Hello, friends! My name is Eduard Kim – I am the co-founder of the BaksDAO project. Today we are holding the first AMA session and answering users’ questions.

So, let’s go! Let’s start with the most popular ones.

Launch App Baksdao.Finance

Questions from the AMA session

I would like to know the launch date of the platform?
Is there any event planned to celebrate this?

Answer:

We are pleased to inform you that our platform was successfully launched on January 27. Our team has been working very hard on this. But we will have plenty of reasons to be proud and celebrate our joint achievements ahead. You can find out about all current and future events from our official social networks. Now, our marketing department is preparing interesting contests for members of our community, one of which has already been launched, check out the conditions in our telegram channel!

Talking about launching, we have one more great question!


Launching projects in a bullish period is much more profitable than during a bearish cycle. In a bear run when most projects fail, how will your project stand the test of time? What strategies does the project use to reduce possible losses?

Answer:

As stock market experts say – there is no right or wrong moment to enter and exit. The following aspects are important to us: A necessary, secure and scalable product – the potential of integrations with developing areas, such as Meta, Gaming, NFT, etc. Adaptability is also important – you test the maximum number of hypotheses in a short period of time and choose the most effective one. And you know – when the market falls, it shakes out weak people, then the market gains strength and goes up, the patient wins. Our strategy is based on improving the service provided by the platform, which will ensure stable growth of its token, we choose systematic growth over a long period of time, which is the safest approach for our users.

And one more question about market situation.


Question:

What is your position on the Crypto market collapse and what measures will your team take to minimize the Baksdao community losses?

Answer:

During times of high volatility, we strongly recommend users to send funds to the deposit without the risk of their losses. If you need a loan, then you need to be carefull and lower your LTV level to reduce the risk of liquidation. We recommend that your Loan To Collateral Value should not exceed 50%.


Question:

Hello, sir! I got some questions about BaksDAO. What are the reasons that make the BaksDAO project promising in the future of CryptoCurrency? and will that future begin at this year? Thank’s for your attention.

Answer:

There are several reasons that, in my opinion, make the project unique:

1) Algorithmic stablecoin. The emmission of which occurs only in the amount of collateral value on the platform’s smart contract and everyone can check it on the network at any time.

2) Clear financial model.

3) User-friendly interface.

4) Unlimited access to your tokens.

5) Minimum commissions.

6) Perpetual loans, etc.

In the near future, we will integrate the platform with such emerging trends as GameFi and Meta. Start has been made and much more will be done this year.


Question:

Will there be another audit besides Solid Proof and how do you plan to ensure the security of the platform in the future?

Answer:

There will be audits, absolutely yes. The platform is currently secure. But of course, we do not stop there, in the near future we will launch a bounty program to find bugs, and we are also negotiating with several major auditors from around the world. Each new feature release is tested by our community and test team on an additional platform.


Question:

What will happen to my pledged assets if their price falls sharply? Now we see a falling market, how profitable is it to use the platform to earn money now?

Answer:

If you will use loans, you will have an insurance from Margin Call [Margin call is the Platform’s request for additional funds or collateral amount top-up.]. First of all – it’s LTV [LTV (Lifetime Value) = loan amount / collateral amount.]. The less size of LTV, the lower risks of liquidation. Also, in future, our system will automatically alert you about margin call incoming, so you will have a possibility to top up the collateral. How can you use loans? For example, to buy more crypto when prices are low. When you will use deposits – you willn’t lose anything! No risks! Just increase by saving!

Disclaimer! Our answers are informational in nature and we are not responsible for results of your actions and strategies – any of them are on your own risk.


Question:

Next question: promising project and great support! Will there be any privileges for early community members and platform users?

Answer:

Thank you) glad to hear it!
We had already made many giveaway competitions and airdrops for our early users. Now you can participate on our contest for the best review about the BaksDAO platform. All the information has been announced in our teleram community chat. Besides, on April we are launching IDO, so you have a chance to get on the whitelist and be the winner for some slots on presales ☺

Follow us in socials and be ready for announcement.


Question:

I have a question, how to develop BaksDAO ecosystem so it will be legit for long term investment?

Answer:

As far as I understand the question, it raises an important topic – the legalization of business. 2022 is expected to be a year of both widespread adoption of cryptocurrencies and regulation in this area. One of our golden rules clearly regulates work only in the legal field. We are closely following the initiatives of different countries in regulating the industry and will comply with the laws adopted.


