A platform to get more from your crypto assets
Secure | Instant | Decentralized
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Get any amount of cash: buy a new car or rent a house, go on a vacation or buy more coins at the right time!
Loan is secured by crypto asset
- No time limits
- No guarantors
- Instant
- No need to sell your crypto asset
Stable coin Baks
A cryptocurrency issued by BaksDAO
Baks is always equal to 1 USD.
Issued as an ERC-20 token on the Blockchain. Baks is 100% backed by collateral crypto-assets based on BaksDAO smart contracts.
The platform is secure
All system nodes, smart contracts, platform modules, including social engineering, are audited by the platform community and specialized companies.
Decentralized
24/7 Support
Pentested
Community
BaksDAO is controlled by smart contracts, oracles and its experienced community. If you have any questions, don’t hesitate to contact us.
Roadmap
4th quarter 2018
Concept
Concept generation, team assemble
1 September 2021
Alpha Ver.
No-registration, converting coins, LTV management
1 December 2021
Beta Ver.
Government token, 2A, referral program
1 January 2022
Access to foreign markets
Liquidation by API and the possibility of an auction for liquidators, voting with a governing token
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Frequently asked questions
The user must follow the laws of the jurisdiction under which he is subject. There are no other requirements.
You get BAKS stablecoin. We are fully legally liable to our users and guarantee the issuance of funds only under 100% secured BAKS stablecoin.
You can get any amount. But you need to take into account the LTV of the coin used as collateral, because the loan amount depends on the collateral coin. The more stable the cryptocurrency is, the higher the loan amount could be. For example, if you pledge а $1,000 in Bitcoin or Ethereum, you will be able to get $ 650 in stablecoins or 65% of the collateral. Loan-to-value (LTV) ratio is a number that describes the relationship between the value of a loan and the collateral value. Initial LTV depends on the coin. For example, if the altcoin is not stable, its initial LTV will be about 50%.
Loans are not limited in time. So you can repay it at any time. Even the next day or even in 10 or 20 years.
The cost of the loan also depends on the collateral coin, or rather, its stability and liquidity. The more stable the collateral coin, the cheaper the loan cost. Additionally, when forming a smart contract, you are charged a “Stability” fee in the amount of 3% of the loan amount - these funds are used to pay for deploying smart contracts on the blockchain network, paying for transactions, supporting oracles and technical support.
You can repay only with a BAKS coin. This is due to the burning of coins when the loan is repaid for the stability of the BAKS rate.
Yes, you can repay the loan at any time. It's free of charge.
Yes. If you suddenly need the cryptocurrency which is used as the collateral and you do not have the opportunity to repay the loan in BAKS, you can have your loan repaid, provided that the value of your collateral covers the loan amount. In this case you will be charged 15% of the loan value as transaction costs and cover the risk of a sharp change in the value of the Collateral. Suppose, a week after you had borrowed a 500 BAKS loan the value of the collateral doubled from $1,000 to $2,000. If you want to have your loan repaid, the platform withholds 15% of the loan value which is $75. The rest of the collateral will be sold and you will get $1,425 in cryptocurrency.
Yes, you can. But in order to return the collateral you have to repay the whole loan amount, while your LTV level will decrease. It's necessary so the smart contract burns the loan amount when the debt is repaid.
BAKS coins are created when the user clicks on the Get A Loan button. At this moment the smart contract issues your coins.
You can exchange BAKS at any time on the leading DeFi platforms like Uniswap and dozens of other popular exchanges, including the BaksDAO platform.
Yes. BAKS coins are protected from price collapse by a separate smart contract. It constantly checks that the amount of the loans and the value of the issued BAKS coins are equal to each other. In order to maintain the balance between the total loan value and the total BAKS value the smart contract burns or issues coins in the stability fund. You can always check the ratio of the issued coins and the total loan amount with the Ethercsan and Bscscan.
You can exchange BAKS at any time on the leading DeFi platforms like Uniswap and dozens of other popular exchanges, including the BaksDAO platform.
The list of exchanges between coins and fiat funds is constantly expanding, you can learn more about this in the "Exchange" section.
The BAKS stablecoin is backed by other cryptocurrencies used as collateral. BAKS is always equal to 1 USD. In order to maintain this the platform's smart contracts constantly compare the rates of all the cryptocurrencies used as a collateral with the number of the issued stablecoins. In case of a fall or an increase in the coins' prices by 1%, the smart contract burns or issues BAKS in the stability fund, so the system automatically maintains this rate. You can always check the ratio of the issued coins to loans using Etherscan and Bscscan.
The borrower's funds are protected by smart contracts that have been tested for vulnerability in international audit companies and professional specialists within the community. The reliability of smart contracts is guaranteed by a stable code, which is verified by international audit companies that specialize in cybersecurity, and a blockchain network that consists of millions of devices. BaksDAO platform cannot use the borrowers' funds at its own discretion. And you can always make sure that your funds are on your smart contract using Etherscan and Bscscan service.
We are currently accepting BTC, ETH, USDT and BNB, but the final list is to be expanded. If you want to check the whole list of accepted coins, check the Loans section.
You will take back your asset in full, returning the borrowed Loan upon its closure.
If the cryptocurrency used as the collateral becomes lower, the collateral value gets closer to the loan value and the LTV becomes bigger. If your LTV ratio reaches 75%, then the platform automatically sends you an alert about margin call*. *Margin call is when you have to deposit additional funds or increase the amount of the collateral. If you do not do this, the LTV rate may grow higher and the platform will start the collateral liquidation.
As soon as the LTV rate reaches 83% the automatic sale of the collateral launches.
No. A margin call is always sent when the LTV rate reaches 75%t and the liquidation starts when LTV rate reaches 83%.
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