On Cake DeFi it is already possible to earn over 100% APY Staking Rewards on DeFiChain (DFI).
But what's coming up in the next few weeks is like the icing on the cake: Soon it will be possible to earn double, meaning up to 200% APY Staking Rewards on Cake DeFi!
Find out how and why this works in this 2-minute announcement.
DFI is a coin integrated on Cake DeFi, which belongs to the independent and decentralized autonomous open-source blockchain DeFiChain.
That blockchain community has decided to implement a 5-year or 10-year lockup for staking masternodes, where the collateral for the masternode (currently 20,000 DFI per masternode) are effectively locked away. In return, staking rewards will be sweetened with 1.5 times (5-year lockup), respectively 2 times (10-year lockup) the staking rewards.
This is intended to motivate Masternode operators to keep their funds with DeFiChain in the long run and thus support the project and its development long-term.
More info on the process and running your own masternode on DeFiChain can be found here: https://github.com/DeFiCh/ain/issues/546
Cake DeFi will fully share this upcoming implementation of the DeFiChain Improvement Proposal with its users and integrate it into the existing Freezer product. Below are all the details you need to know about the new 5-Year & 10-Year Freezer on Cake DeFi.
Compared to running your own DeFiChain masternode directly, there are some important differences with the Freezer product on Cake DeFi.
On Cake DeFi there is no minimum deposit, and no minimum amount for the 5-year and 10-year Freezer. This means no matter how many DFI you want to freeze, you can do so and receive 1.5x and 2x rewards respectively on the 5-Year and 10-Year Freezer!
On DeFiChain the situation is of course completely different, because here you need at least 20,000 DFI for your own masternode, and therefore you can only operate a 5-year or 10-year locked masternode in steps of 20,000 DFI - i.e. with 20,000 DFI, 40,000 DFI, 60,000 DFI and so on.
Existing Freezer entries can easily be extended to 5 years or 10 years and will be eligible for 1.5 times or double the rewards. So, for example, if you have an existing Freezer entry that expires in 2 years and 10 months, you can simply extend it to 5 years and be eligible for 1.5 times the rewards.
If you don't want to extend your already running 5-year or 10-year Freezer entry, it is unfortunately not possible for us to pay you the increased rewards, as this feature will only come into effect at DeFiChain soon and Cake DeFi has to set up the 5-year and 10-year DeFiChain masternodes itself first.
Another treat for our community is the fact that the Staking Rewards received are not locked and can be sold at any time. Thus, Cake DeFi remains true to its motto of offering you cash flow on cryptocurrencies with the 5-year and 10-year freezer - now even at double the amount!
If you don't have an account with Cake DeFi yet, now is the perfect time to create one and get cashflow on your cryptocurrencies.
Your Cake DeFi Team