Cake DeFi Adds Ethereum Staking Feature With 5% Returns

Ethereum staking has long been a sought-after feature by the global crypto community. While this feature has been provided by a handful of crypto exchanges and entities in the past, not all of them have been successful. Cake DeFi, one of the leading and fastest-growing Singapore-based fintech firms has recently come up with its latest feature- Ethereum Staking, which has attracted quite a lot of attention from news portals everywhere.

Ethereum (ETH) Staking with Cake DeFi

According to the latest details, Cake DeFi will enhance network decentralization by offering a 5% staking yield on Ethereum using Singapore-based nodes. All of this was possible due to the recent Ethereum merge completed in September. As a result of the merger, Ethereum has transitioned to a proof-of-stake system from a proof-of-work system.

Ethereum’s beacon chain was merged into the main chain as a result of the merger. This requires nodes or validators to stake their cryptocurrencies into a long-term deposit contract. This will allow retail investors to lock up their ETH up on the blockchain and get the ability to validate transactions. They will thus yield more ETH as result.

Unstaking Ethereum is currently not introduced by the Ethereum network. The upcoming Shanghai upgrade, which is expected to happen after a year or so, will unlock unstaking capabilities for Ethereum.

With Cake DeFi’s Ethereum staking feature, users will enjoy around 5% annual percentage yields as returns. Returns will also be auto-compounded every 12 hours which will generate more returns when compared to non-compounding ETH staking.

Since unstaking won’t be possible till the Shanghai upgrade has been implemented, Cake DeFi users can unstake using a token tradable on the open market.

A Little About Cake DeFi

Cake DeFi is a Singapore-based fintech platform that provides access to DeFi services and applications. Users can generate returns from their digital and crypto assets. As revealed in its latest transparency report, Cake DeFi has recorded tremendous growth which led to its strongest quarter yet.

Cake DeFi has amassed more than 1 million customers and has paid out $375 million as customer rewards, despite the tumultuous market. All of this was possible due to its safe and secure platform which allows easy access to staking, lending, borrowing, and liquidity mining. It adheres to all existing and applicable laws and regulations in Singapore. It recently gained membership in Coinbase TRUST to comply with the Travel Rule requirements.

Conclusion

Ethereum staking offers new opportunities for the blockchain ecosystem as it makes Ethereum a more user-friendly network. With the introduction of Ethereum staking at Cake DeFi, crypto traders and investors have got a safe, reliable, and profitable alternative to all other similar existing services.