Bake's 90-Day Comeback Promotion: Win Rewards and Behind the Story

On May 27, 2024, the Cake Group’s eight-month-long saga finally ended. 

Court proceedings between Cake Group (Bake’s parent company) and former co-founder Chua U-Zyn reached a conclusion. 

Bake CEO Julian Hosp reached an agreement to buy out U-Zyn’s shares and is now the sole shareholder of the company.

That same week, in a sign of returned confidence, over $3.5 million worth of funds flooded into the Bake platform—its biggest since the 8-month saga began.

Julian and the Bake team promptly launched the Bake 90-day comeback campaign with the ambition to bring Bake back to its pre-saga levels.

A New Beginning

The 90-day plan started on May 29th, two days after Julian officially bought out U-Zyn’s shares of the company.

This date marks a fresh beginning for Bake, with the 90-day period seen as a crucial window to turn around the company and return to its former glory. 

The journey is expected to be tough, with many challenges ahead. However, with determination and effort, the team aims to create a "phoenix rising from the ashes" success story. 

Key macro factors driving optimism include favorable crypto market conditions, the anticipated Ethereum ETF, and an expected influx of money printing by governments around the world. 

Days 1-15 Overview

The first two weeks of the comeback plan set the tone for the journey. Key activities during this period included:

• Lower Trading Fees: Trading fees are reduced to 0.4% and are among the most competitive in the market today.
• Third-Party On-Ramp Services: Reintroduction of On-Ramp Services services to the Bake app, enhancing user accessibility.
• Additional Assets Added: Added a multitude of new assets to diversify asset availability on Smart Bundles and the Exchange.
• JAV Alphadesk: Focus on launching the token to the public and concluding the airdrop campaign.
• Marketing Revival: Restarting marketing efforts both at the company level and through Julian’s personal branding.
• DeFiChain Independence: Ensuring that DeFiChain operates independently from Bake, allowing it to survive long into the future no matter Bake’s fate.
• Levain Integration: Integrating Levain into Bake, in terms of both product and team.
• Ordzaar Entity: Ordzaar becoming its own entity and project, separate from the Cake Group, a process that was previously been delayed.
• Cost Management: Reviewing office lease costs with in-house and external counsel.

The team has also committed to maintaining high-performance standards, with no layoffs but stringent performance reviews and improvement plans. 

This approach ensures that only the most dedicated team members remain, providing a longer runway for the company's goals.

Achieving Product Market Fit (PMF)

The most important aspect of the 90-day plan is to confirm Product Market Fit (PMF). 

PMF is defined as the point where a startup's product or service resonates so well with the market that it is overwhelmed with usage—usually to the point where major changes can’t be made because you are swamped just keeping it up and running.

Customers not only pay for the product but enthusiastically promote it to others. Achieving PMF is the foundation of a successful business.

For Bake, PMF was achieved in the past with products offering cash flow on crypto. The market conditions in 2022 changed, and with it, Product Market Fit. 

The goal is to tighten PMF within the next 90 days by identifying and developing products that meet the current market demands.

Although the full effect of PMF may not be seen right away (e.g. self-sustained marketing), the seedlings of PMF must be clearly visible within the 90-day timeframe.

Community and Momentum

The initial reactions from the community have been overwhelmingly positive, with significant engagement across social media platforms. 

Julian’s Twitter posts and videos have received the most traction, coinciding with the increase in AUM on the Bake platform.

This momentum and community belief are crucial for maintaining the energy and drive needed to achieve the 90-day goals.

How to Get Involved (Win Weekly Rewards)

Bake is running a campaign throughout the 90-day comeback period (dated back to May 27th). 

You can win up to $500 in rewards weekly, receive guaranteed airdrops, plus a chance to win your share in the grand prize pool of all fees earned on the Bake platform during the 90-day period.

Join the comeback campaign and be part of something bigger than Bake.

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.