In the following blog post, you’ll learn about:
You should already know us quite well by now and get that we at Cake value and listen to our community. That’s why we’ve wrapped our heads together and decided to overhaul our current Confectionary and Reward program. Throughout the process, no stone was left unturned and no egg left uncracked in order to create a program that better addresses the needs and wants from our loyal customers. The result is a totally new loyalty system, focussed and centered around the most important people in our lives — namely you!
After receiving valuable input from our community, we finally came up with an ingenious new initiative, that simplifies the current structure of the Confectionary program without cutting into the benefits our community loves. Hence, the new program not only benefits the average baker more, but it also redistributes an even bigger share of the “revenue cake” back to the community. For some users this actually means that Cake will redistribute all of its revenue back to them — which is unparalleled within the industry.
For those of you who might not be as familiar with the current Confectionary program, we’d like to give you a quick refresh. We’re currently running two separate ‘programs’ — the Confectionary program (with its integrated ‘freezer’ program) and the Referral program. The existing Confectionary program was designed for our loyal Cake users who decide to lock away their DFI coins for 6 months, in order to earn rewards and additional benefits. On the other hand, we have the Referral program, which incentivizes loyal bakers to sign up their family and friends by offering up to 50% as a referral bonus.
Our newly designed programs are built around a triumvirate of new loyalty driven functionalities, which will be rolled out in the following order: Our newly designed ‘Freezer’ will see the light of day first, followed by the new Referral program and complemented by the Confectionary / VIP program. The launch of these new programs will be staggered, and will be introduced over the coming months.
While the current ’Freezer’ is part of the Confectionary program, the all-new ‘Freezer’ will be detached from it, and will be implemented as a stand-alone product. At first, the new Freezer will support DFI and Dash staking. However, we already have firm plans in our flour drawers to roll it out to the majority of our current and future product lines like Lapis, other staking coins and even stocks.
Do also note that we have reduced the minimum deposit required from 10,000 DFI to just 1 DFI, allowing more bakers to enjoy the flexibility and advantages of the new ‘Freezer’.
Besides that, we’re also getting rid of the fixed lock-in period. With the new ‘Freezer’, we want to empower our bakers to individually set their preferential lock-away period — from just a few days to as long as several years — adjustable in just a few clicks. At the same time, the underlying mathematical function guarantees an incremental rise in APY — the longer you lock away your investment, the higher your APY gets!
Lastly, we’re pleased to announce that the launch of the new Freezer program will take place on 08 March 2021 at 12:00 CET (19:00 SGT). Consequently, the current Confectionary program will end on 04 March 2021 at 12:00 CET (19:00 SGT).
Do note that all status privileges associated with the current status levels like ‘Apprentice’ ‘Baker’, ‘Master Baker’, etc. will be extended until the final rollout of the new Confectionary / VIP program and the new Referral program.
We’d also like to reach out to our bakers who are actively using the option to purchase BTC and ETH at a 50% discount. We will discontinue this service on 04 March 2021; after this date you will not be able to buy BTC and ETH at preferential rates any longer. Transparency-wise, this is the only benefit we are removing from the existing Confectionary program.
Our new VIP program is the next evolutionary step of our current Confectionary program and is based on how much USD a baker keeps with Cake. The metric to determine your progress towards climbing up the tier levels will be measured by all the assets you have stored with Cake — all your invested funds across all Cake products, denominated in Bitcoin.
When it comes to the perks and benefits, then you better crank up the oven temperature, because this dough is set to rise! We’ve got a myriad of sought after products and services, which will turn your friends green of envy.
We put the word out and you responded. We’ve carefully analyzed your input and feedback and are putting the wheels in motion. The result is nothing less than an outstanding list of benefits spanning from special VIP Telegram group privileges, lounge access at airports to private P2P calls with our CEO.
In summary, you can look forward to more reward tiers, starting with as little as 0.1 BTC, and an abundance of new perks and benefits, designed just for you. The final rollout will be announced in due time and will be directly communicated with you.
Referral / Affiliate Program
Lastly we would like to introduce our new Referral program to you. After we roll it out, not only will you be able to earn a referral bonus on your family and friend’s investments into our Lapis products, but we will extend it to our entire product line, including our staking and liquidity mining products.
As mentioned earlier, expect the launch of the new Confectionary / VIP program as well as the Referral program later this year (we will announce that in a separate blog post).
At Cake, our team of bakers values your input and feedback above all. You’re the secret recipe to our cake and the reason we continue to innovate and improve our offering to generate tastier rewards and returns.
For discussion & questions, you can join our official telegram group here.
Your Cake Team