Semptember 13-th held an Ask Me Anything session at ICO Speaks telegram chat. From the BabyCake side there was : Monk, CEO of BabyCake @therealmonk
I’m 30, grew in berlin Germany, I have always been working on some type of project, or had my company. I entered crypto in 2017 🙂
And besides that, I’m pretty much interested and involved in self development. Like how to transform your life and things like that.
Let’s get started!
Q: Could you please share the history of BabyCake?
A: We consider $CAKE and $BNB being of the best tokens in this space. We love what they do and respect their work.
The main idea was to involve a way of earning a passive income with the help of reflection. That is how me and my co-founder, Halo came up with BabyCake which is the first $CAKE reflection token. What this means is that it allows its holders to collect $CAKE frequently. When you hold BabyCake you receive dividends in $CAKE every hour.
$CAKE benefits BABYCAKE because it provides utility to BABYCAKE holders by rewarding in $CAKE which can be staked to earn a 92% APY. We wanted to create something new and fresh and yet reward our holders in $CAKE while developing our own utilities.
Q: What are the tokenomics of BabyCake and how do you stimulate the users to hold BabyCake token?
A: We are working with a 15% buy tax, 16% sell tax. 7% of this is being redistributed back to holders in $CAKE, 3% is being added to the liquidity and 5% to the marketing wallet and then we have 1% extra fee that is being applied to all sells. We made sure to carefully plan out the tax so that it would be beneficial to our holders.
The reflection in Cake is the main reason to hold.
We want to target users that are not typically familiar with crypto and a digital token as ours where you can easily earn a passive income through our app in 3 clicks. We are thinking beyond the 3-4% of the world population invested in this space. We believe that by providing reoccurring income that takes little or no effort on your part is significant. Why you may ask? Because passive income provides financial stability, security and most importantly freedom.
Q: What problem is BabyCake trying to solve? How does that affect everyday people?
A: Our mission is to revolutionize DeFi and this by focusing on our 2 main goals which is technology and marketing. We want to provide accessibility of Defi to mainstream. We are currently working on our own application that will allow non crypto knowledgably people to invest in BabyCake.
We want to target users that are not typically familiar with crypto and a digital token as ours where you can easily earn a passive income through our app in 3 clicks. We are thinking beyond the 3-4% of the world population invested in this space. We believe that by providing reoccurring income that takes little or no effort on your part is significant. Why you may ask? Because passive income provides financial stability, security and most importantly freedom.
Q: Regarding security and transparency, How can you assure us that your security is strong enough? Has BabyCake been audited?
A: We consider that providing security audits to investors are gold standard in this space. Security is key. We hired a security expert to cover every aspect of it. The initial liquidity provided was locked with DXLOCK for more than 1 year. Other than that, the team tokens are locked and vested with DXLOCK for 5 months minimum. Yes we have already been audited by Techrate and Certik.
Q: BabyCake app will be showcased in October. Tell us more about it!
A: We will be attending the DeFi summit and Dubai Crypto Expo conference in Dubai. Our BabyCake passive income generator will be presented.
We really anticipate that our 3click application will allow a new audience to start earning passive income easily. We will be able to work through our two main goals which is presenting our application (technology) and reaching the mainstream (marketing) while networking with some highly influential people within the crypto space.
Q: You recently announced you will be following the trends of NFTs. Do you think BabyCake can compete in this market?
A: BabyCake is flexible and as the trends change, we adapt. Yes, we truly do. We are still early on since we have not seen a real mass adoption of these different blockchain kinds of projects and apps. We are still growing in the DeFi ecosystem and are working on a truly innovative NFT project with utility. This is aligned with our vision of providing accessibility of DeFi to mainstream.
Q: Tell us more about why your holders should auto-reinvest $CAKE into BabyCake instead of just doing it on PancakeSwaps Pool?
A: It’s all up to strategy of the holders’ investment and providing options. $CAKE rewards are based on numbers of BABYCAKE tokens held and 24hr volume. If holders are happy with the current $CAKE rewards, they receive as passive income there is no need to increase the amount of BABYCAKE they own.
However, if they want to increase their BABYCAKE token holdings by re-investing their cake rewards it is better to place their tokens in the Auto-Reinvestment Pool (ARP) as their cake rewards will be used to buy BABYCAKE at a fee of 3% automatically and will be compounded every 48hrs. If they were to do this manually on PanCakeSwap they will be taxed at 15%. So, by placing in the ARP they will gain 12% more BABYCAKE
Q: What can we expect from BabyCake for the rest of the year and beyond?
A: Currently we are in the utility development phase which will add to the ecosystem of buying and selling with our 3 clicks application, swap and innovative NFTs. As I previous mentioned BabyCake is still growing the DeFi ecosystem and we want to allow our investors to earn interest in more than one way. We will always work hard by approaching and implementing innovative ideas to reach our vision.
Q: Do you have a Token Burning plan to increase Token value and attract Investors to invest?
A: We can’t really buy token, it would mean we need to buy them back and then burn them. We see more value in growing our BabyCake bag to collect CAKE to buy more BabyCake etc… That’s buyback monday..
Q: What is the structure of this project , is it decentralised or a open sourced protocol where everybody can contribute? If so, how does the governance plan on being handled?
A: It is not open source not, Our main product will be our app. Releasing in October
Q: Does your project support staking program? if yes. how is your stake system work, what is the requirement for user if they want to stake in your platform? Do you have a Token Burning plan to increase Token value and attract Investors to invest?
A: We do have something a little bit similar than the staking. It’s called the ARP, where users can automate the reinvestment of their rewards, at a lower transaction cost. So they pay less, to get more.
Q: Covid-19 has a bad impact in almost every sector. So, as a crypto projects how did it affect you?
A: It’s more a question for the community i guess. But we definitely try our best to scan and screen community feedback. Covid didn’t really do anything for us. Our team is remote and life HAS to go on… so… we continue
ICOSpeaks hosted an AMA Session with the BabyCake Team. That’s all for today.
Thanks to all users who participated.
Thanks, BabyCake for being with us
Thanks, all and see you soon😉
Cheers 🥂
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