The Bake app is an all-in-one crypto platform. It is created so that any individual, whether a beginner or an expert, can simply use the app and get the benefits of investing in cryptocurrency. Thanks to its engaging UI, easy-to-understand products, and simple onboarding process.
However, the uniqueness of the Bake is its commitment to security and transparency. Bake over and above to make sure its platform makes use of the latest security features and practices to protect users’ funds and confidential information. Bake also makes sure the consumer’s assets are kept isolated from the company’s operating accounts. Users can always have full access and control over their funds.
Moreover, dissimilar to many other all-in-one crypto services, Bake acts only as an agent or a mediator for the service that it offers. The platform provides users a “safe passage” to approach the decentralized finance (DeFi) services. These are present on the blockchain and are fully transparent; anyone can access them. According to facts, consumers can make transactions on the blockchain themselves.
Things To Understand Before Using The Bake App
History of the Application
Bake was established by Dr. Julian Hosp (current CEO) and U-Zyn Chua (current CTO) in 2019. They aimed to provide a user-friendly platform that combines different DeFi applications and services and is accessible to individuals who want to invest in crypto around the world.
The motivation behind establishing such a platform was generated from a problem experienced by Julian in 2019. He wanted to find a way of making money without selling his crypto portfolio. This gave rise to the concept of a one-stop shop for cryptocurrency investors to make money while still possessing their crypto, allowing them to make informed decisions based on their risk resistance and AI algorithms.
Things To Understand Before Using The Bake App
What Services Does Bake Offer?
At present, the services that Bake is offering are YieldVault, Staking, Liquidity Mining, and Borrow. You can easily access the service by clicking on the “All Products” menu button on top of the home screen (if you are using the browser) or “Bake” (if you’re using the Bake app). They also offer CakeELITE, a special membership plan that provides you access to other benefits and rewards (available on the web app).
There are several factors to take into account when deciding which Bake service to use. The factors include the type of crypto assets you acquire, the amount of funds you want to invest, and your risk resistance all plays a role. Let’s look at the service that Bake offers:
What is YieldVault?
YieldVault helps in the process of gaining negative interest rates on DeFiChain, making it simple for the user to earn returns without any problem. The unique thing about YieldVault is that all transactions take place directly on the blockchain. You can always monitor your investments.
What is Staking?
Staking is the act of committing your cryptocurrency to contribute to the security and efficiency of a blockchain network.
Staking is the process of providing your cryptocurrency to contribute to the security and efficiency of a blockchain network. This service is ideal for intermediate-level crypto investors. Also, you may only use the staking service if you have ETH, DASH, MATIC, or DFI, the native cryptocurrency of the DeFiChain blockchain.
Things To Understand Before Using The Bake App
What is Liquidity Mining?
In simple words, Liquidity mining enables crypto investors to obtain liquidity mining rewards by offering liquidity to a decentralized exchange. You must distribute a crypto pair into a liquidity mining pool like BTC and DFI. Liquidity Mining is ideal for advanced crypto investors, everyone can take part in this. Simply, navigate to the Liquidity Mining section of Bake (if you’re using a browser) and “ADD LIQUIDITY” in the Liquidity Mining pool of your choice.
What is Borrow?
Crypto Investors who don’t want to sell their crypto assets but want to obtain funds to back their lifestyle or generate cash flow by making use of them as collateral can use the “Borrow” service.
What is ELITE?
ELITE is a special membership plan made for crypto investors who want to invest for a long time. It gives access to various advantages and returns which is not available for normal Bake users.
Please take into account that the information provided in this blog is for general information only and should not be considered financial advice. We are not licensed advisers. After reading this blog, if you want to invest in crypto by using the Bake App do your research and consult with your financial adviser.
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