BAKS Stablecoin, part 1
BAKS is an algorithmic stablecoin that does not depend on a complex algorithm to maintain liquidity and stakeholder value.
The main principles on which the BAKS stablecoin is built are:
✅ Simplicity.
✅ Reliability
✅ Stability
✅ Affordability.
BAKS has 100% security in the form of coins placed on the platform. A stabilization fund is responsible for maintaining stability, in which, if the exchange rate of any pledged coin changes, BAKS Stablecoin is burned or added.
For example:
🔹 The total issue of BAKS is $1,000,000;
🔹 There are $1,000,000 worth of cryptocurrencies in collateral and deposits. Cryptocurrency rates are subject to volatility, which means they can rise or fall during the day;
🔹 Let's assume that the value of coins in collateral and deposits has changed. The stabilization fund bots constantly analyze the situation and if the total price change, more than 1%, will trigger the rebalancing function in the smart contract, which will burn or release the missing amount of BAKS stabelcoin in exact accordance with the difference from the market price of the assets on the platform
Data on the number of coins released and the number of cryptocurrencies in pledges and deposits can always be checked in Etherscan.
BAKS is an algorithmic stablecoin that does not depend on a complex algorithm to maintain liquidity and stakeholder value.
The main principles on which the BAKS stablecoin is built are:
✅ Simplicity.
✅ Reliability
✅ Stability
✅ Affordability.
BAKS has 100% security in the form of coins placed on the platform. A stabilization fund is responsible for maintaining stability, in which, if the exchange rate of any pledged coin changes, BAKS Stablecoin is burned or added.
For example:
🔹 The total issue of BAKS is $1,000,000;
🔹 There are $1,000,000 worth of cryptocurrencies in collateral and deposits. Cryptocurrency rates are subject to volatility, which means they can rise or fall during the day;
🔹 Let's assume that the value of coins in collateral and deposits has changed. The stabilization fund bots constantly analyze the situation and if the total price change, more than 1%, will trigger the rebalancing function in the smart contract, which will burn or release the missing amount of BAKS stabelcoin in exact accordance with the difference from the market price of the assets on the platform
Data on the number of coins released and the number of cryptocurrencies in pledges and deposits can always be checked in Etherscan.
BAKS Stablecoin, part 2. BAKS stablecoin balancing mechanism 🪙
In order to ensure the stability and reliability of the BAKS token, a dual algorithm for issuing and maintaining value has been developed.
The issuance algorithm is based on securing the issuance of the token with funds (other crypto-assets) locked on the platform's smart contracts.
There are 3 funds on the platform:
💠 Stabilization Fund.
💠 Exchange fund
💠 Development Fund.
Maintaining the stability of BAKS takes place in the Stabilization Fund. Depending on the market situation, coins are either issued or burned. The process is instantaneous, so 1 BAKS is always equal to $1.
The Stabilization Fund is replenished from various sources:
💵 funds from investors.
💵 part of funds from loans (issuance)
💵 part of funds from deposits(issue)
The fund is regulated by the smart contract of stabilization of issued stabelcoins.
📉 When the rate drops, (before the Margin Call and loan liquidation) the Stablecoin is burned in the Stabilization Fund and the balance is automatically equalized.
📉 If the rate continues to fall and there is a liquidation of the collateral (When the collateral price from the initial falls to 78.74% or LTV of the loan 83%), the collateral is sold or sent to the fund and the loans are liquidated.
📉 When the market falls critically (50% or more), funds are transferred from the Exchange and Development funds to the Stabilization Fund.
The main protection against inflation of the BAKS stablocoin is its overcollateralization with investors' funds in all three funds.
In order to ensure the stability and reliability of the BAKS token, a dual algorithm for issuing and maintaining value has been developed.
The issuance algorithm is based on securing the issuance of the token with funds (other crypto-assets) locked on the platform's smart contracts.
There are 3 funds on the platform:
💠 Stabilization Fund.
💠 Exchange fund
💠 Development Fund.
Maintaining the stability of BAKS takes place in the Stabilization Fund. Depending on the market situation, coins are either issued or burned. The process is instantaneous, so 1 BAKS is always equal to $1.
The Stabilization Fund is replenished from various sources:
💵 funds from investors.
💵 part of funds from loans (issuance)
💵 part of funds from deposits(issue)
The fund is regulated by the smart contract of stabilization of issued stabelcoins.
📉 When the rate drops, (before the Margin Call and loan liquidation) the Stablecoin is burned in the Stabilization Fund and the balance is automatically equalized.
📉 If the rate continues to fall and there is a liquidation of the collateral (When the collateral price from the initial falls to 78.74% or LTV of the loan 83%), the collateral is sold or sent to the fund and the loans are liquidated.
📉 When the market falls critically (50% or more), funds are transferred from the Exchange and Development funds to the Stabilization Fund.
The main protection against inflation of the BAKS stablocoin is its overcollateralization with investors' funds in all three funds.
DeFi 101. Everything you need to know about decentralized finances 💸
Decentralized finances, or DeFi, is an ecosystem of financial applications created using blockchain technology without a bank or any third party.
Every financial system is locked within its own boundaries: geographic, social, legal.
DeFi breaks down those boundaries.
And it does so by replacing outdated technology with public, global, distributed, and decentralized networks specifically designed to make transactions without intermediaries.
📍DeFi in cryptocurrency: Origins of the term
The term DeFi was born in August 2018 in an Ethereum developer chat during a brainstorming session. Inje Yeo of Set Protocol, Blake Henderson of 0x, and Brendan Forster of Dharma participated in the discussion.
They discussed what to call the movement of open source financial applications created on Ethereum. Open Horizon, Lattice Network and Open Financial Protocols were also considered. But the choice fell on DeFi.
Three years later, DeFi has become big business. A user with a cryptocurrency wallet can trade digital assets, get credit, get insurance and more. About $90 billion is stored on DeFi sites; more than 10 million people downloaded MetaMask, one of the most popular digital wallets used to open access to decentralized networks.
📍DeFi's core principles are.
1. Noncustodiality
Non-custodial distributed networks allow people to have complete and sole control over their assets and data.
