The Singapore-based cryptofinance platform Cake DeFi has now launched its Q2 Transparency Report, which details the company’s accomplishments for the period. Despite Q2 2022 being one of the worst times for the cryptocurrency industry and the overall investment sector, Cake DeFi experienced its best quarter ever in terms of user growth, funded accounts, and payments.
The Cake DeFi Committee has preferred to further diversify its treasury by investing 15 million dUSD in decentralized assets including dTSLA, dTLT, and a few others, building on the company’s strong financial standing. Additionally, despite how much the broader markets’ prices have fallen, there may be a lot of potential upside. This will be made entirely public by Cake so that everyone may follow the progress.
According to the Cake DeFi report, user growth each week on average was 3.25% in Q2. In the second quarter, Cake DeFi threw away $58,000,000 in rewards to its clients, bringing the total given out to US$375,000,000 since the company’s founding. Cake has a positive cash flow and is actively growing its employees, in contrast to its competitors. Even if all sales abruptly stopped, it would still have enough cash on hand to operate for at least four years. Additionally, the mobile app’s user interface has been updated, and automated KYC approval times have been improved up to 3 minutes.
Cake DeFi Product feature:
Cake DeFi offers three main products, liquidity mining, lending, and staking. The other two products are the newly released Borrow and the Freezer. Users of the Staking product can obtain rewards while assisting with the security of blockchains. Users can borrow Decentralized USD (DUSD) that was created on the DeFiChain blockchain by easily pledging Bitcoin, Ethereum, Tether, USDC, or DFI as security.
Liquidity mining: By allowing trades between two separate token pairs on a decentralized exchange, users can generate annual profits of up to 45.4%. Lending Cake enables users to borrow up to 6.5% APY on their cryptocurrency holdings, including Bitcoin, Ethereum, USDT, and USDC. And Freezer: It freezes the allocated funds for two times the rewards for up to ten years.
Cake is a robust financial fintech platform that complies with FATF requirements. Additionally, it recently joined Coinbase TRUST to adhere to the Travel Rule regulations while safeguarding consumer security and privacy.
Furthermore, the DeFiChain blockchain is the place where decentralized assets, or dTokens, are minted. The prices of the underlying stocks were rather mimicked by these blockchain-based tokens. On Cake DeFi, you may trade decentralized tokens with prices that mimic those of various well-known equities, like Apple, Tesla, Intel, the S&P 500, and many others. Additionally, users can mine for liquidity using the dTokens to receive additional rewards.
Source: https://thenewscrypto.com/cash-flow-over-the-cake-defi-platform-has-been-increased/