The assessment of the project and its opportunities


The Decentralized Finance (DeFi) market offers plenty of opportunities to make money, lower the cost of borrowing, and lower transaction costs. At the same time, many users encounter difficulties when switching to new instruments. Entering DeFi platforms, for example, is very often only accessible to tech-savvy people. These and many other problems of the decentralized finance field were solved by BaksDAO developers. Let’s take a closer look at the features and growth opportunities.

What is BaksDAO

BaksDAO is a multifunctional decentralized financial (DeFi) platform that allows users to obtain loans against crypto assets, among other things. BaksDAO also provides users with tools to earn passive income by providing assets for loans. The main mission of the project is to simplify access to the DeFi market.

To newcomers, the decentralized financial market can seem complicated. Lack of drive for new technologies results in missed opportunities. For example, the DeFi market offers much more favorable conditions for credit than banks. That said, there is no need to follow any verification procedures or wait for approval from the financial organization. It is enough to send a request from the comfort of your coach and you will immediately receive a transfer of the money.

The DeFi principles help to create a transparent market. In such a market, people would not have to rely on intermediaries, which are currently played by traditional banks and other credit organizations. The BaksDAO developers used these and many other advantages of decentralized finance to create the platform.

Technical aspects of BaksDAO

The project is built on the blockchain of the popular cryptocurrency exchange Binance – Binance Smart Chain (BSC). The trading platform’s chain, compared to its main competitor – Ethereum, offers its users low commissions and fast transaction speeds. Choosing BSC made BaksDAO more lucrative and faster. In the future, developers are also planning integration with Ethereum and Polygon to broaden the audience.

The platform is completely decentralized. It is operated by BaksDAO users with BDV tokens granting voting rights in the project ecosystem. In other words, BDV tokens enable decentralized voting necessary to make independent decisions about the development of the platform.

The project also has its stablecoin BAKS. The exchange rate is pegged to the US dollar 1:1. This financial instrument helps to solve the problem of high volatility of such traditional cryptocurrencies like bitcoin while preserving all the benefits of the digital assets. The BAKS exchange rate is adjusted by the project stabilization fund.

Scheme:

Smart contract controls the exchange rates of the collateral-backed coins Smart contract can access the collateral value in sync with new exchange rates Is the number of tokens issued BAKS equal to the collateral value on smart contracts? Is the value of tokens issued by BAKS higher than the collateral? Smart contract burns part of BAKS tokens Smart contract spends extra BAKS tokens

The BAKS emissions correction algorithm of the project’s stabilization fund. Source: the BaksDAO white paper

The developers have fully automated BaksDAO. To achieve this result, the team used a system of Chainlink oracles and smart contracts.

Important! In order to work on BaksDAO, users need to connect MetaMask to the platform. MetaMask is one of the most popular wallets in the crypto community.

What sets BaksDAO apart from other DeFi players?

Although the market is full of DeFi projects, the BaksDAO team has managed to capture the attention of investors thanks to several distinguishing features. Let’s examine them in detail:

Favorable and convenient credit terms

Developers provide users with alternative credit processing rules. For example, on the BAKS platform it is possible to get loans with an open-date payback period.

Also, the discount system is available to BaksDAO users. When a user repays the loan in BDV tokens, the annual interest drops from 11% to 5%. The developers emphasize that refunds are also possible in parts.

Intuitive interface

The intuitive interface of the BaksDAO platform helps users to apply for loans seamlessly or use the tools of other platforms to get passive income.

Important! A video tutorial on how to use the platform is available on the BaksDAO website.

Lucrative conditions for large investors

BaksDAO users have access to transparent capital management solutions. Those tools, according to developers, allow users to maintain control over their assets without foregoing the potential profit.

Effective investment and social promotion mechanisms

About 50% of BaksDAO’s profit is invested in burning BDV tokens and eco projects. This approach provides a foundation for the long-term financial development of the platform, increases its sustainability and places it in a category of companies with a social impact.

Multifunctionality

Apart from deposits and earnings on deposits, BaksDAO provides its users with crypto exchange tools. The liquidity injection service is also under development.

Important! The project was successfully completed at the beginning of January 2022 passed the security audit by Solid Proof.

Overview

The BaksDAO has solved several customer pain points that used to be a barrier for many potential users to enter the DeFi market. Thus, the developers offered an intuitive and user-friendly interface on a platform.

The BaksDAO tools not only allow users to get loans but also earn by providing assets for credits. In the future, the functionality of the platform will grow.

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