Users are the sole owners of the keys to their wallets and have complete control over their funds. The term used to describe this feature means that DeFi applications are "non-custodial" because no third party owns your assets - you own them.
2. Open boundaries
There are no boundaries in the open networks of this financial system, and anyone can access it.
To start interacting with DeFi apps, all you need is a cryptocurrency wallet and an internet connection. The services will not ask users for personal information. Your identity in DeFi is a set of letters and numbers that make up your address in the blockchain.
3. Transparency
Transactions are governed by smart contracts. No one, including the administrators and owners of the DeFi platform, can make changes or manipulate exchange rates and interest rates, or misappropriate someone else's assets. Since all transactions take place on the blockchain - the data cannot be altered, falsified or deleted, which gives a guarantee to the user.
4. Decentralization and Collective Management
Beyond a basic level of decentralization, DeFi platforms are built to be managed by the user community. Users become owners of their financial applications; they can participate in key decisions, including proposing changes themselves, and benefit from the growth and development of the DeFi platform. The main principle is that no centralized party (whether platform owners, investors, or ordinary users) can unilaterally take control of funds or change the rules of the game.
Decentralized finances, or DeFi, is an ecosystem of financial applications created using blockchain technology without a bank or any third party.
Every financial system is locked within its own boundaries: geographic, social, legal.
DeFi breaks down those boundaries.
And it does so by replacing outdated technology with public, global, distributed, and decentralized networks specifically designed to make transactions without intermediaries.
📍DeFi in cryptocurrency: Origins of the term
The term DeFi was born in August 2018 in an Ethereum developer chat during a brainstorming session. Inje Yeo of Set Protocol, Blake Henderson of 0x, and Brendan Forster of Dharma participated in the discussion.
They discussed what to call the movement of open source financial applications created on Ethereum. Open Horizon, Lattice Network and Open Financial Protocols were also considered. But the choice fell on DeFi.
Three years later, DeFi has become big business. A user with a cryptocurrency wallet can trade digital assets, get credit, get insurance and more. About $90 billion is stored on DeFi sites; more than 10 million people downloaded MetaMask, one of the most popular digital wallets used to open access to decentralized networks.
📍DeFi's core principles are.
1. Noncustodiality
Non-custodial distributed networks allow people to have complete and sole control over their assets and data.
Users are the sole owners of the keys to their wallets and have complete control over their funds. The term used to describe this feature means that DeFi applications are "non-custodial" because no third party owns your assets - you own them.
2. Open boundaries
There are no boundaries in the open networks of this financial system, and anyone can access it.
To start interacting with DeFi apps, all you need is a cryptocurrency wallet and an internet connection. The services will not ask users for personal information. Your identity in DeFi is a set of letters and numbers that make up your address in the blockchain.
3. Transparency
Transactions are governed by smart contracts. No one, including the administrators and owners of the DeFi platform, can make changes or manipulate exchange rates and interest rates, or misappropriate someone else's assets. Since all transactions take place on the blockchain - the data cannot be altered, falsified or deleted, which gives a guarantee to the user.
4. Decentralization and Collective Management
Beyond a basic level of decentralization, DeFi platforms are built to be managed by the user community. Users become owners of their financial applications; they can participate in key decisions, including proposing changes themselves, and benefit from the growth and development of the DeFi platform. The main principle is that no centralized party (whether platform owners, investors, or ordinary users) can unilaterally take control of funds or change the rules of the game.
Dear friends!
We have great news.
BaksDAO platform has successfully passed the audit for the absence of vulnerabilities in the system 🎉
The international auditor Solid Proof checked our platform for security and functionality.
No violations were found in the system. Based on the results of the audit, comments were made to remove some non-applicable features, which will be eliminated before launching the product.
This means that the BaksDAO platform is ready to release!
📍The launch of the platform will take place on December 25.
The full auditors' report can be found here.
We have great news.
BaksDAO platform has successfully passed the audit for the absence of vulnerabilities in the system 🎉
The international auditor Solid Proof checked our platform for security and functionality.
No violations were found in the system. Based on the results of the audit, comments were made to remove some non-applicable features, which will be eliminated before launching the product.
This means that the BaksDAO platform is ready to release!
📍The launch of the platform will take place on December 25.
The full auditors' report can be found here.
BAKS token and BDV government token 🪙
The platform will be released very soon, which means it's time to tell you about the two tokens issued by the Baks DAO platform - BAKS token and BDV government token.
📍 BAKS token
BAKS is an algorithmic stabelcoin issued by the platform to make loans. Stablecoin is tied to the number of assets placed and is the main technical token of BaksDAO.
BAKS Stablecoin is calculated using a unique algorithm, due to which the coin's liquidity is fully secured by collateral on smart contracts. 1 BAKS coin is always equal to $1.
The platform allows issuing BAKS only when the user makes a pledge or deposit to a smart contract. It is not possible to issue the token any other way.
The stability of the coin is maintained by the coin volume balancing module. As soon as there is a difference between the amount of BAKS Stablecoins issued and the amount of all blocked funds on the platform, the module burns or releases the necessary amount of coins to keep the balance.
This allows BAKS Stablecoin to be independent of external and internal market changes and to remain stable in all conditions.
Learn more about BAKS algorithms
📍 BDV government token
BDV is a collaborative platform management tool. The token will be issued in a limited quantity of 2 billion BDVs, 1 billion of which will be publicly burned during the platform's transition to a decentralized DAO management type. The tokens run on the ERC-20 and BEP-20 protocols.
BDV holders can participate in the development of BaksDAO and propose changes to the platform. For example, pledged coin lists, management processes, user roles, individuals and companies for certain tasks will be determined through voting.
First, the issue will be put up for discussion on BaksDAO's social media channels. After discussion, administrators will put the block of changes up for a vote. Two smart contracts with yes and no values are created. In order to cast a vote, the user will need to transfer a BDV token to one of the smart contracts within 5 days. After voting, the token is transferred back to the user's account. Voting takes place for the entire block of changes.
