When I started investing in DFI tokens at Cake Defi, it was only about $0.26 more than a year ago.
It had a price of $5 on 9th May 2021 which was about 19 times of $0.26.
Why do people willing to invest in DFI token?
Cake Defi is a Singapore registered company with a physical office. DFI token is the native token of DefiChain exchange which is under the same founder of Cake Defi.
Most people are willing to put in their money as they feel secured since it is a registered company that cannot run away with our money easily.
DefiChain is running on the Bitcoin blockchain and it has never been hacked after operating for so long.
Staking DFI tokens at Cake Defi allows us to earn a reward of 56.2% APY. It has a built-in option for auto-compound to maximise our profit.
It has other staking and yield farming options.
It has recently prepared to roll put a new service of tokenized stock at DefiChain which may just boost its DFI price again.
Video Source
An article about Nasdap providing price feed service to DeFiChain.
https://www.bloomberg.com/news/articles/2021-09-09/nasdaq-joins-blockchain-based-tokenized-stock-trading-venture
The price of DFI token has certainly rising recently and there is a good chance for it to rise even higher.
The current price of each DFI token is $2.89 and we can imagine how much it can rise after the implementation of its new initiative in about two weeks’ time.
Cake Defi also offers an attractive referral programme.
Getting new sign up may not really be that tough as Cake Defi is offering $20 worth of free DFI tokens to each new user after the first deposit of a minimum of $50.
By signing up with a referral link, the new user gets an additional $10 worth of DFI while we would also get $10 worth of DFI for referring them successfully.
All these free DFI would be locked up for 180 days with staking rewards to prevent abuse of its referral programme with its attractive sign-up bonus with a total of $30 free DFI tokens.
The new improved part in the referral programme is we can now earn 1% p.a. on our referral’s investment for all coins. This can be a nice passive income.
The only troublesome part about getting into Cake Defi is the need to verify our identity for KYC since Cake Defi is a registered company so it is an important protocol to ensure it follows the laws and regulations of Singapore.
Below is a screenshot taken from the registrar of companies in Singapore.
We need to provide documents for verification: -
- Our identity - our identity card or passport.
- Our residential - utility bills or anything that has our address and name on it
Below is my referral link if you are interested to sign up and get the $30 worth of DFI as well as start referring people to earn referral rewards.
https://pool.cakedefi.com/#?ref=610483
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.