Cake DeFi launches Ethereum (ETH) Staking service with 5% yield
As you may recall, last month, Cake DeFi announced the launch of a $50M global R&D hub in Singapore to develop best-in-class blockchain and digital asset technologies. That’s just one of the many ongoing efforts the Singapore-based fintech platform is working on. Now, the company just launched a new novel program for Ether (ETH) owners.
Today, Cake DeFi announced the launch of Ethereum (ETH) Staking service with 5% returns via its Singapore-based nodes that allows unstaking anytime. The new service includes a new feature – Ethereum (ETH) Staking – with added access to liquidity via a tradable token that can be sold in the open market.
Since its inception three years ago, the CakeDeFi team has been pushing the envelope to empower users to harness the potential of dectralized finance (DeFi) and make it more accessible to the masses.
With the recent Ethereum Merge that concluded in September, Ethereum has transitioned from a proof-of-work to a proof-of-stake system. As a result, 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. Retail investors can lock ETH up on the blockchain to earn the opportunity to validate transactions and yield more ETH as a reward. However, unstaking is currently not supported by the Ethereum network and investors will have to wait for the Shanghai upgrade to unstake their ETH, which could be a year or so later.
“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,” said Dr. Julian Hosp, Co-Founder and CEO of Cake DeFi.
Cake DeFi’s ETH Staking will allow users to enjoy around 5% annual percentage yields in returns. 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.
Users of Cake DeFi’s ETH staking will also soon be able to unstake via a token tradable on the open market without having to wait for the Shanghai upgrade.
Founded in 2019 by Julian Hosp and U-Zyn Chua, Cake DeFi is a fintech platform for growing cryptocurrency assets. Through its partnership with an internationally compliant and advanced fiat-to-crypto gateway solutions provider, Cake also provides support for swapping 13 major currencies into crypto.
The startup is focused on 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.