Cake DeFi, a new-gen decentralized ecosystem for staking, earning, liquidity mining and other Web3 income services, shares the details of its novel program for Ether (ETH) owners.
Cake DeFi starts Ethereum (ETH) staking program
According to the official announcement shared by the Cake DeFi team, it has initiated a new passive income program in its earning module for enthusiasts of Ethereum (ETH), the second largest cryptocurrency.
⭐ NEW SERVICE ⭐— Cake DeFi (@cakedefi) October 6, 2022
Please welcome the latest addition to our product line: #Ethereum Staking
It lets you earn rewards from your ETH holdings with industry-leading returns of approximately 5% through Singapore-based nodes. https://t.co/1NCEJihWmQ pic.twitter.com/UbFIbv9C6y
Starting from today, Ethers (ETH) can be staked with up to 5% in annualized yield. The process of staking will be organized through Singapore-based Ethereum (ETH) nodes.
Dr. Julian Hosp, co-Founder and CEO of Cake DeFi, stressed that this announcement is of particular importance for the status of decentralization in the global staking community as well as for the health of Ether's (ETH) liquidity ecosystem:
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.
To generate maximum profits, Ethers (ETH) in Cake DeFi are auto-compounded every 12 hours.
Free unstaking until Shanghai is activated
Cake DeFi's Ethereum (ETH) staking program unlocks unmatched opportunities for its enthusiasts: every staked ETH can be unstaked prior to the Shanghai upgrade activation that is expected in 12 months.
As covered by U.Today previously, recently, Cake DeFi launched the EARN product. The new module of Cake DeFi ecosystem is promoted as a low-risk passive income protocol for altcoiners.
Also, in June 2022, Cake DeFi obtained an EU fintech license in Lithuania, one of the largest global blockchain hubs.