A step-by-step guide to using the Baki platform:

Step 1. Connect Your Wallet
Connect your wallet to Baki by choosing from over 380 external wallet options such as Metamask, Coinbase, Bitget Wallet, and WalletConnect.{" "}

Step 2. Deposit Collateral
Deposit USD Coin (USDC) into your Baki account. Ensure transaction approval and be mindful of the limitation on minting based on collateral ratio. Learn about liquidation risks and how Baki's decentralized mechanism differs from traditional exchanges.

Step 3. Mint Token
To transact on Baki, you have to convert a portion of your deposited USDC to zUSD, a native token of Baki also pegged to one USD. zUSD allows you to swap and trade. Minting, the process of generating tokens, creates debts on the exchange that are supported by your collateral—your deposited funds. Bear in mind that you can only mint a maximum of 66% of your deposits. To engage in transactions, it is essential to possess adequate collateral. Specifically, a collateral value of 150% is required for every mint transaction you conduct. The reason for that is, that Baki, provides over-collateralized loans—the value of the collateral is greater than the loan’s (mint) value by at least 50%.

Step 4. Swap Currencies
Baki allows you to swap supported currencies including USD, NGN, CFA franc, and ZAR. In the coming months, it will introduce additional European currencies such as GBP, EUR, and JPY. Users can swap supported currencies.

Step 5. Withdrawal Process
Withdraw funds from Baki by converting to zUSD or utilizing a third-party middleman, like Curve, for fiat currency conversion. Baki is set to launch a third option, enabling direct peer-to-peer transfers, where you can send your tokens to a middleman who will facilitate the exchange for fiat currency.
Whether you seek to hedge against inflation, earn cash-back rewards for trading, or take advantage of forthcoming peer-to-peer transfer features, Baki's trading platform provides an excellent starting point. Begin exploring now to access the optimal foreign exchange rates tailored to your business requirements here

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