Cake DeFi launches ETH Staking service with 5% returns

Cake DeFi announced last month the launch of a $50 million global R&D hub in Singapore to develop best-in-classBlockchain and digital asset technologies. One of the many ongoing efforts that the Singapore-based platform is working on is that. The company has just launched a new novel program for Ether ETH owners.

Cake DeFi announced today that it will launch ETH Staking service with 5% returns via Singapore-based nodes that allows unstaking anytime. The new service includes a new feature of Ethereum ETH Staking with added access to the market via a tradable token that can be sold in the open market.

Since its inception three years ago, the CakeDeFi team has been pushing the envelope to make DeFi more accessible to the masses.

With the recent Ethereum Merge that concluded in September, ETH has transitioned from proof-of-work to a proof-of-stake system. The Beacon Chain was merged into the Ethereum main chain, which requires nodes, or validators to stake their cryptocurrency into a long-term deposit contract. Retail investors can earn rewards by locking ETH up on the blockchain to validate transactions and get more ETH as a reward. Untaking is currently not supported by the Ethereum network, and investors will have to wait for the Shanghai upgrade to untake their ETH, which could be a year or so later.

ETH Staking is the latest addition to our popular Staking service. We decided to host our own nodes in Singapore. The majority of the ether nodes are concentrated in North America and Europe. Hosting our Singapore-based nodes will boost the confidence of investors and developers in the region and support the spirit of decentralization. Most exchanges and platforms don't offer ETH untaking until the Shanghai upgrade, but it was important for us to provide liquidity to our ETH stakers, said Julian Hosp, Co-Founder and CEO of Cake DeFi.

Cake DeFi s ETH Staking will allow users to enjoy around 5% annual percentage yields in returns. Returns in Cake DeFi staking will be auto-compounded every 12 hours to generate more returns than non-compounding ETH staking.

Users of Cake DeFi staking will be able to unstitute via a token tradable on the open market without having to wait for the Shanghai upgrade.

Cake DeFi is a fintech platform for growing cryptocurrencies assets, founded in 2019 by Julian Hosp and U-Zyn Chua. Cake also provides support for the swapping 13 major currencies with its partnership with an internationally compliant and advanced fiat-to-cryptocurrency gateway solutions provider.

Users can generate returns from their digital assets by enabling access to decentralized financial services and applications. It is registered and operated in Singapore and is subject to applicable laws and regulations in Singapore.