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Crypto and digital asset companies · subsidiary of GSTechnologies Limited (LSE: GST) · Singapore

Cake DeFi

cakedefi.com ↗

Bake (formerly Cake DeFi) is a Singapore-founded custodial crypto staking platform now owned by GSTechnologies.

Little protection left
Assessed 21 July 2026 · Evidence as of 21 July 2026
Not much stands between this business and its pressures.
On the recordSince 21 July 2026 · Checkable from H1 2026 · Every call on the record Checkpoint: GSTechnologies next earnings release, watch for Bake-specific AUM and user disclosures
The call

Cake DeFi no longer exists as an independent company; it survives as Bake, a small line item inside a micro-cap parent, competing against far bigger custodial platforms with no clear reason for users to stay.

Cake DeFi let people earn rewards by locking up cryptocurrency with the company holding it for them. Bigger companies like Binance, Coinbase, and Kraken offer the same service to far more customers and have more trust, so Cake lost customers and money fast. The business also depended heavily on DeFiChain, a cryptocurrency that crashed 99 percent in value. What matters now is whether the new parent company, GSTechnologies, actually reports separate financial numbers for the Bake division or quietly shuts it down without announcing it.

Why
01
AI pressure: On-chain yield aggregators and robo-advisory tools. AI-driven yield optimizers and on-chain bots now automate the rebalancing and support work Bake charges a 15% cut for. Could AI do the core job? Yes, likely.
02
Bigger players: Binance Earn, Coinbase, Kraken, Nexo. These platforms offer the same custodial staking at far greater scale, trust, and liquidity, leaving little reason to pick Bake. Could a giant copy it? Yes, easily.
03
What protects it. None apparent beyond its existing user base and GST's willingness to keep funding the brand.
What would change this call
GSTechnologies publishes (or omits) Bake-specific AUM and user figures in future earnings. Disclosure shows recovery; silence suggests the asset is being quietly wound down.
Whether Bake secures a DTSP license or re-enters Singapore after the May 2025 cutoff. Would show the company rebuilding its lost regulatory footing.
GST issues a profit warning, further acquisition, or delisting notice on LSE. Would signal financial strain threatening Bake's continued operation.
Key numbers
  • AUM fell 92% from $1B (2022) to $80M (2024-11-30)
  • DFI token down 99% from all-time high (2024-11-30)
  • Only ~50,000 funded users at acquisition (2025-01-02)
Named risks
  • Unresolved Hosp-Chua legal dispute and BaFin investigation could resurface in litigation. Severity: high
  • Singapore user cutoff since 1 May 2025 lost home market under new DTSP licensing regime. Severity: high
  • GST is a micro-cap listed parent; profit warning, delisting, or further M&A could threaten Bake's continuity. Severity: medium
  • No GST breakout of Bake-specific financials post-acquisition raises quiet wind-down concern. Severity: medium
  • Continued dependency on DeFiChain (DFI) token, down ~99% from peak and now community-managed without founders. Severity: medium
Rivals, as read in July 2026
RivalDirectionEvidence
Binance Earnlosing toCustodial staking offered at greater scale and trust than Bake as of Nov 2024
Coinbaselosing toLarger custodial earn platform cited as peer/incumbent in 2026-04-06 review
Krakenlosing toEstablished staking product outcompeting Bake per 2026-04-06 review
Lido / Rocket Poollosing toNamed as safer non-custodial alternatives to Bake in review dated 2026-04-06
NexocontestingListed as direct centralized-yield peer to Bake as of 2026-04-06
Questions people ask
Is Cake DeFi still an independent company?
No. GSTechnologies Limited (LSE: GST) completed its acquisition of Cake Pte Ltd and Cake DeFi UAB on 2 January 2025, funded entirely from GST's cash. The business now operates as the 'Bake' subsidiary brand inside GST's fintech arm, not as an independent company.
Who owns Bake (formerly Cake DeFi) now?
GSTechnologies Limited, a London-listed (LSE: GST) fintech company, owns Bake following completion of its acquisition on 2 January 2025. Shayne Tan became COO and Jack Bai became GST CEO by 26 February 2025, with founder Julian Hosp stepping back from leadership.
What happened to Cake DeFi's assets under management?
Assets under management collapsed roughly 92%, from over $1 billion in June 2022 to approximately $80 million by 30 November 2024, per figures cited in the GSTechnologies acquisition completion announcement dated 2 January 2025.
Can Singapore users still use Bake (Cake DeFi)?
No. Singapore users were cut off from the platform effective 1 May 2025, coinciding with Singapore's tightened MAS Digital Token Service Provider licensing regime that took full effect 30 June 2025, per a review published 6 April 2026.
Who are Cake DeFi/Bake's biggest competitors?
Peers in centralized crypto-yield/staking include Binance Earn, Coinbase, Kraken, Nexo, and YouHodler, per a 6 April 2026 review. That same review names non-custodial liquid-staking platforms Lido and Rocket Pool as safer alternatives to Bake.
Could AI replace what Cake DeFi/Bake does?
Largely, yes. Bake's core workflows, yield optimization, KYC, portfolio rebalancing, and support (already partly automated via chatbot 'Coco' since August 2022), are commoditizable, and the company holds no unique proprietary data or exclusive integrations to shield those functions from AI-driven alternatives.
Timeline
  • 2026-04-08Bake still marketing $120 bonus referral/cashback promotions to attract new signups
  • 2025-06-30Singapore's DTSP licensing regime takes full effect, pressuring unlicensed cross-border crypto entities
  • 2025-05-01Singapore users cut off from Bake platform
  • 2025-02-26Shayne Tan named COO and Jack Bai named GST CEO, new leadership takes over Bake
  • 2025-01-20GST AMA confirms Bake to serve as fiat-to-crypto liquidity layer for GST ecosystem
  • 2025-01-02GSTechnologies completes acquisition of Cake Pte Ltd and Cake DeFi UAB
  • 2024-12-11GSTechnologies announces planned acquisition of Bake
  • 2024-06-30Singapore court dismisses co-founder U-Zyn Chua's winding-up application against Cake
  • 2024-04-18Financial misconduct allegations reported against founder-CEO Julian Hosp
  • 2023-06-21Cake DeFi rebrands retail app to Bake, parent renamed Cake Group
Revision history
21 July 2026
First assessed. Little protection left. The text above is fixed as of this date and is not edited afterwards.
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