Cake DeFi, a Singapore-based DeFi platform, launches Ethereum (ETH) staking services for retail and institutional customers.
The move, according to Cake DeFi, will provide another cryptocurrency entry point for those looking to enter the crypto space, the energy-intensive proof-of-concept that the Ethereum network has long promised. Immediately following the transition from the Work Consensus Mechanism to Proof of Stake.
ETH staking — the practice of earning rewards for acting as transaction validators on the Ethereum blockchain — allows users to enjoy annual yields of around 5%. This process involves users delegating ownership of tokens to users running blockchain software in exchange for sharing profits.
Cake DeFi ETH staking users will now be able to de-stake via open market tradable tokens without waiting for the Shanghai upgrade.
“ETH staking is a new addition to our popular staking service. We have carefully decided to host our own node in Singapore. Concentrated in Europe: Hosting its own node based in Singapore will increase the confidence of investors and developers in the region and support its decentralized ethos.Many exchanges and platforms are , which does not offer ETH unstaking until the Shanghai upgrade, it was important to provide ETH stakers with the liquidity achieved through the open market,” said Julian Hosp, Cake DeFi co-founder and CEO. says Dr. .
According to the latest “Transparency Report,” Cake DeFi maintained its growth trajectory for the three months to June 2022, but the entire crypto industry experienced macro challenges during the quarter.
The Singapore-based crypto-finance platform said Q2 2022 was another strong quarter for its business as each of its protocol divisions recorded positive growth. Financially, Cake DeFi paid his client $58 million in compensation, bringing total payouts since inception in 2019 to his $375 million. On top of that, the company has seen its strongest quarter to date in terms of customer growth, funded accounts, and payments.
These metrics were impressive given that the second quarter wasn’t all smooth sailing for Cake and the wider crypto industry. They all faced some challenges that threatened to stymie their growth amid widespread negative market sentiment.
But unlike its competitors, Cake is able to generate positive cash flow and still hire people. Many other companies in the crypto space, including big names, are cutting staff as nearly all cryptocurrencies are priced in the red. It says it will provide a runway for at least four years.
Cake has vowed to make the most of crypto winter. Job cuts seen at other companies could mean the company has access to a pool of top talent and new business opportunities.