Question for AMA Session:

Good day, so I’d love to know what’s the other purpose does BaksDAO platform serve other than stacking, loaning? Wouldn’t it be nice if it’s a form of an ecosystem that has it tentacles in different fields such like having a BaksDAO gaming platform, or venturing into the Metaverse. Not saying you have to be like others. Wouldn’t be nice to have a project that can do alot more than just the proposed plan.

Answer:

If we expand on the Metaverse, we are currently working on a solution for one Metaverse that is based on educating students in visual 3D programming. Not each student has the resources to pay for their studies, we are ready to invest in education by issuing perpetual loans. Or another case, we provide an opportunity for developers of games for the Metaverse, our solution as a platform where the community can vote for the development of games that they liked. And of course we want to open representative offices of our platform in the Metaverse.


Question:

First one, what networks are you planning to work on?

Answer:

The product is currently in beta and available only on Binance Smart Chain mainnet (BEP-20) at baksdao.finance, also we have a test environment for our community at baskdao.tech currently working on BSC testnet. In the third quarter users will be able to work on ERC-20 and Polygon Networks.


Question:

Will there be staking pools for token holders?

Answer:

Yes, we already have the “deposits” section of the site available for users, where you can deposit your funds in BTCB ETH BNB USDT BAKS at interest up to 15% per annum.


Question:

What are the company objectives?

Answer:

The main and fundamental mission of the project is to make financial services available worldwide in order to develop a fair society and preserve the environment for future generations.


Question:

What new features do you plan to implement into the ecosystem?

Answer:

According to our roadmap, this year we should list our tokens on centralized exchanges, integrate with uniswap, open a direction to the US market and expand to other international markets, integrate with Metaverse, release and start working with NFT, Gaming, and develop our Academy to help our users get more out of their assets using our platform.


Question:

Please tell us more about your team on which projects you have worked on before?

Answer:

The story began in 2018. The team was engaged in the development of arbitrage bots, tracked and analyzed the movements of cryptocurrencies on major exchanges. In 2019, it was decided to make a P2P platform for crypto lending on smart contracts, but by the time of release in 2020, they were faced with a high transaction price and the debasement of each smart contract became economically impractical. In the middle of 2021, the team gathered in its current form and seeing the market trend, it was decided to develop a DeFi platform, which we present today.


Question for AMA Session:

Many community members worry that many early holders have a large percentage of BDV tokens in their wallet. If they sell everything, it will lead to a big dump. How can we be sure that this will not lead to a big reset when we reach a good price, which will hurt the platform and small investors?

Answer:

The tokenomics of the project is built in such a way that the issue of tokens occurs only when the platform’s targets are reached, in particular TVL (Total Value Locked). Based on this, a small share of BDV tokens from their total supply will be in circulation. 35% of BDVs from the issue will be allocated to the team, up to 15% of tokens will be allocated to investors, the remaining tokens – more than 50% will be on the market. For the team and for investors, the lockup period is settled of 3 months after the listing. The following measures will be implemented to maintain the cost of BDV

1) Buyback in the amount of 25% of the platform’s profit.

2) Reduced interest for using the loan, if the payment is made by the BDV.


Question:

In the white paper there is a mention of the deposit function for management companies, but there is no such information on the platform itself, can you tell us how it works in more detail? And how clients of investment funds and management companies are protected?

Answer:

As correctly noted, this feature is designed for institutional investors, and access to it is limited. Investors of investment funds are protected by proper asset diversification and access to analytical data. Investment in cryptocurrency is considered a high risk investment, therefore, we provide an analytical tool for institutional investors, as well as 24/7 support.


Question:

Can you explain to me what blockchain oracles are used and how do they affect operations on the platform?

Answer:

Oracles are smart contracts that our system works with, they play an important role, delivering data feeds with cryptocurrency pairs values via blockchain. They collect info from more than 15 exchanges, and thanks to them we can always correctly evaluate the collateral and the amount of the loan or correctly calculate the accrued interest on deposits. We use oracles from the Chainlink platform, which is trusted by leading DeFi projects.

Well, I hope we answered your questions in detail, and it became much clearer to you what our team does!

End of AMA session

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32911cookie-checkAMA session with BaksDAO co-founder Eduard Kim