BaksDAO Launches Solution For Hodlers With Decentralized Crypto Dollar For Easy Entrance to DeFi

BaksDAO, the developer of the stablecoin BAKS that functions on BSC blockchain and on fully decentralized autonomous organization (DAO) principles, has announced the launch of its platform. The BaksDAO key mission is to make the DeFi market easily accessible to anyone regardless of the level of technical knowledge. Multiplying 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 project of the decentralized crypto dollar — stablecoin BAKS which is softly pegged 1:1 to the American dollar. BaksDAO is a DeFi platform that is organized in a decentralized way — a true DAO organization governed by its members, a system of oracles and smart contracts. The main areas of the platform functionality include lending, depositing, investing.

What differentiates BaksDAO from existing DeFi platforms

Stablecoin BAKS is simple, understandable and reliable. Stablecoins of other DeFi platforms, like for example, DAI from the industry leader MakerDAO, hold its balance due to its community. It is an amazing mechanism but to understand it, one must have at least a minimum knowledge of how DAO functions. It is much easier to understand how BAKS functions: the stability of the coin exchange rate is ensured by the system of smart contracts that emit or burn coins depending on the exchange rate deviations of the coins that are placed on the platform.

Similar to other DeFi platforms with stablecoins, BaksDAO has its second coin — native token BDV. This is the governance token that simplifies the 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 that allows for finding the fair initial price from which the BDV value growth will start. When the loans are repaid with the BDV tokens, platform users can enjoy substantial discounts: the annual interest rate is 5% instead of 11%.

Simple and accessible functionality is one of the key advantages of the platform. Thanks to the platform, even new players can enter the DeFi market. In comparison, the interfaces of the market giants like Maker or Uniswap are quite hard to grasp, especially for a new user. While developing the platform, the BaksDAO team focused on making it intuitively clear and accessible to users of all levels.

BaksDAO is developing a multi-chain solution which is planned to be launched at the second half of this year.The platform will be integrated with Ethereum, Binance Smart Chain, and Polygon, while the exchange rates are already supplied by Chainlink. In future, the team plans deep integrations with those and other networks. The BaksDAO team will implement a mechanism that does not require users to perform manual switches between ERC-20, BEP-20 networks, and Polygon, by automatically distributing the transactions. It helps users save time and further simplifies the user experience.

BaksDAO has already launched a unique tool for capital management. It is most suitable to big investors that put the capital under management but at the same time they want to understand where the money is invested in and what is the most important — they want to fully control it. The withdrawal of the funds is possible only via the wallet of the capital owner. It takes the question of a need to trust new technology out of the table. The withdrawal is performed in as simple a way as possible but only by the fund’s owner, not the asset management company.

BaksDAO continuously invests half of its revenues into 2 goals. 25% of the revenue is invested in burning BDV: this mechanism ensures the long-term financial development and sustainability of the platform. Also, not less than 25% of its revenues, BaksDAO invests in projects connected to nature preservation and protection, as well as projects dedicated to providing employment in this sector of the economy. In that way, BaksDAO is becoming not only an innovative but a socially impactful platform.

Currently, the main risk at the cryptocurrency market is still the volatility of the coins that come from market immaturity. At the same time, the market is growing and presenting enormous opportunities for the development of blockchain technologies and DeFi platforms. The platform BaksDAO with its stablecoin BAKS that is freed from volatility but has all the advantages of the cryptocurrencies provides users with a new approach to deposits and lending.

If one has cryptocurrencies, one must have opportunities to use them as collateral for getting open-ended or low-interest loans or to get a fair income by depositing the assets. Most importantly, the process of understanding those ways to earn should not be complicated. BaksDAO team is solidified that now is the time for simple and accessible DeFi solution like the platform presents.