The platform will be released very soon, which means it's time to tell you about the two tokens issued by the Baks DAO platform - BAKS token and BDV government token.
📍 BAKS token
BAKS is an algorithmic stabelcoin issued by the platform to make loans. Stablecoin is tied to the number of assets placed and is the main technical token of BaksDAO.
BAKS Stablecoin is calculated using a unique algorithm, due to which the coin's liquidity is fully secured by collateral on smart contracts. 1 BAKS coin is always equal to $1.
The platform allows issuing BAKS only when the user makes a pledge or deposit to a smart contract. It is not possible to issue the token any other way.
The stability of the coin is maintained by the coin volume balancing module. As soon as there is a difference between the amount of BAKS Stablecoins issued and the amount of all blocked funds on the platform, the module burns or releases the necessary amount of coins to keep the balance.
This allows BAKS Stablecoin to be independent of external and internal market changes and to remain stable in all conditions.
Learn more about BAKS algorithms
📍 BDV government token
BDV is a collaborative platform management tool. The token will be issued in a limited quantity of 2 billion BDVs, 1 billion of which will be publicly burned during the platform's transition to a decentralized DAO management type. The tokens run on the ERC-20 and BEP-20 protocols.
BDV holders can participate in the development of BaksDAO and propose changes to the platform. For example, pledged coin lists, management processes, user roles, individuals and companies for certain tasks will be determined through voting.
First, the issue will be put up for discussion on BaksDAO's social media channels. After discussion, administrators will put the block of changes up for a vote. Two smart contracts with yes and no values are created. In order to cast a vote, the user will need to transfer a BDV token to one of the smart contracts within 5 days. After voting, the token is transferred back to the user's account. Voting takes place for the entire block of changes.
We invite you to join the testing of the BaksDAO platform ⚡️
There is very little time before the release of BaksDAO, so it is very important to us to get feedback from our users. We invite all community members to join the testing.
You will be the first to evaluate the functionality of our platform.
And in order to make the testing process even more interesting, we have prepared gifts for testers 🎁
Anyone who leaves feedback in the testing chat - comments, indication of bugs and their general impressions will receive a reward of 500 BDV 💸
After testing is complete, we will select the 10 most useful reviews. The authors of the best reviews will receive 5000 BDV each
The main prize of 5000 BDV and 100 BAKS will be awarded to the author of the most useful review.
Duration: up to and including December 20.
Sending prizes: up to and including December 25.
There are some simple steps to join testing contest:
1. 📍Join the testing (The detailed instructions are available in the testing chat)
2. Connect Metamask Wallet with the platform
3. Join TestNet
4. Add tokens from the list in instructions to your wallet
5. Send your wallet address in testing chat to get tokens for testing
6. Start testing (Loans, deposits, changing) 📍Link to log in to the test platform
7. Send your feedback in the testing chat 😁
Let's start!
There is very little time before the release of BaksDAO, so it is very important to us to get feedback from our users. We invite all community members to join the testing.
You will be the first to evaluate the functionality of our platform.
And in order to make the testing process even more interesting, we have prepared gifts for testers 🎁
Anyone who leaves feedback in the testing chat - comments, indication of bugs and their general impressions will receive a reward of 500 BDV 💸
After testing is complete, we will select the 10 most useful reviews. The authors of the best reviews will receive 5000 BDV each
The main prize of 5000 BDV and 100 BAKS will be awarded to the author of the most useful review.
Duration: up to and including December 20.
Sending prizes: up to and including December 25.
There are some simple steps to join testing contest:
1. 📍Join the testing (The detailed instructions are available in the testing chat)
2. Connect Metamask Wallet with the platform
3. Join TestNet
4. Add tokens from the list in instructions to your wallet
5. Send your wallet address in testing chat to get tokens for testing
6. Start testing (Loans, deposits, changing) 📍Link to log in to the test platform
7. Send your feedback in the testing chat 😁
Let's start!
🚨 LAST DAY OF THE BOUNTY PROGRAM AND PLATFORM TESTING 🚨
Today is the last day of our bounty program and testing. We remind you, in order to get the reward you need to subscribe to our social networks:
⚡️ Telegram community
⚡️ Blog
⚡️ Twitter
⚡️ Medium
⚡️ Facebook
❗️If you are not subscribed to any social network, please sign up immediately. If you don't complete the conditions of participation, you will drop out of the list of winners ❗️
In order to be rewarded for testing the BaksDAO platform you need:
📍Join the test group
📍Follow the instructions for testing. The instructions are in the chat
📍 Leave feedback about the platform in the chat. It can be: points to bugs, recommendations or your general impressions from testing.
All test participants will receive a reward of 500 BDV.
The authors of the top 10 reviews will each receive 5000 BDV.
🎁 The author of the most useful review will get the grand prize of 5000 BDV and 100 BAKS 🎁
Prizes will be sent up to and including December 25.
After taking the test of the platform, fill out the form. Don't forget to specify your wallet number. Your wallet must work in the Binance Smart Chain (BSC) network.
📍Join the test
📍Log in to the test platform
Today is the last day of our bounty program and testing. We remind you, in order to get the reward you need to subscribe to our social networks:
⚡️ Telegram community
⚡️ Blog
⚡️ Twitter
⚡️ Medium
⚡️ Facebook
❗️If you are not subscribed to any social network, please sign up immediately. If you don't complete the conditions of participation, you will drop out of the list of winners ❗️
In order to be rewarded for testing the BaksDAO platform you need:
📍Join the test group
📍Follow the instructions for testing. The instructions are in the chat
📍 Leave feedback about the platform in the chat. It can be: points to bugs, recommendations or your general impressions from testing.
All test participants will receive a reward of 500 BDV.
The authors of the top 10 reviews will each receive 5000 BDV.
🎁 The author of the most useful review will get the grand prize of 5000 BDV and 100 BAKS 🎁
Prizes will be sent up to and including December 25.
After taking the test of the platform, fill out the form. Don't forget to specify your wallet number. Your wallet must work in the Binance Smart Chain (BSC) network.
