Cake DeFi launch its ETH staking service
Cake DeFi has launched its Ethereum staking service and also allows users to unstake their tokens whenever they like.
Cake DeFi, the leading, fastest-growing Singapore-based fintech firm providing easy access to Decentralised Finance (DeFi), has announced the launch of its Ethereum staking service.
According to the press release shared with Coinjournal, Cake DeFi said its ETH staking service comes with added access to liquidity via a tradable token that can be sold in the open market.
Staking ETH tokens is now possible thanks to the Ethereum network’s recent migration from its proof of work to proof of stake protocol.
While staking on the Ethereum network is now possible, Cake DeFi explained that unstaking is currently not supported by the Ethereum network. Investors will have to wait for the Shanghai upgrade to unstake their ETH, which could be a year or so later.
Cake DeFi said it would soon make it possible for its users to stake and unstake ETH tokens whenever they wish. Dr. Julian Hosp, Co-Founder and CEO of Cake DeFi, commented that;
“ETH Staking is the latest addition to our popular Staking service. We made a deliberate decision to host our own nodes in Singapore. At the moment, Ethereum nodes are mostly concentrated in North America and Europe. Hosting our own Singapore-based nodes will boost the confidence of investors and developers in the region and support the spirit of decentralization. Many exchanges and platforms are not offering ETH unstaking until the Shanghai upgrade, but it was important for us to provide liquidity to our ETH stakers which will be achieved via an open market.”
Cake DeFi said its ETH Staking service would enable users to earn around 5% annual percentage yields in return. Returns in Cake DeFi’s ETH staking will also be auto-compounded every 12 hours to generate significantly more returns compared to non-compounding ETH staking, the team added.
Cake DeFi is a fully transparent, highly innovative fintech platform dedicated to providing access to decentralized financial services and applications by enabling users to generate returns from their crypto and digital assets. It is operated and registered in Singapore and is subject to applicable laws and regulations in Singapore.