Whether you have been HODLing ETH, or previously mining it at scale, staking the ETH that you already have is an excellent way to boost your earnings. With the latest addition to our Staking service, Ethereum staking lets you earn rewards from your ETH holdings with industry leading annual percentage yields (APYs) of approximately 5%.
The ETH staking service will be available to all Cake DeFi customers beginning 6 October 2022 at 12pm SGT (4am UTC). You can access the service via both Cake DeFi’s web and mobile apps. Enjoy ~5% returns, which is significantly higher than other competing services, as returns are auto-compounded every 12 hours!
With the latest upgrade, Ethereum transitioned from a proof-of-work to a proof-of-stake consensus algorithm, vastly reducing its energy consumption. The upgrade is nevertheless far from complete, and won't be complete until 2023 at the earliest.
This hasn't stopped Ethereum investors from staking ETH even before the Merge took place. However, only a few investors were aware of the fact that only a limited number of validators can join the network per epoch (roughly 6.4 minutes), hampering immediate cash flow. Moreover, unstaking becomes a real issue since it is currently not supported and will only be available with the Shanghai upgrade, which will happen in a year or so at the earliest.
With Cake DeFi's ETH staking service, you won't need to worry about any of that. You earn staking rewards from the very first minute, and the best part is, it's even safer than any other staking service out there. All our staking nodes are located in Singapore, giving you added peace of mind.
The current problem with staking ETH is that many exchanges and services lock staked ETH away, with no way to retrieve it until the completion of the upgrade in 2023. As a result, stakers are not able to sell their ETH, which greatly increases an investor’s risks. Fortunately, Cake DeFi offers a solution where you can stake ETH while maintaining some level of liquidity.
As a result, Cake DeFi will soon offer the possibility for staked ETH to be withdrawn via an open market. This feature will be available shortly after going live with ETH staking and will harness the liquidity of the DeFiChain DEX.
In addition to offering the opportunity to unstake your Ether, Cake DeFi also supports the spirit of decentralization by helping to reduce the concentration of nodes in North America and Europe. All the staking nodes are therefore located in Singapore, counteracting criticisms that Ethereum is too “centralized”.
The process is fairly straightforward and works in the same way as our other staking services. Check out the infographic below for step-by-step instructions.
Once the ETH withdrawal feature is introduced, you can withdraw your ETH via the open market. In the meantime, you can already take advantage of industry-leading returns right now.
It takes just a few clicks to let your ETH stake for you. Just head over to Cake DeFi's staking service, powered by Singapore-based nodes.