Cake DeFi has announced the launch of its new product dubbed “Borrow.” Borrow is designed to allow Cake DeFi users to do more with their digital asset holdings and significantly boost their crypto returns.
Cake DeFi Borrow
Cake DeFi, a Singapore-based fully transparent, highly innovative, and regulated fintech platform dedicated to making decentralized finance (DeFi) solutions accessible to the masses in a secure manner, has rolled out a new ecosystem product called Borrow, to give users novel opportunities to strengthen their crypto portfolios and potentially boost their returns.
Per a press release shared with crypto.news, the Cake DeFi Borrow product allows users to borrow the Decentralized USD (DUSD) stablecoin by pledging their bitcoin (BTC), ether (ETH), tether (USDT), USD Coin (USDC) and DeFi Chain (DFI) tokens as collateral, at a preset collateralization ratio of 200 percent, with an annual percentage rate of five percent (subject to change).
Cake DeFi says a combination of the above cryptocurrencies can be used as collateral, provided the DFI token makes up a minimum of 50 percent of the collateral.
With the borrowed DUSD stablecoin, Cake DeFi users can purchase items on crypto-supporting merchants or invest in Cake DeFi’s passive income-generating solutions such as Lending, staking, and Liquidity Mining, (either directly or by swapping it to other coins) where returns of over 70 percent annual percentage ratio (APR) are rather the norm than the exception.
Unlimited Possibilities
The new Cake DeFi Borrow feature gives users a better option than just HODLing, as it offers them liquidity that can be put towards generating predictable passive income.
Dr. Julian Hosp, co-founder, and CEO of Cake DeFi said:
“We are excited to launch Borrow, to provide users with more liquidity to invest in DeFi services while holding on to their assets. DeFi empowers people to generate passive income on their cryptocurrencies without the constant need to trade. It is our goal at Cake DeFi to keep bringing such innovative services to our users.”
Cake DeFi is operated and registered in Singapore. The firm claims to be fully compliant with all regulatory requirements of the Monetary Authority of Singapore (MAS). With over $1 billion in customer assets under management, Cake DeFi empowers its over 700,000 registered users and counting, to earn a decent income from their digital asset holdings.
Cake DeFi says it experienced exponential growth in 2021, paying out a total of $230 million to its users as rewards, with a massive $75 million paid out to members of its community in Q4 2021 alone. In the near term, Cake DeFi says its major priority is to continue growing its user base, as it aims to reach $10 billion in total customer assets by the end of 2022.
By enabling and empowering its users to take advantage of the potential of DeFi, Cake DeFi aims to enlighten and inform people across the globe about decentralized finance in a simple, easy-to-understand, and hassle-free manner.
The firm says it has also launched a “Learn & Earn” program designed to enable new users to understand the basics of crypto and earn rewards in cryptocurrency when they complete the course.
Source: https://crypto.news/cake-defi-new-product-borrow-users-returns/