RE: Bake = profit in 2021 was close to $270 million.7 Jan 2025 13:50
2021:
Q2 2021: Cake DeFi reported close to $100 million USD in gross revenue. The majority of this revenue, after the cost of sales, was distributed to customers as cash flow for their cryptocurrencies. This suggests a high level of profitability but doesn't specify net profit.
Full-year profit details are not explicitly stated, but they continued to expand services and customer base, indicating growth in revenue.
2022:
Q1 2022: Cake DeFi paid out $317 million in rewards to customers since inception up to this point, with a 90% incremental average growth rate quarter-over-quarter since 2019. This doesn't directly equate to profit but shows substantial revenue generation.
Q2 2022: They paid out $58 million in rewards to clients, bringing the total payout since inception to $375 million. This was noted as one of their strongest quarters for customer growth and payouts.
Overall 2022: They continued to operate profitably amidst market challenges, with a focus on transparency and customer rewards, but exact net profit figures for the year are not disclosed.
2023:
The company transitioned to being known as "Bake" under Cake Group, but specific profit numbers for this year are not available in the provided data.
2024:
Legal disputes and restructuring occurred, affecting operations. No profit data is detailed for this year.