📍Join the test
📍Log in to the test platform
🎊 AIRDROP ENDED
20.12.2021 at 23:59 (GMT +3)🎊
Thank you for participating in our bounty program. We've started summing up the results and handing out the prizes 🎁
Please check your social media subnoscriptions again carefully:
⚡️ Telegram community
⚡️ Blog
⚡️ Twitter
⚡️ Medium
⚡️ Facebook
Gifts will be sent up to December 25. Please note that your wallet must work in the Binance Smart Chain network.
BaksDAO team congratulates the winners 🎉
If you were not among the winners, don't get upset. We have many contests for community members, but we'll tell you about them later.
Again, thank you for taking part. Stay with us, there are many more interesting things to come 🚀
20.12.2021 at 23:59 (GMT +3)🎊
Thank you for participating in our bounty program. We've started summing up the results and handing out the prizes 🎁
Please check your social media subnoscriptions again carefully:
⚡️ Telegram community
⚡️ Blog
⚡️ Twitter
⚡️ Medium
⚡️ Facebook
Gifts will be sent up to December 25. Please note that your wallet must work in the Binance Smart Chain network.
BaksDAO team congratulates the winners 🎉
If you were not among the winners, don't get upset. We have many contests for community members, but we'll tell you about them later.
Again, thank you for taking part. Stay with us, there are many more interesting things to come 🚀
✔️ BaksDAO Airdrop is live!
🔵 Airdrop Reward: Up to 50 BDV & 0.5 BAKS
🔵 Referral Reward: 20,000 BDV referral pool
🔵 Airdrop Link: t.me/BaksDAOAirdropBot
🔴 2000 valid participants will be randomly selected by the project team.
🔴 Airdrop ends on January 15, 2022
🔴 The distribution date announced at the end of February, 2022.
#Airdrops #Bitcoin #BaksDAO #AirdropDet #crypto #Blockchain
🔵 Airdrop Reward: Up to 50 BDV & 0.5 BAKS
🔵 Referral Reward: 20,000 BDV referral pool
🔵 Airdrop Link: t.me/BaksDAOAirdropBot
🔴 2000 valid participants will be randomly selected by the project team.
🔴 Airdrop ends on January 15, 2022
🔴 The distribution date announced at the end of February, 2022.
#Airdrops #Bitcoin #BaksDAO #AirdropDet #crypto #Blockchain
☝🏻Dear friends, here is an important announcement regarding the results of our first airdrop, which is ended on December 20, and tokens were distributed on December, 25! ☝🏻
1️⃣ First of all, thank you very much who participating in it! 🙏🏼
2️⃣ In order to get your reward, you had to join all of our social media mentioned in the denoscription. If there is even one social media missing (for instance - medium) you are not ennoscriptd to a reward. Yet you may participate in our current ongoing airdrop and join our new competitions and giveaways next year, starting from January. 💥
3️⃣ If you are sure, that you joined all of our social media and properly filled out our form yet didn’t find our tokens in your wallet*, please do contact our team within the next 24 hours. We will review your inquiries and fix errors if any. We will not take new inquiries after 24 hours.🔚
❗️ *Also please check if you added our tokens to your BSC (BEP-20) wallet properly. They might be there already!) 💫
1️⃣ First of all, thank you very much who participating in it! 🙏🏼
2️⃣ In order to get your reward, you had to join all of our social media mentioned in the denoscription. If there is even one social media missing (for instance - medium) you are not ennoscriptd to a reward. Yet you may participate in our current ongoing airdrop and join our new competitions and giveaways next year, starting from January. 💥
3️⃣ If you are sure, that you joined all of our social media and properly filled out our form yet didn’t find our tokens in your wallet*, please do contact our team within the next 24 hours. We will review your inquiries and fix errors if any. We will not take new inquiries after 24 hours.🔚
❗️ *Also please check if you added our tokens to your BSC (BEP-20) wallet properly. They might be there already!) 💫
BAKS and BDV - what is the difference? 🪙
BaksDAO has two coins - steblecoin BAKS and government token BDV (BaksDAO Voice). What is the main difference between them?
📍BAKS
BAKS is an algorithmic stablecoin. The coin's liquidity is fully collateralized by the BaksDAO system's smart contracts. 1 BAKS is always equal to 1 USDT.
BAKS is the main currency of the platform. BAKS is used to perform all main operations in BaksDAO. The coin is deposited as collateral when applying for a loan. BAKS can also be deposited or exchanged for other popular cryptocurrencies - BTC/BNB/ETH/USDT. The list of available currencies for exchange will be expanded in the future.
You can get BAKS on the BaksDAO platform.
📍BDV
BDV are BEP-20 tokens embedded in the BaksDAO protocol. The token is a collaborative management tool.
Token issuance is tied to the growth of the platform's TVL (Total Value Locked) funds.
The issuance of BDV during the launch of the project will be 50 million tokens. A total of 2 billion tokens will be issued, 1 billion tokens will be burned during the operation of the platform.
At the moment, you can get BDV token by participating in BaksDAO contests. Keep an eye on our community for announcements.
So far, the token has no value. In the future we will put the value of the token to a vote.
The main value of a token is the ability to manage the platform. Every token owner is ennoscriptd to vote on the development of BaksDAO as well as to make their own suggestions.
If you still have questions, you can always ask them in the community. We will be happy to answer them 😊
BaksDAO has two coins - steblecoin BAKS and government token BDV (BaksDAO Voice). What is the main difference between them?
📍BAKS
BAKS is an algorithmic stablecoin. The coin's liquidity is fully collateralized by the BaksDAO system's smart contracts. 1 BAKS is always equal to 1 USDT.
BAKS is the main currency of the platform. BAKS is used to perform all main operations in BaksDAO. The coin is deposited as collateral when applying for a loan. BAKS can also be deposited or exchanged for other popular cryptocurrencies - BTC/BNB/ETH/USDT. The list of available currencies for exchange will be expanded in the future.
You can get BAKS on the BaksDAO platform.
📍BDV
BDV are BEP-20 tokens embedded in the BaksDAO protocol. The token is a collaborative management tool.
Token issuance is tied to the growth of the platform's TVL (Total Value Locked) funds.
