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Cake DeFi has launched an Ethereum staking service where users can also unstake their tokens whenever they want.
Cake DeFi, a fast-growing Singapore-based fintech giant that provides easy access to decentralized finance (DeFi), has announced the launch of its Ethereum staking service.
According to a press release shared with Coinjournal, Cake DeFi says its ETH staking service has added access to liquidity via tradable tokens that can be sold on the open market.
Thanks to , staking of ETH tokens is now possible. Recent migrations of the Ethereum network From Proof of Work to Proof of Stake Protocol.
Cake DeFi explains that while staking on the Ethereum network is now possible, unstaking is not currently supported on the Ethereum network. Investors will have to wait for the Shanghai upgrade to unstake his ETH, which he could be in a year or so.
Cake DeFi said it plans to allow users to stake and unstake ETH tokens whenever they want. Julian Hosp, Ph.D., co-founder and CEO of Cake DeFi, commented:
ETH staking is a new addition to our popular staking service. We have carefully decided to host our own node in Singapore. It is concentrated in Europe, hosting its own node based in Singapore increases the confidence of investors and developers in the region and supports its decentralized ethos.Many exchanges and platforms are , which has not offered ETH unstaking until the Shanghai upgrade, it was important to provide ETH stakers with the liquidity achieved through the open market.
Cake DeFi says its ETH staking service allows users to earn around 5% annual yield. Cake DeFis returns on his ETH staking are also auto-compounded every 12 hours, generating significantly more returns compared to his non-compounded ETH staking, the team added. .
Cake DeFi is a fully transparent and highly innovative fintech platform that provides access to decentralized financial services and applications by enabling users to generate income from cryptocurrencies and digital assets. devoted to Operates and is registered in Singapore and is subject to applicable laws and regulations in Singapore.
