- Cake DeFi is proud to announce its latest product — Borrow.
- Users will be able to borrow Decentralized USD (DUSD) by pledging BTC, ETH, USDC, and DFI as collateral.
- The network has over $1 billion in customer assets
Singapore-based DeFi platform Cake DeFi is proud to announce its new product — Borrow. The new product will allow users to borrow Decentralized USD (DUSD) by pledging crypto assets such as BTC, ETH, USDC, DFI as collateral. The DUSD that users borrow can be used in various ways to generate good income.
Cake DeFi, with its new product, aims to strengthen its users’ portfolios and potentially boost their rewards. With that, the network enables its users to experience a staking APR rate as high as 70%. Hence, users can enjoy earning good returns despite the wild volatility characteristic of the market.
Dr. Julian Hosp, Co-founder and CEO of Cake DeFi explained,
We are excited to launch Borrow to provide users with more liquidity to invest in DeFi services while holding on to their assets. DeFi empowers people to generate passive income on their cryptocurrencies without the constant need to trade. It is our goal at Cake DeFi to keep bringing such innovative services to our users.
In terms of market stability, the network has over $1 billion in customer assets. It is composed of 700,000 registered users that keeps growing over time. Network users are empowered to earn cash flow from their digital asset investments.
Furthermore, Cake DeFi also provides the technology for its users to borrow Decentralized USD (DUSD) with their existing Bitcoin (BTC), Ether (ETH) Tether (USDT), USD Coin (USDC), and DFI as collateral. However, it is subject to a collateralization ratio of 200% and 5% annual percentage rate (APR).
Moreover, the DUSD can be utilized too in purchasing tokens, staking and liquidity mining to name a few.
On the other hand, Cake DeFi has experienced tremendous growth in 2021. A total of $230 million were paid out to customers as rewards in 2021; $75 million of it in the final quarter. In the near term, Cake DeFi’s immediate priorities are to continue growing its customer base as it aims to reach $10 billion in total customer assets by the end of 2022.