Across Africa, limited access to foreign exchange liquidity has long hampered businesses and individuals from seamlessly utilizing US dollar-denominated services and fueling intra-continental trade. However, a new blockchain-based platform called BAKI is aiming to democratize forex markets through decentralized technology.

Built by leaders in African DeFi, Canza Finance, BAKI facilitates slippage-free currency swaps at official rates through the minting of synthetic African stablecoins called zTokens. By unlocking infinity liquidity pools for local currencies pegged 1:1 to the underlying fiat currency, it's opening up a new frontier: decentralised forex trading for the continent.

At the heart of this vision are BAKI's agents - the gateways connecting Africa's traditional remittance ecosystems to BAKI's on-chain forex operations.

The Ideal BAKI Agent

The prime candidates to become BAKI agents are Africa's existing forex traders and bureaus de change operating traditional over-the-counter currency exchange desks. As entrenched players in remittance corridors, they have existing capital flows and client networks to readily plug into BAKI's rails.

But the platform is open to any individual or business able to provide liquidity to its decentralized forex pools. All BAKI users who mint zTokens earn a share of transaction fees, creating income opportunities just from holding idle capital on the platform.

How BAKI Agents Participate

To join BAKI's agent network, traders simply need to deposit US dollar stablecoins like USDC into the platform. They can then mint zUSD tokens at a 150% collateralization ratio - for example, minting 1,000 zUSD by locking up 1,500 USDC.

With their zUSD balance, agents can then swap into zTokens representing African currencies like zNGN or zXAF or at official interbank rates. These zTokens can be sold to other BAKI users at a service fee decided by the agent, allowing them to monetize their forex liquidity provisioning.

At the same time, the simple act of minting and holding zTokens entitles agents to earn a cut of all transaction fees on the BAKI platform - currently 50% of fees go to zToken minters as a reward for their capital participation.

Earning Potential for BAKI Agents

Let's illustrate with a hypothetical example of how a BAKI agent could earn on idle capital:

Agent A's current holdings: 1,500 USDC

Agent mints 1,000 zUSD

Agent swaps zUSD to zNGN (Nigeria's zToken pegged at CBN’s rate)

Agent sells zNGN to clients at a 1% service fee

Agent earns 50% of all transaction fees just from minting

By acting as decentralized forex desks, BAKI agents get to monetize their capital flows while participating in a new digital remittance ecosystem powered by stablecoins. No longer are they constrained by monthly forex transaction limits or excessive fees.

The BAKI Advantage

Compared to traditional over-the-counter forex platforms and networks, BAKI offers its agents key advantages:

- Infinite liquidity for local currencies through zTokenswaps at 1:1 parity

- Slippage-free trades always executing at official interbank rates

- Earning yield from transaction fee cashback just by minting zTokens

- Seamless swaps between all on-chain African currencies on BAKI

- Operating on low-fee, high-speed blockchains like Avalanche

With fiat currencies across Africa being devalued by inflation and forex scarcity, BAKI's synthetic on-chain representation provides traders with a reliable digital peg and 24/7 forex markets.

For established forex businesses and traders, BAKI represents a new transparent and automated method for conducting their operations. For newcomers, it reduces the barriers to entry for participating in Africa's massive remittance markets as an agent.

How to Become a BAKI Agent

Becoming a BAKI agent is straightforward for anyone blockchain-literate:

1. Visit baki.exchange

2. Deposit USDC stablecoins

3. Mint zUSD at the 150% collateralization ratio

4. Trade between zUSD and African zTokens like zNGN

5. Earn from transaction fees and service charges

BAKI is the flagship product kicking off Canza Finance's mission to build decentralized financial infrastructure for Africa leveraging web3. By embracing its network of agents, the platform aims to accelerate blockchain-based forex adoption across the continent.