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MediaBake Crypto in Danger? Chaos Happening with Bake DeFi…
Bake, the innovative crypto establishment responsible for DeFiChain (DFI) and DUSD, co-initiated by Julian Hosp, appears to be navigating through turbulent times. While Hosp rose to prominence in the crypto domain with ventures like TenX and Lyoness, his latest venture with Bake seems to be facing difficulties. Despite official statements mentioning a layoff of 34 employees since January, insider sources suggest the number could be closer to 60. Furthermore, claims about the company facing a monthly deficit of 1 million Singapore dollars are doing the rounds, even as Hosp emphasizes expansion.
Bake is the native cryptocurrency token of BakerySwap, a decentralized finance (DeFi) platform built on the Binance Smart Chain (BSC). BakerySwap offers various DeFi features, including automated market-making (AMM), yield farming, and staking, all while promoting reduced transaction fees compared to platforms on Ethereum. Unique to BakerySwap is its integration of non-fungible tokens (NFTs), allowing users to trade and leverage digital collectibles within the platform. As the platform’s native token, Bake is used for governance, transaction fees, and as a reward token for liquidity providers and stakers.
Dissecting the Dynamics of DeFiChain and DUSD
DeFiChain (DFI) and DUSD’s performance raises some eyebrows. Though DeFiChain projects an image of a platform governed by a Decentralized Autonomous Organization (DAO), a closer inspection reveals otherwise. Reportedly, 70-80% of the voting nodes are under the influence of Hosp’s group. This centralized control over decision-making challenges the platform’s purported decentralized ethos.
DUSD’s trajectory further amplifies concerns. Once valued at 1 US dollar, its value has now dwindled to about $0.25. Despite previous financial endorsements worth 45.7 million US dollars in May 2022, DUSD seems to have lost its backing reserves. The situation is aggravated by the steep 40% fee imposed on DUSD sellers, further reducing its practical value.
DeFiChain’s Decline and Previous Setbacks
Recent data reveals a significant wane in DeFiChain’s allure. A once robust investment of 1.2 billion US dollars in May 2022 has now contracted to just 187 million US dollars. Concurrently, DFI’s market price has seen a precipitous fall, dropping from above 4 dollars to a mere 35 cents.
Another blow to DeFiChain’s reputation came from a massive security breach in early 2022, resulting in the loss of approximately 1,780 Bitcoin (BTC). This equated to almost 90 million US dollars at that time. Concerns about compensation or rectification measures only add to the existing apprehensions.
Future of Bake
While Hosp remains focused on the layoffs issue, a broader concern remains: the future trajectory for DeFiChain and DUSD. With a history of ventures experiencing similar patterns, it seems imperative for potential investors to approach with caution. As attention diverts to newer ventures, those eyeing participation in Julian Hosp’s projects are advised to do thorough due diligence.
Bake Crypto in Danger? Chaos Happening with Bake DeFi…
Bake, the innovative crypto establishment responsible for DeFiChain (DFI) and DUSD, co-initiated by Julian Hosp, appears to be navigating through turbulent times. While Hosp rose to prominence in the crypto domain with ventures like TenX and Lyoness, his latest venture with Bake seems to be facing difficulties. Despite official statements mentioning a layoff of 34 employees since January, insider sources suggest the number could be closer to 60. Furthermore, claims about the company facing a monthly deficit of 1 million Singapore dollars are doing the rounds, even as Hosp emphasizes expansion.
Bake is the native cryptocurrency token of BakerySwap, a decentralized finance (DeFi) platform built on the Binance Smart Chain (BSC). BakerySwap offers various DeFi features, including automated market-making (AMM), yield farming, and staking, all while promoting reduced transaction fees compared to platforms on Ethereum. Unique to BakerySwap is its integration of non-fungible tokens (NFTs), allowing users to trade and leverage digital collectibles within the platform. As the platform’s native token, Bake is used for governance, transaction fees, and as a reward token for liquidity providers and stakers.
Dissecting the Dynamics of DeFiChain and DUSD
DeFiChain (DFI) and DUSD’s performance raises some eyebrows. Though DeFiChain projects an image of a platform governed by a Decentralized Autonomous Organization (DAO), a closer inspection reveals otherwise. Reportedly, 70-80% of the voting nodes are under the influence of Hosp’s group. This centralized control over decision-making challenges the platform’s purported decentralized ethos.
DUSD’s trajectory further amplifies concerns. Once valued at 1 US dollar, its value has now dwindled to about $0.25. Despite previous financial endorsements worth 45.7 million US dollars in May 2022, DUSD seems to have lost its backing reserves. The situation is aggravated by the steep 40% fee imposed on DUSD sellers, further reducing its practical value.
DeFiChain’s Decline and Previous Setbacks
Recent data reveals a significant wane in DeFiChain’s allure. A once robust investment of 1.2 billion US dollars in May 2022 has now contracted to just 187 million US dollars. Concurrently, DFI’s market price has seen a precipitous fall, dropping from above 4 dollars to a mere 35 cents.
Another blow to DeFiChain’s reputation came from a massive security breach in early 2022, resulting in the loss of approximately 1,780 Bitcoin (BTC). This equated to almost 90 million US dollars at that time. Concerns about compensation or rectification measures only add to the existing apprehensions.
Future of Bake
While Hosp remains focused on the layoffs issue, a broader concern remains: the future trajectory for DeFiChain and DUSD. With a history of ventures experiencing similar patterns, it seems imperative for potential investors to approach with caution. As attention diverts to newer ventures, those eyeing participation in Julian Hosp’s projects are advised to do thorough due diligence.