• Thu. May 30th, 2024

Cake DeFi records excellent growth in Q2 despite the bear market

Cake DeFi recorded excellent growth in the second quarter of the year despite the ongoing bear market. 

Cake DeFi, a Singapore-based crypto finance platform, has just released its Q2 Transparency Report.

The bear market has been in place since the start of the year, and the second quarter was particularly hit. However, Cake DeFi recorded excellent growth in the user base and other areas.

Average weekly user growth in Q2 rose by 3.25%. During the second quarter, Cake DeFi paid out $58M in rewards to its users, taking the total payout since inception to $375M.

The team pointed out that, unlike its competitors, Cake is still cash flow positive and still hiring people. Even in the unlikely event that revenue would dry up completely, its treasury provides for at least 4 years of runway.

Cake continues to improve the user experience. In the second quarter, Cake DeFi switched to an automated KYC system with 3-minute approval times and improved the user experience in its mobile app also helped greatly.

In a bid to build on the company’s financial strength, the Cake DeFi Board decided to diversify its treasury even further. The board will be publicly investing 15 million dUSD into decentralised assets such as dTSLA, dTLT, and a few others. 

The team said it would make this completely public, so people can actually monitor this progress.

Cake DeFi is a fully transparent, highly innovative and regulated fintech platform dedicated to providing access to decentralised financial services and applications. 

The platform enables users to generate returns from their crypto and digital assets. It is operated and registered in Singapore and is fully compliant with all regulatory requirements of the Monetary Authority of Singapore (MAS).

Cake DeFi offers three key products: Liquidity Mining, Lending, and Staking. The other two products are Freezer and the recently-launched Borrow.

Cake DeFi also allows users to trade decentralised assets, aka dTokens. On Cake DeFi, users can trade decentralised tokens, partially mimicking the prices of Apple, Tesla, Intel, S&P500, and dozens of other popular stocks.

Dr. Julian Hosp is the CEO and Co-Founder of Cake DeFi. Dr. Hosp is widely regarded as a leading influencer in the crypto space and an active speaker for the Washington Speaker’s Bureau, an advisor for the EU’s blockchain groups and managing multiple businesses in the vertical.

U-Zyn is the Director and CTO of the DeFiChain Foundation, Co-founder of Cake DeFi. He is also the Chief Engineer of Zynesis, where he serves as a blockchain adviser to the Singapore Government.

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