The issuance of BDV during the launch of the project will be 50 million tokens. A total of 2 billion tokens will be issued, 1 billion tokens will be burned during the operation of the platform.
At the moment, you can get BDV token by participating in BaksDAO contests. Keep an eye on our community for announcements.
So far, the token has no value. In the future we will put the value of the token to a vote.
The main value of a token is the ability to manage the platform. Every token owner is ennoscriptd to vote on the development of BaksDAO as well as to make their own suggestions.
If you still have questions, you can always ask them in the community. We will be happy to answer them 😊
2021 wrapped! 💫
A new year is a great opportunity to look back and set new goals. This year was full of events, both in the crypto industry and in BaksDAO.
This year we:
🪄Created a team of talented professionals;
🪄Launched a test version of the platform, where everyone can test our service;
🪄Launched our social media;
🪄Launched the first BaksDAO bounty program;
🪄Were successfully audited by Solid Proof, an international cybersecurity auditor.
There's much more to come 🚀
In January 2022 we plan to release the platform, organise the first vote on BaksDAO development, and hold new contests and events.
Thank you for being with us this year. It is you, our users, who inspire us to develop and improve our platform.
See you in 2022🎄
A new year is a great opportunity to look back and set new goals. This year was full of events, both in the crypto industry and in BaksDAO.
This year we:
🪄Created a team of talented professionals;
🪄Launched a test version of the platform, where everyone can test our service;
🪄Launched our social media;
🪄Launched the first BaksDAO bounty program;
🪄Were successfully audited by Solid Proof, an international cybersecurity auditor.
There's much more to come 🚀
In January 2022 we plan to release the platform, organise the first vote on BaksDAO development, and hold new contests and events.
Thank you for being with us this year. It is you, our users, who inspire us to develop and improve our platform.
See you in 2022🎄
Dear BaksDAO community members!
We sincerely wish you a Happy New Year and Merry Christmas!
Hopping that the New Year bring you happiness and growth in all spheres!
We work for you 24/7 and all your requests are taken into account, today the tokens have already been sent to your wallets 🤗
If you have any difficulties with adding a token address, please write to us and we will help you 😉
The BaksDAO team values its community and would like to get to know and communicate with its users closer, so we are opening the reception of questions for an AMA session with the team, which will be held on January 14, 2022!🎄
You can also prepare any questions and send them in PM to @baksdao_qa 🤗
We sincerely wish you a Happy New Year and Merry Christmas!
Hopping that the New Year bring you happiness and growth in all spheres!
We work for you 24/7 and all your requests are taken into account, today the tokens have already been sent to your wallets 🤗
If you have any difficulties with adding a token address, please write to us and we will help you 😉
The BaksDAO team values its community and would like to get to know and communicate with its users closer, so we are opening the reception of questions for an AMA session with the team, which will be held on January 14, 2022!🎄
You can also prepare any questions and send them in PM to @baksdao_qa 🤗
Major events in the crypto industry in 2021
The past year was rich in events in the crypto world. We watched cryptocurrencies rise and fall, new technological solutions and services appear, legislative adoption and bans on cryptocurrencies in the world. Let's take a look back at what we remembered about 2021.
NFT
NFT rightfully takes the place of the main trend of 2021.
An NFT token (non-interchangeable token) is a unique digital certificate that is stored in a blockchain, guarantees the originality of the item and gives exclusive rights to it.
Non-interchangeable tokens cannot be discreetly tampered with, split, or replaced. The system is suitable for securing rights to a unique object - a work of art, real estate, an artifact in a computer game.
We first talked about this trend in the spring. Since then, the popularity of NFT has only grown and does not think to decrease.
In March, the American digital artist who creates NFT projects, Mike Winkelmann, who works under the pseudonym beeple, was one of the three most expensive contemporary artists in the world. His digital painting and the NFT-token attached to it were sold at auction Christie's for $69 million.
The first Bitcoin-ETF was launched in the United States
On October 19, the first U.S. exchange-traded fund (ETF) based on Chicago Mercantile Exchange (CME Group) bitcoin futures began trading on the New York Stock Exchange (NYSE). The Bitcoin Strategy ETF from ProShares was approved by the U.S. Securities and Exchange Commission (SEC).
ETFs (exchange traded funds) are investment funds that build portfolios of assets and issue their own shares, where each security is pegged to a certain portion of the fund's assets. ETFs thus allow you to buy an asset without actually owning it.
Bitcoin-ETF allows investing in a cryptocurrency on a regular exchange without linking to it directly or through cryptocurrency exchanges.
In this way, a new stream of investments in Bitcoin has been secured.
Legalization of cryptocurrency in El Salvador
On September 7, a law came into force in El Salvador legalizing Bitcoin as a means of payment along with the U.S. dollar. Sellers are now allowed to set prices in Bitcoin and buyers are allowed to pay with the cryptocurrency. Taxes can also be paid in Bitcoin. By law, Bitcoin exchange is not subject to capital gains tax.
After the law was passed, President Naib Bukele announced El Salvador's acquisition of 400 Bitcoins. El Salvador now has 1,270 Bitcoins in its account.
But El Salvador didn't stop at legalizing crypto and buying Bitcoins.
On November 20, Buquele announced that next year El Salvador will have an entire city based on Bitcoin.
The plan is to have a Bitcoin City on the Pacific coast as early as this year, which will be fully powered by the volcano. Residents of this city will receive full tax exemption except for VAT. Funding for the construction of the new settlement is planned to be provided by special "volcano" bonds. A $1 billion bond issue is scheduled to be placed in early 2022, and construction will begin 60 days after the placement.
Cryptocurrency as a means of payment
In 2021, as many as two giant companies have announced support for cryptocurrency as a means of payment. These are Visa and Mastercard.
Visa, the first of the other major payment systems, began to conduct transactions in cryptocurrency. In March, the first transaction was made in USD Coin Stablecoin (USDC, a stable US dollar-linked coin that works in Ethereum, Stellar, Algorand, Avalanche, Solana, Tron and Hedera Hashgraph).
