BaksDAO launches a solution for Hodlers with decentralized
Berlin, Germany, Jan. 26, 2022 (GLOBE NEWSWIRE) — BaksDAO, the developer of the BAKS stablecoin that runs on the BSC blockchain and fully decentralized autonomous organization (DAO) principles, has announced the launch of its platform. BaksDAO’s key mission is to make the DeFi market easily accessible to everyone, regardless of level of technical knowledge. Multiply cryptocurrencies safely and easily while holding them – this is the market demand that the platform satisfies.
On January 26, 2022, there was the launch of BaksDAO – an international decentralized crypto dollar project – stablecoin BAKS which is gently pegged 1:1 to the US dollar. BaksDAO is a decentralized organized DeFi platform – a true member-governed DAO organization, a system of oracles and smart contracts. The platform’s main areas of functionality include lending, depositing, and investing.
What differentiates BaksDAO from existing DeFi platforms
1. Stablecoin BAKS is simple, understandable and reliable. Stablecoins from other DeFi platforms, like for example DAI from industry leader MakerDAO, hold their balance thanks to their community. It’s an amazing mechanism but to understand it, you need to have at least a minimal knowledge of how DAO works. It is much easier to understand how BAKS works: the stability of the coin exchange rate is ensured by the system of smart contracts that issue or burn coins according to the exchange rate deviations of the coins that are placed on the platform .
2. Similar to other DeFi platforms with stablecoins, BaksDAO has its second coin – the BDV native token. It is the governance token that simplifies decentralized decision-making in the community. The difference is that the exchange rate of the governance token is not set by the project team but by the community which allows to find the right initial price from which the growth of the BDV value will start. When loans are repaid with BDV tokens, platform users can benefit from substantial discounts: the annual interest rate is 5% instead of 11%.
3. Simple and accessible functionality is one of the main advantages of the platform. Thanks to the platform, even new players can enter the DeFi market. In comparison, the interfaces of market giants like Maker or Uniswap are quite difficult to understand, especially for a new user. While developing the platform, the BaksDAO team focused on making it intuitively clear and accessible to users of all skill levels.
4. BaksDAO is developing a multi-channel solution to be launched in the second half of this year. The platform will be integrated with Ethereum, Binance Smart Chain and Polygon, while exchange rates are already provided by Chainlink. Going forward, the team plans deep integrations with these networks and others. The BaksDAO team will implement a mechanism that does not require users to make manual switches between ERC-20, BEP-20 and Polygon networks, by automatically distributing transactions. It helps users save time and further simplifies the user experience.
5. BaksDAO has already launched a unique capital management tool. It is best suited for large investors who manage capital, but at the same time they want to understand where the money is being invested and what is most important – they want total control over it. Withdrawal of funds is possible only through the capital owner’s wallet. This eliminates the question of the need to trust new technologies. The withdrawal is carried out in the simplest possible way but only by the owner of the fund and not by the management company.
6. BaksDAO permanently invests half of its income in 2 goals. 25% of revenues are invested in burning BDV: this mechanism ensures the long-term financial development and sustainability of the platform. Also, no less than 25% of its income, BaksDAO invests in projects related to the preservation and protection of nature, as well as projects dedicated to the creation of jobs in this sector of the economy. In this way, BaksDAO becomes not only an innovative platform but also a social impact platform.
Currently, the main risk in the cryptocurrency market remains coin volatility stemming from market immaturity. At the same time, the market is growing and presents huge opportunities for the development of blockchain technologies and DeFi platforms. The BaksDAO platform with its stablecoin BAKS which is free from volatility but has all the advantages of cryptocurrencies offers users a new approach to deposits and loans.
If one has cryptocurrencies, one must have the ability to use them as collateral to obtain open-ended or low-interest loans or to earn a fair income by depositing the assets. Most importantly, the process of understanding these ways to earn shouldn’t be complicated. The BaksDAO team is solidified, the time has come for a simple and accessible DeFi solution like the present platform.
Website | Twitter | INT Community | INT channel | INT-Blog | Link
There is no offer to sell, no solicitation of an offer to buy, and no endorsement of security or any other product or service in this article. Further, nothing in this PR should be construed as a recommendation to buy, sell or hold any investment or security, or to engage in any investment strategy or transaction. It is your responsibility to determine whether an investment, investment strategy, security or related transaction is suitable for you based on your investment objectives, financial situation and risk tolerance. Consult your business advisor, attorney or tax advisor regarding your specific business, legal or tax situation.