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What Is BaksDAO: the Review of the Project and Its Opportunities

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The decentralized finance (DeFi) market opens up plenty of opportunities for earning, as well as cutting costs on loans and reducing transactional costs. At the same time, many users face issues upon attempting to transfer to new instruments. For example, very often entering into DeFi platforms is accessible only to tech-savvy people. This and many other problems of the decentralized finance field were solved by BaksDAO developers. Let’s dive deeper into its features and growth opportunities.

What is BaksDAO

BaksDAO is a multifunctional decentralized finance (DeFi) platform that among other things, allows users to get loans against crypto assets. Also, BaksDAO provides users with instruments to get passive income through providing assets for lending. The key mission of the project is to simplify the entrance into the DeFi market.

To newbies, the decentralized finance market can appear complicated. Lack of drive for new technologies results in missed opportunities. For example, the DeFi market offers way more favorable terms for credits than banks. This being said, there is no need to follow verification procedures or wait for the financial organization’s approval. It is enough to send a request from the comfort of your coach and you get an instant transfer of the money.

The DeFi principles help to create a transparent market. In such a market, people would not have to trust middlemen, the role of which is currently played by traditional banks and other credit organizations. The BaksDAO developers used this 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 chain of the trading platform, in comparison with its main competitor – Ethereum, offers its users low commissions and high speed of transactions. Choosing BSC made BaksDAO more lucrative and quicker. In the future, developers also plan the integration with Ethereum and Polygon to broaden the audience.

The platform is fully decentralized. It is governed by BaksDAO users with BDV tokens which give voting rights in the project ecosystem. In other words, BDV tokens allow decentralized voting that is needed to make independent decisions about the development of the platform.

Also, the project has its stablecoin BAKS. Its exchange rate is pegged to the US dollar 1:1. This financial instrument helps to solve the problem of the high volatility of such traditional cryptocurrencies like bitcoin while keeping all advantages of the digital assets. The BAKS exchange rate is corrected by the project stabilization fund.

Schema:

Smart contract checks the exchange rates of the collateralized coins
Smart contract accesses the collateral value in sync with new exchange rates
Is the number of issued tokens BAKS equal to the collateral value on smart contracts?
Is the value of BAKS issued tokens higher than collateral?
Smart contract burns a portion of BAKS tokens
Smart contract emits additional BAKS tokens

The BAKS emission correction algorithm of the project’s stabilization fund. Source: the BaksDAO whitepaper

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

Important! To start working on BaksDAO, users need to connect MetaMask to the platform. MetaMask is one of the most popular wallets in the crypto community.

What differentiates BaksDAO from other DeFi players

Even though the market is full of DeFi projects, the BaksDAO team succeeded in grasping investors’ attention due to several distinctive features. Let’s explore them in detail:

Favorable and convenient credit terms

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

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

Intuitive interface

The intuitive interface of BaksDAO platform helps users to seamlessly request loans or use other platform’s instruments for getting passive income.

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

Lucrative terms for big investors

BaksDAO users have access to transparent solutions for capital management. Those instruments, according to developers, allow users to keep control over their assets without forgoing the potential profits.

Effective investment and social promo mechanisms

Roughly 50% of the BaksDAO profits are invested in burning BDV tokens and eco-projects. This approach forms a base for the long-term financial development of the platform and increases its sustainability, as well as puts it into a category of socially impactful businesses.

Multi-functionality

Apart from credits and earnings on deposits, BaksDAO offers its users instruments for crypto exchange. The service for liquidity injecting is also under development.

Important! At the beginning of January 2022, the project successfully passed the safety audit by Solid Proof.

Summary

The BaksDAO has solved several customer pain points that were previously a barrier for entering the DeFi market for many potential users. For example, the developers offered an intuitive and user-friendly interface on a platform.

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

Original Source: newsbtc.com

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Will Ethereum Classic’s Bearish Trend Ever End?

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Ethereum Classic (CRYPTO: ETC) is trading higher Monday, moving higher in a crypto market that is trading slightly higher as a whole.