Soon the Mastercard payment system announced the introduction of cryptocurrency payments. Very soon, the company's partners - large stores and banks - will be able to add support for cryptocurrency payments to their list of services. And clients will be able to store, sell and buy digital assets.
The past year was rich in events in the crypto world. We watched cryptocurrencies rise and fall, new technological solutions and services appear, legislative adoption and bans on cryptocurrencies in the world. Let's take a look back at what we remembered about 2021.
NFT
NFT rightfully takes the place of the main trend of 2021.
An NFT token (non-interchangeable token) is a unique digital certificate that is stored in a blockchain, guarantees the originality of the item and gives exclusive rights to it.
Non-interchangeable tokens cannot be discreetly tampered with, split, or replaced. The system is suitable for securing rights to a unique object - a work of art, real estate, an artifact in a computer game.
We first talked about this trend in the spring. Since then, the popularity of NFT has only grown and does not think to decrease.
In March, the American digital artist who creates NFT projects, Mike Winkelmann, who works under the pseudonym beeple, was one of the three most expensive contemporary artists in the world. His digital painting and the NFT-token attached to it were sold at auction Christie's for $69 million.
The first Bitcoin-ETF was launched in the United States
On October 19, the first U.S. exchange-traded fund (ETF) based on Chicago Mercantile Exchange (CME Group) bitcoin futures began trading on the New York Stock Exchange (NYSE). The Bitcoin Strategy ETF from ProShares was approved by the U.S. Securities and Exchange Commission (SEC).
ETFs (exchange traded funds) are investment funds that build portfolios of assets and issue their own shares, where each security is pegged to a certain portion of the fund's assets. ETFs thus allow you to buy an asset without actually owning it.
Bitcoin-ETF allows investing in a cryptocurrency on a regular exchange without linking to it directly or through cryptocurrency exchanges.
In this way, a new stream of investments in Bitcoin has been secured.
Legalization of cryptocurrency in El Salvador
On September 7, a law came into force in El Salvador legalizing Bitcoin as a means of payment along with the U.S. dollar. Sellers are now allowed to set prices in Bitcoin and buyers are allowed to pay with the cryptocurrency. Taxes can also be paid in Bitcoin. By law, Bitcoin exchange is not subject to capital gains tax.
After the law was passed, President Naib Bukele announced El Salvador's acquisition of 400 Bitcoins. El Salvador now has 1,270 Bitcoins in its account.
But El Salvador didn't stop at legalizing crypto and buying Bitcoins.
On November 20, Buquele announced that next year El Salvador will have an entire city based on Bitcoin.
The plan is to have a Bitcoin City on the Pacific coast as early as this year, which will be fully powered by the volcano. Residents of this city will receive full tax exemption except for VAT. Funding for the construction of the new settlement is planned to be provided by special "volcano" bonds. A $1 billion bond issue is scheduled to be placed in early 2022, and construction will begin 60 days after the placement.
Cryptocurrency as a means of payment
In 2021, as many as two giant companies have announced support for cryptocurrency as a means of payment. These are Visa and Mastercard.
Visa, the first of the other major payment systems, began to conduct transactions in cryptocurrency. In March, the first transaction was made in USD Coin Stablecoin (USDC, a stable US dollar-linked coin that works in Ethereum, Stellar, Algorand, Avalanche, Solana, Tron and Hedera Hashgraph).
Soon the Mastercard payment system announced the introduction of cryptocurrency payments. Very soon, the company's partners - large stores and banks - will be able to add support for cryptocurrency payments to their list of services. And clients will be able to store, sell and buy digital assets.
Cryptocurrency ban in China
The cryptocurrency ban in China has had a big impact on the crypto market. Since May 2021, mining and cryptocurrency operations have been banned in the country. Previously, China ranked first in mining Bitcoin in the world. But after the ban, miners rushed to leave the country, and cryptocurrency services lost customers from China.
Now the leader in mining is the U.S. with a share of 34.5%. The second place is taken by Kazakhstan, the country accounts for 18.1% of global mining. The third place is taken by Russia, the country's share in the global Bitcoin hashrate is 11.2%.
The cryptocurrency ban in China has had a big impact on the crypto market. Since May 2021, mining and cryptocurrency operations have been banned in the country. Previously, China ranked first in mining Bitcoin in the world. But after the ban, miners rushed to leave the country, and cryptocurrency services lost customers from China.
Now the leader in mining is the U.S. with a share of 34.5%. The second place is taken by Kazakhstan, the country accounts for 18.1% of global mining. The third place is taken by Russia, the country's share in the global Bitcoin hashrate is 11.2%.
The crypto market in 2021. Bitcoin.
Over the past 12 months, Bitcoin's value changes have been like a roller coaster. The price of the coin was rising, setting a new historical high, and then falling, losing tens of percent in value.
At the beginning of the year, the value of Bitcoin was $29 thousand. A week later, the currency set a new all-time high - $42 thousand, but then fell in price to $28.8 thousand. Since then, the growth phase of Bitcoin began.
The reason for the growth is Elon Musk. Tesla announced about $1.5 billion investment in cryptocurrency and announced the introduction of cryptocurrency payments. On the background of such news Bitcoin rate rose to $44 thousand. The currency was actively growing until March 2021. In March, the value of the asset set a new all-time high of $60,000. But the joy was short-lived. Already in May, Tesla refused to accept Bitcoin as a means of payment, and China imposed a complete ban on cryptocurrency. Against the backdrop of this news, the currency collapsed by a third and reached a local low of $30 thousand.
In the summer of 2021 the value of Bitcoin fluctuated from $30 thousand to $28 thousand. By August Bitcoin managed to move into a new growth phase.
News from El Salvador had a positive impact on the growth of the rate. There, on September 7, a law on the legalization of cryptocurrency as a means of payment came into force. The country's authorities announced the purchase of 400 Bitcoins. After that, the value of Bitcoin was $52 thousand.
In September, the decline phase began. On September 21, the Bitcoin rate was $40,000. But by October, the currency reached a new peak of $67,000. This happened after an ETF, based on bitcoin futures of the Chicago Mercantile Exchange (CME Group), began trading in the United States.
