Cake

Cake

Cake is a CeFi platform registered in Singapore that offers so-called Lapis rounds. Investors have to deposit their cryptocurrencies for four weeks to earn interest.

Savings Accounts
4
Loans
Clarity of interest policies
Jurisdictions
200+
Languages
EN, CN, IT
CeFi/DeFi
CeFi

Pros

  • Cake Defi does not have a tier system. Accordingly, both savers with a low investment amount (Shrimp) and savers with a high investment amount (Whale) receive the same interest rate.

    Savings Accounts

  • Savers get an additional return if the invested currency exceeds a certain threshold

    Maximum Interest

  • Supportive customer service

    Customer Service

Cons

  • Borrowers need to post at least 50% of their loan collateral in DFI tokens

    Crypto-loans

  • Users can only participate in "Lapis"-Rounds, meaning they have to wait until a new round starts before they can invest

    Savings Accounts

  • Deposits are locked up for the 4-weeks duration of the Lapis Round

    Savings Accounts

  • To get the highest rates, the price of the invested asset has to increase twice by 20%

    Savings Accounts

  • Interest is only paid at the end of the 4-weeks Lapis round

    Withdrawal Speed

  • Withdrawals can take up to 72 hours

    Withdrawal Speed

  • You can only borrow in Cake's own DUSD stablecoin

    Crypto-Loans

All cons

The interest rates at Cake

  • Earn Interest
BTC
BTC
ETH
ETH
USDT
USDT
USDC
USDC
Basic
Max
3.5%
6%
3.5%
6%
7%
7%
0.5 - 8.5%
0.1 - 8%
0 - 8%
0.8 - 12%
1 - 12%

How to earn the highest interest rates with Cake

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In addition to the base rate, Cake pays 4% interest denominated in DFI coins, the platform's native cryptocurrency. This interest is guaranteed like the base rate, but the value of the DFI token can fluctuate significantly.

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Additionally to the base rate and the DFI-rate, investors can receive a bonus yield of 2.5% if the price of the invested currency hits a certain threshold, which is defined at the beginning of the Lapis round.

A new concept

Cake DeFi works in a different way compared to other platforms. Investors can only invest in so-called Lapis rounds and have to depost their cryptocurrencies for four weeks per each round. The platform was founded by blockchain entrepreneur Julian Hosp and is still in its early stages. Although the platform is officially named "Cake DeFi" it is a CeFi platform according to CryptoStudio's definition.

Cake

Cake in the CryptoStudio-Check

Overview
Platform Score
based on 5 categories
Search icon Savings Accounts
based on 9 criteria
Search icon Crypto-Loans
based on 10 criteria
Search icon Security
based on 8 criteria
Search icon User Experience
based on 13 criteria
Search icon Business Review
based on 5 criteria

Savings Accounts
Rating:
Search icon Currencies:
4: BTC, ETH, USDT, USDC
Search icon Shrimp:
All investors receive the same interest regardless of the amount invested, so there is no distinction between Shrimps and Whales. Cake pays an interest of 3.5 - 6% on BTC, 3.5 - 6% on ETH, 7% on USDT.
Search icon Whales:
All investors receive the same interest regardless of the amount invested, so there is no distinction between Shrimps and Whales. Cake pays an interest of 3.5 - 6% on BTC, 3.5 - 6% on ETH, 7% on USDT.
Search icon Options to earn higher rates:
Savers receive a fixed interest rate. In addition, there is a bonus payment of 2.5% when the value of the investment currency reaches a certain level. However, in order to get the full bonus, the price must increase twice by 20%
Search icon Lock-up Periods:
4 weeks
Search icon Minimum Deposit:
No minimum deposit
Search icon Withdrawal Limits:
Small amounts will be paid out within 24h. For amounts exceeding $10,000 payout may take up to 72h
Search icon Currency of Interest Payments:
Rates are paid "in-kind" (same currency as deposit currency)

Did you find outdated information? Write us a message.

Security
Rating:
Search icon Withdrawal Speed:
Small amounts will be paid out within 24h. For amounts exceeding $10,000 payout may take up to 72h
Search icon Regulations:
Cake is registered in Singapore and regulated by the Payment Services Act
Search icon Team Transparency:
Founder and CEO Julian Hosp is well-known within the crypto industry. The website mentions the team, investors, and advisors
Search icon Crypto-Custody:
Funds are not held with an external custodian, but with Cake
Search icon Security Settings:
Cake offers industry standard security settings such as 2-factor-authentication and ID Check and Address whitelisting
Search icon Terms & Conditions:
Cake has the right to use the deposits of savers for investment purposes. That includes lending the assets to third parties
Search icon Transparency:
Cake publishes a quarterly transparency report
Search icon Security Hacks:
There are no reports about any successful security hacks

Did you find outdated information? Write us a message.

User Experience
Rating:
Search icon Account Opening:
Fast and straightforward, takes less than 5 minutes
Search icon Business Accounts:
No
Search icon Mobile App:
iOS and Android app available
Search icon Desktop App:
Yes
Search icon Wallet address book:
Yes
Search icon Reporting:
The reporting does not show the total interest earned but only the interest earned in single transactions. At the end of each term (Lapis) the user will get comprehensive email reporting. It is also possible to download a CSV file showing the wallet history
Search icon Coin-Reporting:
Cake provides a reporting in the respective cryptocurrency and in US dollar
Search icon Look & Feel:
Easy to use but the wording is sometimes not clear
Search icon Customer Service:
Comprehensive FAQ, it takes a few days until customer service answers questions but the answers provided are generally useful
Search icon Clarity of interest policies:
The website clearly explains Cake's interest rates policy
Search icon Countries:
200+
Search icon Fees:
Cake charges withdrawal fees
Search icon Languages:
EN, CN, IT

Did you find outdated information? Write us a message.

Business Review
Rating:
Search icon Financing:
According to Crunchbase, Cake is financed with Seed Capital of 2.4 million US dollar by 4 private investors. According to company representatives, the business is already profitable
Search icon CEO Track Record:
CEO and founder Julian Hosp is a familiar face on the crypto scene. His professional successes and failures have been a source of controversy in the past, but the trail of TenX's failure does not seem to lead to Julian Hosp according to recent media reports
Search icon Assets under Management:
AuM $1bn (as of May 2022)
Search icon User Base:
700,000 users as of May 2022
Search icon Community Interaction:
Participates heavily in public discussion online and provides transparent answers to CryptoStudio's inquiries

Did you find outdated information? Write us a message.

Cake

Cake Look & Feel

The app is user-friendly but doesn't offer a feature-rich wallet administration. Customer service sometimes takes a few days to answer questions but provides legit answers.

Registration process

Registering with Cake is easy and straightforward and takes only a few minutes.

Step 1

Visit Cake's website and select English in the upper right corner. Create an account and use our referral code to support our work and to benefit from Cake's promotions.

Step 2

Cake will send you an email with a confirmation link which you have to click.

Step 3

Verify yourself with a personal identification document and you can start using the platform.

All information is unofficial and subject to change. Links marked with an asterisk (*) may be affiliate links

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