CAKE DEFI YEAR 2022 IN REVIEW: A Quick Look at Our Breakthroughs & Product Launches

Indeed, for many crypto companies, 2022 was a major turning point. Having witnessed several big industry players collapse and kickstart the still ongoing crypto winter, many have understandably chosen to downsize or completely shut down their operations.

Always seeing the glass half full, we at Cake DeFi chose to do the exact opposite.

Why? As we always encourage our users to “take control of their financial destiny,” we also want to show that we are fully in control of ours. That we are driven by our passion to serve our customers, not just by market conditions.

So, as the year comes to a close, we invite you to have a quick look at what our dedication has managed to accomplish for our users and what we are committed to pursue in 2023 and beyond.

Read on and happy holidays!  

Q1 HIGHLIGHTS

• LAUNCH OF CAKE DEFI VENTURES - Cake DeFi Ventures, our US$100 million venture arm, was launched on 09 March 2022. It is committed to accelerating growth of tech firms, with a focus on investing in Web3, gaming and fintech startups.
  
• PRODUCT HIGHLIGHTS - during the first quarter, we greatly enhanced the onboarding experience for our users by integrating Sumsub, MyInfo and single sign-on (SSO) log in. We also added and improved on our “Learn More” product explainers.

Q2 HIGHLIGHTS

• CAKE DEFI’s 3RD ANNIVERSARY CELEBRATION - this year’s anniversary celebration was particularly memorable as it marked the launch of Birthday Research, our research and development arm which focuses on developing blockchain and digital-asset solutions, and several other exciting initiatives.
  
• US$317 MILLION WORTH OF REWARDS PAID OUT TO CUSTOMERS - coinciding with our 3rd year anniversary is the announcement of yet another company milestone in the $317 million worth of rewards that we have paid out to our users through the first quarter of 2022.
  
• EU REGISTRATION - we finally obtained our first-ever registration to operate in the EU and EEA region, and are registered with the Registrar of Legal Entities and Financial Crime Investigation Services of Lithuania since June 2022. This registration enables us to provide virtual currency exchange and wallet services in Lithuania.
  
• LAUNCH OF THE “BORROW” SERVICE - Borrow was added on the Cake DeFi mobile app based on two general objectives: 1) Provide a better option for those who are just HODLing their digital assets and 2) Offer another avenue for Cake DeFi users to “make their cryptos work for them.
  
• SUCCESSFUL COMPLETION OF AUDIT BY CURE53 - in line with our commitment to security and transparency, we successfully completed a security assessment conducted by top IT security consultancy firm Cure53 and received positive remarks - particularly on our UI, backend API, and underlying servers.
  
• WE JOINED COINBASE TRUST -  in October 2022, we were admitted to Coinbase's Travel Rule Universal Solution Technology (TRUST) coalition - which is a global, industry-driven solution designed to comply with a requirement known as the Travel Rule while protecting the security and privacy of customers.
  
• TRANSPARENCY PAGE WENT LIVE - in line with our commitment to providing transparency and safeguarding user assets,  we created a transparency page that users can access to view all of our transparency features, protocols and reports.
  
  This initiative was carried out at a time when very few industry players were providing such information and despite not being mandated to do so.

Q3 HIGHLIGHTS

• “EARN” WAS LAUNCHED - EARN, our single-sided liquidity mining service, was launched in Q2. It allows users to participate in liquidity mining with just one type of cryptocurrency and offers more stability and security as it mitigates volatility loss risk and counterparty risk.
  
• CAKE DEFI AND RAZER SILVER COLLABORATION - adding more excitement into our list of activities for Q3 was our partnership with Razer Silver, part of a  highly popular lifestyle brand for gaming and Esports communities.
  
• NEW LIQUIDITY MINING POOLS - beginning 4 August 2022, users of Cake DeFi’s Liquidity Mining service will be able  to allocate funds into our first-ever DUSD stablecoin paired liquidity mining pools: USDT-DUSD and USDC-DUSD.

Q4 HIGHLIGHTS

• BRAND REFRESH - Our brand refresh reflects our evolution, growth and maturity as a company — from a new kid on the block, to now a leader in transparency and innovation in DeFi and Web3. A brand new look and experience and a swanking new logo to boot. It's the same cakedefi.com that you trust and enjoy using, but with more intuitive designs and features. Check it out!  
  
• LAUNCH OF CAKE DEFI ENTERPRISE - another proud moment for us was the announcement of the launch of our B2B vertical, Cake DeFi Enterprise (CDE), during this year’s Singapore FinTech Festival. Our goal for CDE? To make DeFi products and services easy for institutions to use and also in a transparent and secure manner.
  
• LAUNCH OF ETH STAKING SERVICE - with our ETH Staking service, ETH holders can stake and generate rewards on their ETH tokens, and also exit our Staking service using csETH.
  
• PROOF OF RESERVES - at Cake DeFi, we always strive to find innovative ways of providing transparency and safeguarding user assets. In line with this commitment, users can now verify their Proof-Of-Reserves and check our Proof-Of-Liabilities.
  
• IMPROVEMENTS IN OUR “LENDING” SERVICE - users of our Lending service can now enjoy receiving rewards in just 7 days and other exciting benefits. To know more, you can click here.

WHAT USERS CAN EXPECT FROM US IN 2023 & BEYOND

During a recent Twitter Space broadcast, both our CEO and Co-Founder Julian Hosp and Head of Community Fabio Andreatta shared their thoughts on what Cake DeFi as an organization should double down and further improve on in 2023.

“Cake has been built on the principles of transparency since its inception,” Fabio said. “Back then, I guess, we were two years too early for that. Nobody thought that this was important in 2020. But, now, everybody thinks that this is important.  

“I think that we’re doing a great job with our Proof-Of-Reserves, transparency page, financial reports and everything surrounding that. We just need to continue doing that and provide the transparency that customers deserve,” he added.

As for Julian he said that “We’re definitely going to double down on further improving our referral program. People really love it. It works for us. It works for our users.”

“Also, one thing that we’re definitely going to do in 2023 is to revamp the entire user experience. We’ll make it super clean and super easy for our users. I think that’s really important,” he continued.

Finally, Julian shared that Cake DeFi as an organization will “be even more determined and scrappy. It’s almost like day zero again. Everything’s up for grabs now. The few crypto remaining companies will be fighting to get a piece of the pie. So, yes. Expect us to be scrappy again.”

With that, we wish each and everyone of you happy holidays and an amazing 2023. We sincerely thank you for choosing us as your preferred DeFi platform and look forward to your continued support.

At the same time, expect us to continue working hard to provide you with the best DeFi services for helping you take control of your financial destiny.

If you want to use our services but haven’t registered yet, click here to create an account.

Once again, thank you and have an amazing new year!