Ethereum Classic has been in a strong downward trend for the last few months and has not yet shown signs it is making a reversal.

Ethereum Classic was up 2.45% at $25.53 at last check.

See Also: Why Ethereum Classic Could Soar 30% On A Break From This Pattern

Ethereum Classic Daily Chart Analysis

Since the break below the $40 support line, Ethereum Classic has been steadily trending down. The strong downward trend can be shown by the …

Full story available on Benzinga.com

Original Source: benzinga.com

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Why Shopify CEO Tobi Lütke Is Joining the Coinbase Board

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Coinbase Global Inc. (NASDAQ: COIN) recently added the CEO of one of the largest e-commerce brands to its board.

What happened: Coinbase added Shopify Inc (NYSE: SHOP) CEO and co-founder Tobias “Tobi” Lütke to its board, the Block reported on Monday.

Coinbase CEO and co-founder Brian Armstrong said that Lütke is one of the first crypto adopters “through Shopify’s integration with Coinbase …

Full story available on Benzinga.com

Source Here: benzinga.com

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Bitcoin Bears to Resume Assault? Why BTC Could Crash to $33K

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Bitcoin has been trading around its current levels for several days, leading to an apparent shift in sentiment across the crypto market. As BTC’s price trend to the upside after the U.S. Federal Reserve FOMC meeting, there seems to be an increase in optimistic on the crypto market.

Related Reading | TA: Bitcoin Faces Hurdle, Why BTC Could Resume Downtrend

In the short term, our Editorial Director Tony Spilotro has identified a TD Sequential buy signal on the 12-hour chart. As seen below, he highlighted a 13-buy setup with a trend to the downside which has been identified for some market participants as a bear flag.

Source: TonyTrades BTC via Telegram

On this timeframe, larger investors could be “baiting” retail into trading the bear flag. However, the TD Sequential suggest these investors could be entering a trap, as it suggests a short squeeze which could play out as soon as today’s daily close, according to Tony’s analysis.

Data from IntoTheBlock records major resistance level for Bitcoin bulls between $37,500 to $38,500. There are over 822.210 BTC which were purchased by 1.06 million addresses which could be seeking to take profit. A successful break above these levels could push BTC back to the $42,000 price mark.

Source: IntoTheBlock via Ali Martinez (Twitter).

Investment firm QCP Capital supports the short squeeze thesis due to the extend of the current bearish price action. The firm presented two key reasons on why Bitcoin and the crypto market could see a relief in February.

First, the U.S. FED has a “light agenda” for the coming month until 17 March. On this date, the financial institution could announce a decision on interest rates and a change in monetary policy. However, a 25 basis points (bps) seems to be priced in.

This could contribute with a relief in the crypto market, unless the FED decides to implement a more aggressive monetary policy. In any case, March could mark a turning point for Bitcoin and traditional markets, as investors will have their eyes on the FED.

The Long-Term Perspective For Bitcoin, More Downside Likely?

Historically, QCP Capital Noted, February has been a bullish month for Bitcoin which records over 10% in average profits since 2015, with exception of 2020. The bearish price action at the time could have been driven by the COVID-19 pandemic which eventually also contributed with that year’s rally.

However, the firm expects 2022 to be a tough year for the crypto market due to significant macro-economic factors, mainly the actions to be adopted by the U.S. FED. The time at which these changes will be implemented, remain the most important factor and will have an important impact for either bulls or bears. QCP said:

(…) while we think a short-term squeeze higher is likely, we are not overly optimistic for 2022. We remain of the view that crypto prices will remain under pressure and struggle to break the all-time highs this year (…). Any indication of QT (Quantitative Tightnening) starting earlier than expected would be taken very badly by the market.

Related Reading | Go With The FED, Why Bitcoin Could Benefit From Interest Rate Hikes In 2022

As of press time, Bitcoin trades at $37,800 with sideways movement in the past 24 hours.

BTC with some small profits in the daily chart. Source: BTCUSD Tradingview

Original Source: newsbtc.com

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