The potential of decentralized finance (DeFi) extends beyond just smart contracts to facilitate payments. With the emergence of lending and borrowing protocols and decentralized exchanges, DeFi has enabled investors to make the most of their portfolios in ingenious ways.
Building on the same idea, Cake DeFi has introduced something similar for its users.
Cake DeFi takes the next step
In an announcement today, the Singapore-based Fintech platform Cake DeFi launched a new product, ‘Borrow’, which will provide its users with the opportunity to boost their returns significantly.
Cake DeFi facilitates this by having the user borrow Decentralized USD (DUSD) by pledging Bitcoin (BTC), Ether (ETH), Tether (USDT), USD Coin (USDC), and DFI as collateral.
In fact, investors can use different combinations of these cryptocurrencies, provided at least 50% of the collateral is in DFI, Cake DeFi’s native token.
Users can then use this borrowed DUSD per their liking by purchasing items or generating passive income by investing it in options such as Cake DeFi’s Lending, Staking, and Liquidity Mining, where users can expect more than 70% in returns.
Commenting on the launch of ‘Borrow’, the Co-founder and CEO of Cake DeFi, Dr. Julian Hosp, stated,
“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.”
The growth of Cake DeFi
Over the last year, the platform has made significant headway registering more than 700k users and paying out over $230 million in rewards in 2021 alone. Cake DeFi aims to reach $10 billion in total customer assets by the end of this year, and it is on the path to achieving the same.
But along with itself, the platform is also helping other deserving Dapps rise, and for the same, the company last month launched the Cake DeFi Ventures (CDV) with $100 million in earmarked capital.
The venture will be supporting the development of new projects in web3 by investing in NFTs, Metaverse, gaming, and fintech startups.
Having already invested in a leading NFT podcast and ecosystem builder that created the NFT LA conference, “The Edge of Company”, Cake DeFi is well on its way to becoming a crucial player in the crypto space.
Source: https://cryptodaily.co.uk/2022/04/cakedefi-launches-borrow-feature