Cake DeFi has launched its Ethereum staking service and allows users to withdraw their tokens whenever they want.
Cake DeFi, Singapore’s leading, fastest growing fintech firm providing easy access to decentralized finance (DeFi), has announced the launch of its Ethereum staking service.
According to a press release shared with CoinJournal, Cake DeFi said that its ETH staking service comes with additional access to liquidity through a traditional token that can be sold on the open market.
It is now possible to stake ETH tokens Recent Migration to the Ethereum Network From its proof of work to proof of stake protocol.
when betting on Ethereum The network is now possible, with Cake DeFi explaining that unstaking is not currently supported by the Ethereum network. Investors will have to wait for the Shanghai upgrade to bet their ETH, which could happen in a year or so.
Cake DeFi said that it will soon make it possible for its users to stake ETH tokens and open them whenever they want. Dr. Julian Hosp, Co-Founder and CEO of Cake Defy, 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. In order to host our own Singapore-based nodes. This will increase the confidence of investors and developers in the region and support the spirit of decentralization. Many exchanges and platforms are not offering ETH unconditionally until Shanghai upgrades, but it is important for us to provide liquidity to our ETH stakers which was to be achieved through an open market.
Cake DeFi said that its ETH staking service will enable users to earn around 5% annual percentage returns in return. The team added that the returns in Cake DeFi’s ETH staking will also be auto-compounded every 12 hours, to provide significantly higher returns than non-compounding ETH staking.
Cake DeFi is a completely transparent, highly innovative fintech platform dedicated to providing access to decentralized financial services and applications, enabling users to generate returns from their crypto and digital assets. It is operated and registered in Singapore and is subject to the laws and regulations in force in Singapore.