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Hi there,
I’ve spent 21 months writing over a thousand fun stories for Tech in Asia. And I’m one newsletter away from being officially called “the girl who writes zero-to-hero” stories.
I’m constantly throwing the spotlight on startups that have outdone themselves, and I’m going to do it again.
This time, I’m here to tell you a bit about Cake DeFi, a crypto startup that has taken the conservative path to potentially enter unicorn territory. It’s not just any crypto startup that promises high yields – it has posted over US$65 million in quarterly revenue within just two years.
What’s even more interesting is that this venture is coming from Julian Hosp, a founder who quit his previous startup amid bitter controversy.
Unlike other crypto firms that have gone under, Cake DeFi is relatively free from such drama. The company also turned cash flow positive in June despite a bear market that has led major crypto lender Celsius to freeze withdrawals and Bitcoin prices to tumble by 26%.
As part of this week’s story spread, we analyze how Cake DeFi bucked the crypto trend without raising any VC money.
– Deepti
THE BIG STORY
How this rarest of crypto startups is shrugging off winter
Image credit: Timmy Loen
While on the surface, Cake DeFi looks similar to the likes of Celsius or BlockFi, it stands out as a crypto platform that’s “completely transparent” about how its yields are generated, whether it’s through staking, lending, or liquidity farming, its founder says.
The company is currently weathering the brutal crypto winter through a bunch of interesting strategies.
⭐ TO THE STARS
A look at what’s pushing Web3 forward
🌙 TO THE MOON
🌏 BACK TO EARTH
STILL A PONZI SCHEME
MORE TO CHEW ON
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