Cake DeFi Celebrates Fourth Anniversary of Remarkable Growth in Crypto Sector

Cake DeFi, a prominent player in Southeast Asia’s digital asset space, proudly marks its fourth anniversary with impressive achievements and robust growth. While many crypto companies faced challenges, Cake DeFi defied the odds and flourished, experiencing significant success and expanding its product offerings. This article delves into Cake DeFi’s remarkable journey and recent developments.

Bake: The Renamed Retail Division:

During Cake DeFi’s anniversary celebration, the company unveiled the renaming of its retail division to Bake. This rebranding reflects the division’s commitment to providing customers with a seamless and enhanced experience. Bake is also revamping its mobile app from scratch, improving the user interface and optimizing functionality to deliver an even smoother user experience. The new Bake app is set to launch in July.

Impressive Financial Performance:

Cake DeFi has paid out an astounding $411 million in rewards to its customers since its inception, with an impressive $94 million increase in the past year alone. Despite the challenging market conditions, Cake DeFi has expanded its workforce by 55%, reaching 188 employees, and aims to grow further to 210 employees by the end of 2023.

Expansion and Investments:

Cake DeFi has been actively expanding its presence and investments. The company has committed to investing $50 million over the next four years in its global R&D arm, Birthday Research, located in Singapore. Furthermore, Cake Group recently opened a new office in Kuala Lumpur, Malaysia, and has plans to establish a European office once the Markets in Crypto Assets (MiCA) regulations are fully established.

Innovative Offerings:

Within its retail division, Bake has introduced notable additions over the past year. The launch of ELITE and YieldVault has provided customers safe and convenient avenues to earn passive income. Bake has also expanded its Staking service by introducing new tokens, broadening the options available to users.

Levain: Cake’s Institutional Division:

Cake DeFi’s institutional division, Levain, offers institutions a secure gateway to decentralized financial products and services through its self-custody wallet. Levain plans to add support for the UTXO blockchain and integrate other EVM-compatible blockchains in the third quarter of 2023, enabling multi-chain compatibility.

Birthday Research’s Sado Protocol:

Cake DeFi’s R&D arm, Birthday Research, has developed the open-source Sado protocol, facilitating a fully decentralized global order book for Ordinals, BRC20, and future Bitcoin innovations. The Sado software development kit (SDK) is openly accessible at Sado Protocol.

Cake DeFi has emerged as a leading platform in the Decentralized Finance market, showcasing remarkable growth and offering a diverse range of financial products. Through its strategic expansions, investments in research and development, and commitment to innovation, Cake DeFi continues to pave the way for decentralized financial solutions in Southeast Asia and beyond.