On November 10, the current historic high was set at $69,000. But by winter, the price of the asset had already fallen by almost 20%. The value of the asset amounted to $42 thousand.
Cryptoanalysts promised us the growth of Bitcoin to $100 thousand already by the end of 2021. But that didn't happen. Now the main task of Bitcoin, according to analysts, is to cross the important psychological mark of $69 thousand, which will be followed by intensive growth and achievement of the same mark of $100 thousand.
Over the past 12 months, Bitcoin's value changes have been like a roller coaster. The price of the coin was rising, setting a new historical high, and then falling, losing tens of percent in value.
At the beginning of the year, the value of Bitcoin was $29 thousand. A week later, the currency set a new all-time high - $42 thousand, but then fell in price to $28.8 thousand. Since then, the growth phase of Bitcoin began.
The reason for the growth is Elon Musk. Tesla announced about $1.5 billion investment in cryptocurrency and announced the introduction of cryptocurrency payments. On the background of such news Bitcoin rate rose to $44 thousand. The currency was actively growing until March 2021. In March, the value of the asset set a new all-time high of $60,000. But the joy was short-lived. Already in May, Tesla refused to accept Bitcoin as a means of payment, and China imposed a complete ban on cryptocurrency. Against the backdrop of this news, the currency collapsed by a third and reached a local low of $30 thousand.
In the summer of 2021 the value of Bitcoin fluctuated from $30 thousand to $28 thousand. By August Bitcoin managed to move into a new growth phase.
News from El Salvador had a positive impact on the growth of the rate. There, on September 7, a law on the legalization of cryptocurrency as a means of payment came into force. The country's authorities announced the purchase of 400 Bitcoins. After that, the value of Bitcoin was $52 thousand.
In September, the decline phase began. On September 21, the Bitcoin rate was $40,000. But by October, the currency reached a new peak of $67,000. This happened after an ETF, based on bitcoin futures of the Chicago Mercantile Exchange (CME Group), began trading in the United States.
On November 10, the current historic high was set at $69,000. But by winter, the price of the asset had already fallen by almost 20%. The value of the asset amounted to $42 thousand.
Cryptoanalysts promised us the growth of Bitcoin to $100 thousand already by the end of 2021. But that didn't happen. Now the main task of Bitcoin, according to analysts, is to cross the important psychological mark of $69 thousand, which will be followed by intensive growth and achievement of the same mark of $100 thousand.
Why you should invest in cryptocurrency in 2022
Every year more and more people think about the need to invest. The pandemic has shown us how important it is to have a source of additional passive income, which will not disappear in case of another lockdown or other circumstances. There are many types of investments - buying stocks, real estate, precious metals, bank deposits. All of them have many advantages, but also entail difficulties and risks. For example, high entry threshold and low liquidity.
Today we are going to talk about the benefits of investing in cryptocurrency. Crypto can be a great investment both for experienced investors who understand the importance of diversifying their investment portfolio. and for newcomers as a first investment asset.
Advantages of investing in cryptocurrency
📍Low entry threshold
Traditional ways of investing require a large financial investment, especially if you want to start earning a return on your investment as soon as possible. You can start investing in cryptocurrency with any minimum amount. For example, the entry threshold for the BaksDAO platform is $50. BAKS purchased for this amount can be deposited and receive passive income or used as collateral.
📍Ease of use
You don't need to go to intermediaries and pay for their services in order to buy cryptocurrency. All you have to do is to have a cryptocurrency wallet and choose the right platform. You don't need to go through a long registration process. For example, at BaksDAO you can work completely anonymously.
📍Liquidity
Cryptocurrency is easy to buy, but also easy to sell. So if you suddenly need cash, you can get it quickly and easily by selling your crypto assets.
📍Lack of geographical attachment
Cryptocurrency has no borders and is not controlled by any state. This means that cryptocurrency is least susceptible to inflation and political influence. No central bank can manipulate the rates of cryptocurrency assets.
Every year more and more people think about the need to invest. The pandemic has shown us how important it is to have a source of additional passive income, which will not disappear in case of another lockdown or other circumstances. There are many types of investments - buying stocks, real estate, precious metals, bank deposits. All of them have many advantages, but also entail difficulties and risks. For example, high entry threshold and low liquidity.
Today we are going to talk about the benefits of investing in cryptocurrency. Crypto can be a great investment both for experienced investors who understand the importance of diversifying their investment portfolio. and for newcomers as a first investment asset.
Advantages of investing in cryptocurrency
📍Low entry threshold
Traditional ways of investing require a large financial investment, especially if you want to start earning a return on your investment as soon as possible. You can start investing in cryptocurrency with any minimum amount. For example, the entry threshold for the BaksDAO platform is $50. BAKS purchased for this amount can be deposited and receive passive income or used as collateral.
📍Ease of use
You don't need to go to intermediaries and pay for their services in order to buy cryptocurrency. All you have to do is to have a cryptocurrency wallet and choose the right platform. You don't need to go through a long registration process. For example, at BaksDAO you can work completely anonymously.
📍Liquidity
Cryptocurrency is easy to buy, but also easy to sell. So if you suddenly need cash, you can get it quickly and easily by selling your crypto assets.
📍Lack of geographical attachment
Cryptocurrency has no borders and is not controlled by any state. This means that cryptocurrency is least susceptible to inflation and political influence. No central bank can manipulate the rates of cryptocurrency assets.
How can you make money from cryptocurrency in 2022?
We've already told you about ways to make money like mining, stacking, and deposit. Today, we'll tell you how you can get into cryptocurrency if you don't already own crypto assets and start earning.
📍Participating in bounty programs
Participating in a bounty program is an opportunity to get blockchain startup tokens without investing your own money. Most often such programs are arranged by startups that are entering the market. Developers offer users to make simple actions - subscribe to social networks, make a repost, test a service or leave a review. In this way, the user helps the company promote and improve the product, and receives a reward.
This is a good opportunity to get promising tokens. In the future, these tokens can be exchanged for other cryptocurrency or, for example, put on a deposit and get passive income.
