Since being founded in 2019, Cake DeFi has experienced tremendous growth — and the fourth quarter of 2020 was no different. In this short article, we'll take a look back over the past quarter and share some of our thoughts and insights into everything that's happened.
The major highlight for Q4 2020, was the launch of Liquidity Mining on Cake. To date, approximately 50 million USD worth of assets have been allocated to this service, and that number continues to grow, and grow rapidly. This means that the cost-intensive R&D work that our teams have been doing on DeFiChain is starting to bear fruit.
We also launched another new service past quarter, and it's just as impressive. Following the introduction of a new update, Cake DeFi users can now buy Bitcoin and other popular cryptocurrencies directly on the platform!
This brings Cake DeFi one step closer to its long-term vision of becoming a one-stop platform for all financial assets.
In addition, the existing Staking and Lending Services are attracting more and more users every single day, and we are proud to state that Cake DeFi has accomplished its goal of becoming one of the top players in the industry!
None of this would have been possible without such an amazing community and a passionate, hard-working and creative team.
This insane growth has helped make CakeDeFi a sustainable, cashflow-positive business already, and we're not even two yet! Considering few companies ever reach this stage, especially in the crypto industry, this is a truly incredible achievement, and we're confident about our future. If we keep growing at this rate, who knows just how far we can go.
Like a loaf of bread in growing in the oven, the Cake DeFi team is also getting bigger. We've grown by 14 people, and now have 42 team members. Most new hires are on the product and tech-side, where they'll be working to improve our existing services and develop new features to make Cake DeFi even better.
There's a lot more to come in 2021! We'll make sure to keep you updated on our progress, so stay tuned to this channel.
We'd like to give a huge thank-you to everyone involved, from team members to the Cake DeFi community, for helping us grow so much so fast.
Happy baking — and enjoy your slice of Cake — you deserve it. :-)
Your Cake Team