer” (KYC) process rather tedious. I had to:
- scan the front and back of my ID
- upload a phone bill
- take a selfie with my ID, and a piece of paper with my name, the word “Cake” and the current date written on it.
The last requirement to take a selfie put me off from completing the KYC process until Cake DeFi launched a campaign which doubled the referral bonus.
The verification process was rather quick though. I uploaded everything on a Saturday afternoon and got verified within the hour.
How to deposit tokens into Cake DeFi to qualify for referral sign up bonus?
You can easily find your address as follows:
- Go to your Cake Wallet (Balances) from your profile menu.
- Click “Deposit” for the coin you wish to deposit. Copy the deposit address provided.
- From your external wallet/exchange/etc, send your coins to your Cake deposit address.
I opted to deposit the DASH token into Cake DeFi from a crypto exchange I use.
For DASH token, you can consider crypto exchanges like:
I chose the DASH token to transfer into Cake DeFi because of it’s low withdrawal fees and $0 deposit fees on Cake DeFi.
If you choose some other token, double check if the withdrawal fees from the crypto exchange and the deposit fees charged by Cake DeFi are reasonable.
The transfer took about 20 minutes to complete and appear in my Cake DeFi balances.
Receiving the referral bonus immediately after depositing
The moment the transfer was confirmed by Cake DeFi, I also received a separate email about being awarded the referral sign up bonus:
Hi [my name],
Congratulations!
You just received your sign-up bonus! The bonus of 23.92344497 DFI is frozen for the next 180 days and is already working for you. Currently you get paid 103% APY.
Greetings
The Cake Team
Staking
On 25 July 2021, I staked the DASH tokens I transferred in at APY 5.5% on the Cake DeFi platform.
Learn more on crypto investing in Singapore
Auntiehuat
Web Administrator
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