Do you want to know how to stake crypto? Well, I have a straightforward, safe way for you to stake your crypto and earn some great returns. In fact, you can earn around 90% APY.
What is staking? Staking is the process of actively participating in transaction validation (similar to mining) on a proof-of-stake (PoS) blockchain. Anyone with a minimum-required balance of a specific cryptocurrency can validate transactions and earn Staking rewards on these blockchains.
The minimum-required balance is often thousands or even hundreds of thousands of dollars which means the average person can’t afford to participate. This is where CAKE DeFi comes in. At Cake, you can pool your funds and participate in a staking pool.
Staking Crypto Explained Simply
WHY CAKE DeFi
Because CAKE is making DeFi accessible to anyone, cake is a platform that empowers you to be in control of your finances by creating cash flow and harnessing the potentials of Decentralized Finance.
Cake runs on the DeFiChain, which is turing-incomplete for reduced attack vectors and is immutable by anchoring the Bitcoin blockchain. This makes it much safer than any other network running on Ethereum.
Cake is also the most transparent company I have ever seen. They don’t hide anything. There are NO secrets at Cake. They also have one of the best support teams that will go the extra mile for you. They know what customer service is, unlike many in the crypto space today.
You can read a full review on them here ===> CAKE DeFi – Product Overview
As I said, I have been involved with Cake for over six months and can not fault them, I have studied the DeFiChain, which it runs on, and I believe in the project. I also believe it has a big future in the DeFi space because it has many security benefits over the Etherum network.
For all these reasons, I totally trust Cake with my investing. That is WHY CAKE DeFi.
I know you are keen to get Staking, but a few things first. I will take you through ALL the steps required to get your account set up first. Then I will show you how to deposit to your account and then finally how to stake crypto.
Opening your Account
Limited time deposit bonus
When you sign up for a Cake DeFi account and make a $50 or more deposit, you will receive a bonus worth $20 DFI. This bonus will be locked up for 180 days in the Confectionery program and automatically yields staking returns during this time.
If you use a referral code – Like this 921297, both you and I will receive an extra $10 worth of DFI, which will also be locked and staked in the Confectionery program.
Or use this link to receive your Bonus ===> Open Your CAKE DeFi Account.
KYC (Know Your Customer)
Once you open your account, the next step is to get verified. They call this KYC.
You basically have to send in some forms of ID that they can verify. You must be verified before you can use the platform. The team will verify your documents within 24 hours (It may take longer during the weekend). You will get access to the platform’s services when your documents are approved.
To see the full details of the KYC process, use this link ===> Simple-step-by-step-instructions-for-your-KYC
Making a Deposit to your CAKE Account
There are various ways to make your first deposit. You can transfer crypto straight into your cake wallet, or you can buy with your native fiat currency on the platform.
Buying BTC on the Platform
To stake on the platform, you need DFI, which is DeFiChains native coin. You can buy DFI on the platform with BTC & ETH.
CAKE DeFi – Converting BTC -DFI
If you convert via Cake Defi, the rate is higher than that of the exchanges due to the institutional premium with partners. This is for the sake of convenience for those who don’t have access to an exchange that sells DFI.
The cheapest way to get DFI into Cake is through an exchange like Kucoin or Bittrex Global. If you’re an Aussie, EASYCrypto Aust is not a bad option or EASYCrypto NZ for our Kiwi friends. If you don’t want the hassle of buying on an exchange, buy Bitcoin and convert it on the platform and pay the premium.
Staking your DFI
OK, so you should have some DFI in your wallet. Let me show you how to stake crypto. There are a few ways to get there. The easiest way to show you is with a short video.
How to STAKE your DFI
Don’t forget you can un-stake at any time. It’s just a matter of clicking the un-stake button, and your DFI will be available in your wallet.
Due to the recent coin burn at Cake DeFi the current Staking % has increased because there are now fewer master nodes earning rewards.
In the video, it shows around 38% but it is currently over 90% and will slowly decrease over time.
Withdrawing your DFI
On the Cake platform, you can not convert your DFI back to BTC or cash it out. Cake DeFi is not an exchange, so this is not possible. You will need to do this through an exchange like Kucoin or Bittrex or exchange DFI on the DeFiChain DEX.
You can find more info about using the DEX and the DeFiChain wallet here on ===> The official DeFiChain site
I personally run a full node on DeFiChain to use the DEX, but this is fairly technical and not for everyone. Plus, you can not Stake unless you have 20,000 DFI as collateral on DeFiChain. I Stake on Cake DeFi.
Ultimately you will need a way to cash out at some point, so opening an account at an exchange is a good idea. You can also buy DFI the cheapest way then as well as withdraw. As DFI becomes more popular, it will be listed on more exchanges, and there will be more options, but for now, Kucoin or Bittrex Global are the best choices.
To withdraw DFI, send it to your exchange account, and then you can cash it out. I personally compound my earnings as I think the project has a long way to go yet, and there is potential to make some good capital gains. I started buying DFI for 22 cents, and it is currently around $3:40, and I think it still has a long way to go. It is a long term investment for me.
Final Thoughts on Staking DFI
The DeFi industry is growing fast, and there are many ways and coins that you can currently Stake. They all have different risks & rewards. Cake DeFi is a great project and can be trusted; they also offer great returns. For these reasons, I think it is well and truly worth the effort to open a few accounts and invest your crypto at Cake DeFi.
Crypto and DeFi are the way of the future, and Staking sure beats putting your money in the bank for a few % interest if you are lucky. There are many other platforms out there, but I believe that Cake DeFi is the best all-around for a few reasons.
- Easy to use the platform
- Cake DeFi can be trusted and are transparent
- They have great support
- They have great returns for Staking DFI (90% APY) and will continue into the future
So what are you waiting for? Go and get your slice of Cake today.
Be the Best you can Be
! DISCLAIMER: I am not a financial advisor. This is not financial advice. The content and material I provide on 2dsirecrypto.com is my opinion only and general in nature. Always do your own research before investing any money. You should always understand the risks involved in trading and investing and seek advice from licensed professionals before undertaking any investments of your own.