Cake DeFi posted impressive growth in the second quarter of this year despite an ongoing bear market.
Cake DeFi, a Singapore-based cryptocurrency finance platform, Second Quarter Transparency Report.
The bear market has been in place since the beginning of the year, and the second quarter was especially hard. However, Cake DeFi recorded excellent growth in its user base and other areas.
Average weekly user growth in Q2 was up 3.25%. In the second quarter, Cake DeFi paid a user his $58 million reward, bringing his total payout since launch to $375 million.
The team noted that Cake, unlike its competitors, still has good cash flow and is hiring talent. Just in the unlikely event that revenue dries up completely, that Treasury will at least provide him with a four-year runway.
Cake continues to improve the user experience. In Q2, Cake DeFi switched to his 3-minute automated KYC system for approval time, and also greatly improved the mobile app user experience.
To strengthen the company’s financial strength, the Cake DeFi board has decided to further diversify its finances. The board plans to publicly invest 15 million dUSD in decentralized assets such as he dTSLA, dTLT.
The team said they’ll be making this fully 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 decentralized financial services and applications.
The platform allows users to generate profits from their crypto and digital assets. It operates and is registered in Singapore and is fully compliant with all regulatory requirements of the Monetary Authority of Singapore (MAS).
Cake DeFi offers three main products: liquidity mining, lending and staking. Two of his other products are the Freezer and the recently launched Borrow.
Cake DeFi also allows users to trade decentralized assets, aka dTokens. Cake DeFi allows users to trade decentralized 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 a leading influencer in the cryptocurrency industry, according to The Washington Speakers, who widely said he is an active speaker at the Bureau, an advisor to the EU’s Blockchain Group, and manages multiple vertical businesses. is regarded.
U-Zyn is the Director and CTO of the DeFiChain Foundation and co-founder of Cake DeFi. He is also the chief engineer of his Zynesis and serves as a blockchain advisor to the Singapore government.