📍Crypto-trading
A trader is a player on the exchange, who earns on the rate fluctuations of cryptocurrencies.
The main task of a trader is to buy cheaper and sell more expensive. It sounds simple, but in fact there are many details and hidden dangers. First of all, it is necessary to study the cryptocurrency market well and clearly understand what changes are related to this or that. Next, you need to develop a strategy.
The main advantage of trading - high profitability. And the main disadvantage - high risks.
📍Investing in DeFi tokens
The field of decentralized finance is the biggest crypto trend now. DeFi tokens show high growth rates. But along with the hype around DeFi, many empty tokens have appeared. How do you choose the one token that will bring you income in the future?
🔺 A token has a limited issue. The fewer tokens issued, the higher its price could potentially be.
🔺 Product availability. Creating your own platform speaks to the developer's serious intentions. As the platform develops, more and more people will learn about the token, and as the popularity grows, the value of the token will also grow.
🔺 Listing on exchange platforms. After listing on DeFi exchanges, tokens show rapid growth. However, it is most profitable to buy tokens on small trading floors. As a rule, access to exchanges such as Coinbase, Binance, etc. coincides with the peak value of the token.
We've already told you about ways to make money like mining, stacking, and deposit. Today, we'll tell you how you can get into cryptocurrency if you don't already own crypto assets and start earning.
📍Participating in bounty programs
Participating in a bounty program is an opportunity to get blockchain startup tokens without investing your own money. Most often such programs are arranged by startups that are entering the market. Developers offer users to make simple actions - subscribe to social networks, make a repost, test a service or leave a review. In this way, the user helps the company promote and improve the product, and receives a reward.
This is a good opportunity to get promising tokens. In the future, these tokens can be exchanged for other cryptocurrency or, for example, put on a deposit and get passive income.
📍Crypto-trading
A trader is a player on the exchange, who earns on the rate fluctuations of cryptocurrencies.
The main task of a trader is to buy cheaper and sell more expensive. It sounds simple, but in fact there are many details and hidden dangers. First of all, it is necessary to study the cryptocurrency market well and clearly understand what changes are related to this or that. Next, you need to develop a strategy.
The main advantage of trading - high profitability. And the main disadvantage - high risks.
📍Investing in DeFi tokens
The field of decentralized finance is the biggest crypto trend now. DeFi tokens show high growth rates. But along with the hype around DeFi, many empty tokens have appeared. How do you choose the one token that will bring you income in the future?
🔺 A token has a limited issue. The fewer tokens issued, the higher its price could potentially be.
🔺 Product availability. Creating your own platform speaks to the developer's serious intentions. As the platform develops, more and more people will learn about the token, and as the popularity grows, the value of the token will also grow.
🔺 Listing on exchange platforms. After listing on DeFi exchanges, tokens show rapid growth. However, it is most profitable to buy tokens on small trading floors. As a rule, access to exchanges such as Coinbase, Binance, etc. coincides with the peak value of the token.
❗️❗️❗️
Dear users!
Hello everyone! Due to the rush of demand, the limits of tokens allocated for the current airdrop have been exhausted. At the moment, the BaksDAO team is working to increase the limit of the current airdrop or organize a new one about which we will inform you in the near future. Thank you for your interest in the project🤗
Dear users!
Hello everyone! Due to the rush of demand, the limits of tokens allocated for the current airdrop have been exhausted. At the moment, the BaksDAO team is working to increase the limit of the current airdrop or organize a new one about which we will inform you in the near future. Thank you for your interest in the project🤗
🚨AIRDROP IS OVER🚨
Dear friends, the second BaksDAO airdrop is over. We started selecting the first winners and sending the prizes 🎁
Today's prizes, that will be sent:
✍️ The top 50 referrers will share 20,000 BDV as follows:
🥇1st place : 1,500 BDV
🥈 2nd place : 1,200 BDV
🥉 3rd place : 1,000 BDV
🔹 4th place : 700 BDV
🔹 5th place : 600 BDV
🔹 6th to 10th place : 500 BDV each
🔹 11th to 20th place : 350 BDV each
🔹 21st to 50th place : 300 BDV each
We are continuing to summarize the results.
❗️Important. All prize tokens will be sent to all 2000 winners by the end of January❗️We do our best, please, be patient 😊
The prizes will be sent to the wallet, which address you entered in the airdrop bot. Your wallet should work with BEP-20 Binance Smart Chain.
NAME BDV
SYMBOL BDV
ADDRESS 0x3A0c66Ff229B4fF924cBA7bFB32Ec860c0F999c5
NAME BAKS
SYMBOL BAKS
ADDRESS 0x8BD22C61b409587D24d87fb56e88bd84e5D91596
All questions about the contest can be asked in our community.
BaksDAO team would like to thank you for participating in our airdrop. We will announce new contests very soon. Stay tuned. 😇
Dear friends, the second BaksDAO airdrop is over. We started selecting the first winners and sending the prizes 🎁
Today's prizes, that will be sent:
✍️ The top 50 referrers will share 20,000 BDV as follows:
🥇1st place : 1,500 BDV
🥈 2nd place : 1,200 BDV
🥉 3rd place : 1,000 BDV
🔹 4th place : 700 BDV
🔹 5th place : 600 BDV
🔹 6th to 10th place : 500 BDV each
🔹 11th to 20th place : 350 BDV each
🔹 21st to 50th place : 300 BDV each
We are continuing to summarize the results.
❗️Important. All prize tokens will be sent to all 2000 winners by the end of January❗️We do our best, please, be patient 😊
The prizes will be sent to the wallet, which address you entered in the airdrop bot. Your wallet should work with BEP-20 Binance Smart Chain.
NAME BDV
SYMBOL BDV
ADDRESS 0x3A0c66Ff229B4fF924cBA7bFB32Ec860c0F999c5
NAME BAKS
SYMBOL BAKS
ADDRESS 0x8BD22C61b409587D24d87fb56e88bd84e5D91596
All questions about the contest can be asked in our community.
BaksDAO team would like to thank you for participating in our airdrop. We will announce new contests very soon. Stay tuned. 😇
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