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Cake DeFi Paid Out Over $317 Million To Users In Three Years And Notes An Average 90% Quarterly Growth

cryptodaily.co.uk 07 June 2022 12:01, UTC
Reading time: ~3 m

Cake DeFi continues to push the boundaries of making decentralized finance more accessible to the masses. The company paid over $317 million in rewards to customers to date. Moreover, the service has over $1 billion in customer assets on its platform, highlighting the growing appeal of DeFi. 

Cake DeFi Continues To Grow

It is good to see decentralized finance find some mainstream traction despite the bearish crypto market conditions. One downside to the decentralized approach to financial services and products is how they have a steep learning curve for newcomers. It takes a while to obtain cryptocurrency from an exchange, transfer it to a non-custodial wallet, and then find the right DeFi protocols suiting one's needs. Many intermediary steps make the industry far less approachable. 

Solutions like Cake DeFi take a contrarian approach. It is designed as an educational platform where users can do everything in one ecosystem without having to switch platforms or applications. Cake DeFi helps users acquire crypto, convert to different assets if they want to, and explore staking, yield farming, and lending solutions. It is all very straightforward and frictionless, with transparent earnings and no hidden fees.

As Cake DeFi celebrates its third anniversary, the platform has now paid out over $317 million in DeFi rewards to users. More importantly, business continues to grow quarter over quarter at an average rate of 90%. There is tremendous potential in decentralized finance and exploring the potential rewards, and overall returns have become more sustainable. The company is Asia's fastest-growing DeFi platform and currently represents over $1 billion in customer assets.

Moreover, Cake DeFi continues its mission of enhancing financial inclusion and focusing on the responsible investment of crypto assets. Cake DeFi's approach caters to the needs of novice and experienced users alike, as everyone deserves an equal opportunity to generate returns on their cryptocurrencies and digital assets without compromising safety ad security. 

A Further Commitment To Ongoing Initiatives

Beyond the stellar statistics, Cake DeFi intends to focus more on Environmental, Social, and Governance (ESG) initiatives. Sustainability in decentralized finance - and the broader crypto and blockchain industry - remains a hot topic of debate. By partnering SportCares, the team will let vulnerable individuals experience and reap the benefits of sports by elevating their outlook on life.

Furthermore, Cake DeFi has achieved a licensing milestone across the European Union, enabling the team to conduct services in Lithuania. Those services will include exchanging cryptocurrency and providing cryptocurrency custodial wallets. A push into other EEA member states is ongoing. 

Cake DeFi CTO and co-founder U-zyn Chua adds:

 "R&D is in the DNA of any good tech firm. Our R&D arm, Birthday Research, makes up a third of our company's strength and was formed to develop best-in-class blockchain innovations to drive the evolution of Web3. These innovations will, in turn, create more value for our customers with market-leading products in the DeFi space. In the coming quarters, users can look forward to a revolutionary DeFi product that will bring unbeatable yields to the industry. And as we integrate more blockchains into our platform, we will be able to deliver even more sophisticated DeFi products to our users."     

Ultimately, the co-founders of Cake DeFi - Dr. Julian Hosp and U-zyn Chua - aim to secure the project's listing on a public stock exchange. That move will accelerate growth and R&D for the platform and its services, enabling the development of new products and services to bring decentralized financial solutions to everyone equally. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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