What is Bake? How do I use Bake services? Is the platform safe? This article will answer all your Bake questions and more. It is the launchpad for new users beginning their journey with Bake. So, let’s start with the most obvious question:
What Is Bake?
Bake is an all-in-one crypto application. It is designed so that anyone, whether a novice or advanced user, can easily benefit from investing in cryptocurrency. It achieves this through its intuitive UI, simple-to-understand products, and a familiar onboarding process.
However, what really sets Bake apart is its dedication to security and transparency. Bake goes above and beyond to ensure its platform uses the latest security features and practices to protect users' funds and personal data. Bake also ensures customers’ assets are kept separate from the company’s operating accounts — users always have full control and authority over their funds.
Furthermore, unlike many other ‘all-in-one’ crypto services, Bake acts only as an agent or an intermediary for the services that it provides. The platform provides users a “safe passage” to access decentralized finance (DeFi) services. These services are all on the blockchain and are fully accessible to anyone and fully transparent. Technically, customers can make such transactions on the blockchain themselves. What Bake offers is an easy-to-use platform where people can access all these services at a single point.
Why Does Bake Exist?
Bake was founded by Dr. Julian Hosp (current CEO) and U-Zyn Chua (current CTO) in 2019. Their aim was to provide an easy-to-use platform that aggregates various DeFi applications and services and is accessible to crypto investors around the world.
Their main incentive behind building such a platform stemmed from a personal dilemma experienced by Julian in 2019. He had to solve the problem of making money without having to sell off his crypto portfolio. This led to the idea of a one-stop shop for cryptocurrency investors to generate returns while still owning their crypto, enabling them to make informed investment decisions based on their risk tolerance and AI algorithms.
What Services Does Bake Offer?
Currently, the services that we offer are YieldVault, Staking, Liquidity Mining, and Borrow. These services can easily be accessed by clicking on the “All Products” menu button on top of the home screen (if you’re using your browser) or “Bake” (if you’re using the Bake mobile app).
We also offer CakeELITE, an exclusive membership plan that gives Bake users access to further benefits and rewards (available on our web app).
There are a number of factors to consider when deciding which Bake service to use. Factors such as the type of crypto assets you own, the amount of funds you're willing to invest, and your risk tolerance all come into play. Let's dive into what each service has to offer and determine which services are right for you.
What is YieldVault?
YieldVault simplifies the process of earning negative interest rates on DeFiChain, making it easy for you to earn returns without a hassle.
One thing that sets YieldVault apart from other competing yield-generation products is that all transactions happen directly on the blockchain. You can always verify what's happening with your investments. This level of transparency is crucial when it comes to investing, and we're committed to providing you with complete peace of mind.
How do you use Bake’s YieldVault service?
To use YieldVault, you must first download the Bake app. Once you’ve downloaded the app, simply go to “Bake,” choose “YieldVault” from the options, and follow the instructions.
What is Staking?
Staking is the act of committing your cryptocurrency to contribute to the security and efficiency of a blockchain network.
How do you use Bake’s Staking service?
This service is most suited for intermediate-level crypto investors. Also, you may only use our Staking service if you have ETH, DASH, MATIC, or DFI — the native cryptocurrency of the DeFiChain blockchain.
You may participate in staking by simply going to the staking section of our page (if you’re using a browser) and clicking on the “STAKE” button at the bottom of your preferred cryptocurrency.
If you’re using the Bake mobile app, go to “Bake” and take the same steps.
What is Liquidity Mining?
Simply put, Liquidity Mining allows crypto investors to receive liquidity mining rewards by providing liquidity to a decentralized exchange. You must allocate a crypto pair into a liquidity mining pool – like BTC and DFI.
How do you use Bake’s Liquidity Mining service?
Although Liquidity Mining is most suited for advanced-level crypto investors, almost anyone can participate. Simply go to the Liquidity Mining section of our page (if you’re using a browser) and “ADD LIQUIDITY” in the Liquidity Mining pool of your choice.
If using the Bake mobile app, simply go to “Bake” and follow the same instructions.
What is Borrow?
Crypto investors who do not wish to sell their crypto assets but want to receive funds to support their lifestyle or generate cash flow by using them as collateral can use Bake’s “Borrow” service.
How do you use Bake’s Borrow service?
What is ELITE?
ELITE is an exclusive membership plan intended for serious crypto investors. It gives access to unparalleled benefits and returns unavailable to regular Bake users.
What are the benefits of ELITE?
With the launch of ELITE, Bake users can access two different membership tiers with their own reward boosters.
For a smaller monthly cost of US$9.99, ELITE Monthly offers users a 2X reward booster and a monthly reward cap of US$15. For those looking for more substantial returns, ELITE Yearly is an annual membership plan costing US$1,000 with a 2.5X reward booster and a monthly reward cap of US$100.
Over time, more benefits will be added to both tiers. Stay tuned for further updates.
How can I become a member of ELITE?
Anyone with a Bake account that has completed account identity verification at a minimum KYC level 1 can apply for ELITE membership.
If you're already using Bake to generate cash flow on your crypto, you can become an ELITE member right now.
Is Bake Safe?
Yes! Bake is one of the most secure – if not the most secure – DeFi platforms in the crypto space.
Just a month ago, Bake successfully completed a security audit conducted by top IT security consultancy firm Cure53 – which gave positive feedback on our UI, backend API, and underlying servers.
We are also very proud of our asset custody and segregation protocols that ensure our users have full ownership of the assets they have allocated to our services.
So, what are you waiting for? Sign up now and take control of your financial destiny today!
DISCLAIMER: Please note that the information on this blog and in any articles posted on this blog is for general information only and should not be relied upon as financial advice. Cake Pte. Ltd., Cake DeFi, UAB, and its affiliates (the “Cake Group”) are not licensed financial advisers. You may wish to approach your own independent financial advisor before making any decision to buy, sell or hold any product and/or digital assets mentioned in this blog.
Any views, opinions, references, assertions of fact and/or other statements are not necessarily the views held by the Cake Group. The Cake Group disclaims any liability whatsoever that may arise out of or in connection with such statements. Always do your own research before investing in any financial assets and consult a qualified financial advisor if necessary.