These are record results at the end of the first quarter of the year for the Cake DeFi platform, founded in 2019 by Julian Hosp and U-Zyn Chua. In just a few years, it has managed to make its way into the crypto world, becoming one of the leading and most popular platforms in decentralized finance.
Cake DeFi sets a new record for rewards for its customers
The platform, which was created primarily to enable investments with innovative tools, such as staking, has immediately gained popularity in the world of decentralized finance, so much so that the two founders are now seriously considering the possibility of listing the stock on the Nasdaq.
The products offered by Cake DeFi are mainly related to lending, with the possibility of obtaining a return on the capital deposited. As mentioned, among the most popular solutions is staking, i.e. the possibility of “locking” one’s capital in crypto for a certain period in exchange for a fixed return. Finally, the company has also launched a Liquidity Mining service, where users are rewarded for contributing their liquidity to crypto pools.
The company, which is based in Singapore, can boast growth rates in the region of 90% year-on-year since 2019 when it was founded, quickly becoming one of the leading platforms for the entire DeFi market.
The future of the Cake DeFi platform
Julian Hosp, CEO and co-founder of Cake DeFi, said:
“Our third anniversary is an important milestone for us. Despite the recent downturn in crypto prices, we have continued to experience tremendous growth in the past three years. We are now one of the fastest-growing Decentralized Finance (DeFi) platforms in Asia. This is only made possible by relentlessly creating value for our customers – we paid out a staggering US$317 million in rewards in just three years. We achieved this by creating a safe and secure one-stop platform for consumers to easily access DeFi services.
The next stage of our growth will come from building access to DeFi and Web3 not just for consumers, but for businesses as well. It is our ambition to list Cake DeFi on a public stock exchange in the near future. We were offered a SPAC merger at US$1.5 billion but we had turned it down earlier in the year”.
In early 2022, the company launched a $100 million investment fund to help develop start-ups in the promising Web3 and gaming sectors. Regarding the latter sector, Cake DeFi recently closed a partnership agreement with FACEIT, a leading eSports platform, to expand its expansion and presence in the Web3 world.
The post Record returns for Cake DeFi users: over $318 million appeared first on cryptodailynews24.com.