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Gungun Bhatia
Oct 6, 2022
by Gungun Bhatia

Cake DeFi Launched Ethereum Staking Service With 5% Returns

Cake DeFi Ethereum staking

Table of contents

  1. Cake DeFi to Offer 5% Staking Payment on ETH
  2. Cake DeFi's Objective and Profits
Cake DeFi, the largest and fastest-growing fintech startup located in Singapore that enables simple access to decentralized finance (DeFi), has released its most recent functionality, which is known as Ethereum (ETH) staking. A tradeable token that can be traded on the open market adds extra liquidity access to this functionality. Many cryptocurrency exchanges and trading platforms have no intention of allowing ETH unstacking before the Shanghai upgrade.

Cake DeFi to Offer 5% Staking Payment on ETH

The Ethereum nodes from Cake DeFi would support decentralization, stimulate regional investment and growth, and relieve pressure on European and North American node operators. Cake DeFi would boost network decentralization by offering a 5% staking payment on Ethereum through Singapore nodes. Cake DeFi's ETH staking would feature returns automatically compounded once every 12 hours, providing substantially larger returns than ETH staking, which does not employ compounding.

The most recent Ethereum Merge, which occurred in September and was successful, enabled Ethereum to transition from a Proof-of-Work structure to a Proof-of-Stake.

Cake DeFi's co-founder and CEO, Dr. Julian Hosp, stated that ETH Staking is the newest addition to the well-liked staking service. The company decided to operate nodes in Singapore deliberately. Presently, the majority of Ethereum nodes are in North America and Europe. He further stated that hosting the nodes in Singapore would promote decentralization and increase the confidence of regional investors and developers.

Cake DeFi's Objective and Profits

In Q2 2022, the business saw its highest quarter ever in terms of users, funded accounts, and payments, according to the most current Cake DeFi's Transparency Report for the time frame. Despite the gloomy market scenario, it reached a million subscribers and distributed $375 million in customer awards by the end of the second quarter of 2022.

Cake DeFi could achieve all these objectives by creating a user-friendly and risk-free platform that allows customers to conveniently and rapidly access different DeFi services, such as staking, lending, borrowing, and liquidity mining. Cake DeFi's primary goals in the short term are to keep expanding its user base and to promote financial equality to make DeFi more accessible to both consumers and companies.

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Ethereum (ETH) Decentralized Finance (DeFi) ETH Staking Cake DeFi Dr. Julian Hosp
Cake DeFi Launched Ethereum Staking Service With 5% Returns
Gungun Bhatia
Gungun is an enthusiastic writer that likes to create content for various aspects of the blockchain and crypto industry. She carries out extensive research and provides readers with informative and high-quality material.

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