DeFiChain Up 16% as Cake Group Announces ETH Staking Rewards Burn

• Cake Group announced receiving the first Ethereum staking rewards from DeFiChain.
• The team will swap the rewards into DeFiChain’s native token, DFI, and send them to a burn address.
• DFI trades at $0.2823, with a 16.04% increase over the past week.

Julian Hosp, CEO of Cake Group and Bake, took to X to make a significant announcement for the DeFi community. In particular, Hosp announced its team has received the first Ethereum staking rewards from DeFiChain, a decentralized finance platform on the Bitcoin blockchain.

According to the CEO, the team will swap the reward into DeFiChain’s native token, DFI. After the swapping, the team will send the token to a burn address by the Bake team.

First #Ethereum Staking Rewards from @defichain collateral. Will be swapped into $DFI and then sent to the burn address by the @bake_io team. Account Statement will be posted every Monday together with the burn. This is just an ops flow test. Expect around 5-10 $ETH every week at… pic.twitter.com/89zZSJ7LtS

— Dr. Julian Hosp (@julianhosp) August 25, 2023

Notably, the burn address is an exceptional wallet no one can access. It implies the DFI tokens from the Ethereum sta…

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