A real counter-trend to the crypto winter that broke out in 2022, Cake DeFi celebrates this on its fourth anniversary.
The Southeast Asian group says it has paid out $411 million in prizes and experienced successes and robust growth.
Summary
Cake DeFi celebrates its fourth anniversary of robust growth in the crypto sector
Apparently, not quite all crypto companies follow the general market trend.
On the contrary, there are some like Cake DeFi that have bucked the trend, claiming to have achieved successes and robust growth while working with cryptocurrencies.
Cake DeFi is one of the fastest growing digital asset innovators in Southeast Asia, which celebrated its fourth anniversary.
The Singapore-based group reportedly said it has paid out as much as $411 million in rewards to customers from inception through Q1 2023, an increase of $94 million in the past year.
Not only that, while most crypto companies have been forced to lay off employees, Cake DeFi has instead expanded its workforce to 188 employees, a 55% increase over last year, and aims to reach 210 employees by the end of 2023.
In terms of its expansion, Cake also appears to have not stood still for a moment. In Singapore, at its global R&D arm (Birthday Research), the group has pledged to invest $50 million over the next four years.
All the while, Cake Group recently opened a new office in Kuala Lumpur, Malaysia, and plans to open an office in Europe once the Markets in Crypto Assets (MiCA) regulations are fully established.
Cake DeFi renames its retail division to Bake and offers new crypto products
During Cake Group’s fourth anniversary celebration, it was publicly revealed that its retail division has been renamed “Bake.”
Bake is also rebuilding its mobile app from the ground up to improve the user interface, optimize functionality, and provide a smoother user experience.
Bake’s new app will launch in July.
Among Bake’s improvements over the past year were the launch of ELITE and YieldVault, a new feature designed to be a safe and easy way for customers to earn passive income.
Not only that, Bake also introduced new tokens to its Staking service, expanding the range of options available to users.
Cake’s institutional division, Levain, offers institutions a secure gateway to decentralized financial products and services through its self-custody wallet as well.
After Ethereum‘s support in the first quarter, Levain aims to add support for the UTXO blockchain and the integration of other EVM-compatible blockchains, which are in high demand, in the third quarter of 2023, enabling multi-chain compatibility.
Finally, Cake’s R&D arm, Birthday Research, recently built Sado, an open source protocol that supports a fully decentralized global order book for Ordinals, BRC20 and future Bitcoin innovations.
Sado’s SDK (software development kit) is also open and can be accessed at Sado Protocol.
Continued annual growth
As early as last year, Cake DeFi was already making waves for its growth rates on the order of 90% year-on-year since 2019, which is when it was founded.
Cake DeFi has quickly become one of the leading platforms for the Decentralized Finance market.
Among its product offerings, in addition to the innovations already listed above, are those related to lending, staking, and the Liquidity Mining service.
With its third anniversary, Cake DeFi had calculated its record returns to clients at $318 million.
