Cake DeFi, the leading, fastest-growing Singapore-based fintech firm providing easy access to Decentralised Finance (DeFi), has announced the launch of its latest feature.
According to the press release shared with Cryptowisser, Cake DeFi said it had launched its Ethereum (ETH) Staking service. The service comes with added access to liquidity via a tradable token which can be sold in the open market.
The Ethereum Merge was completed in September, a move that saw Ethereum finally transition from a proof-of-work to a proof-of-stake system. This means that the "Beacon Chain" was merged into the Ethereum main chain, which requires nodes, or validators, to stake their cryptocurrency into a long-term deposit contract.
Thanks to the transition, retail investors can now lock their ETH up on the blockchain to gain the opportunity to validate transitions and earn more ETH as a reward.
However, one of the biggest challenges remains that unstaking is currently not supported by the Ethereum network. Hence, investors would have to wait for the Shanghai upgrade to unstake their ETH, which could be a year or so later.
Cake DeFi is making it easier for users to earn money by staking their ETH. Dr. Julian Hosp, Co-Founder and CEO of Cake DeFi, commented that;
“ETH Staking is the latest addition to our popular Staking service. We made a deliberate decision to host our own nodes in Singapore. At the moment, Ethereum nodes are mostly concentrated in North America and Europe. Hosting our own Singapore-based nodes will boost the confidence of investors and developers in the region and support the spirit of decentralization. Many exchanges and platforms are not offering ETH unstaking until the Shanghai upgrade, but it was important for us to provide liquidity to our ETH stakers which will be achieved via an open market.”
Cake DeFi said its ETH staking would enable users to enjoy around 5% annual percentage yields in returns. Furthermore, returns in Cake DeFi’s ETH staking will also be auto-compounded every 12 hours to generate significantly more returns compared to non-compounding ETH staking.
Unlike the broader Ethereum market, Cake DeFi said its ETH staking users would soon be able to unstake their ETH tokens via a token tradable on the open market without having to wait for the Shanghai upgrade.
Cake DeFi is a fully transparent, highly innovative fintech platform dedicated to providing access to decentralized financial services and applications by enabling users to generate returns from their crypto and digital assets. It is operated and registered in Singapore and is subject to applicable laws and regulations in Singapore.
Cake DeFi has become popular by creating a safe and secure one-stop platform for consumers to easily access DeFi services such as staking, lending, borrowing, and liquidity mining.