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What is BakerySwap?
BakerySwap is where decentralized finance merges with NFTs in the Binance Smart Chain. There are several blockchains in the crypto world, including Ethereum, Polkadot, Tezos, Tron, etc. Among these blockchains, the Binance Smart Chain stands tall with its fast and cheap services. Transactions on BSC cost as little as a few cents. BakerySwap is one of the notable projects in the BSC ecosystem.
At its core, BakerySwap is an AMM or Automated Market Maker protocol that comes with swap and yielding features. Its NFT marketplace brings out defi-based NFT solutions. BakerySwap was the first-ever AMM on the Binance Smart Chain to offer altcoin liquidity pools with currencies such as LINK, DOT, etc. While BakerySwap enables arbitrage opportunities for BEP2 and BEP20 tokens, it also leverages its native BAKE tokens to reward liquidity providers. With BAKE tokens, its holders can earn a share of the protocol’s trading fees and participate in BakerySwap’s voting.
What Problem Does BakerySwap Solve?
The features of BakerySwap include trading and earning options, including exchange and liquidity pools. It also has an NFT marketplace and Bakery Gallery, a curated NFT platform for top emerging artists. It also has a crypto launchpad and combines gamification with DeFi. In terms of the major fixes it wants to attempt:
#1 BakerySwap comes as the next iteration of Uniswap. It serves as an iteration of Uniswap that is faster and cheaper. Moreover, the liquidity providers receive rewards in the form of BAKE tokens.
#2 To ensure that communities get to create new liquidity pools in a hassle-free way, BakerySwap has the provision for two types of liquidity pools: one with BAKE rewards and the other without BAKE rewards.
#3. BakerySwap is also one of the very first protocols to leverage Binance Smart Chain for an AMM DEX. It utilizes the benefits of the Binance Community to its fullest to provide arbitrage opportunities amongst BEP2 and BEP20 tokens, hosted on Binance.com or Binance DEX.
The Product Development Process at Bakery Swap
BakerySwap developed as one of the topmost decentralized exchanges on the BSC network. While most of the decentralized finance apps choose the Ethereum Network to build upon, BakerySwap selected Binance Smart Chain to avoid the high gas fees and frequent network congestion on Ethereum.
On BSC, BakerySwap launched as the first-ever NFT-Fi platform. NFT-Fi implies the use of Non-Fungible Tokens financially. It offers a traditional NFT market for artists in its community to list their artwork.
The team that works at developing the protocol is an anonymous group of developers utilizing a fully decentralized autonomous organization. Following the principles of a DAO, there were no pre-reserved tokens or pre-sale tokens for the team. They share farmed BAKE tokens in a ratio of 100:1. For every 100 BAKE tokens farmed, the developer receives one bake. Apart from these very low developer fees, BakerySwap has a 0.30% transaction fee for its liquidity pools. Of this 0.30%, 0.25% goes to the liquidity provider, while the remaining 0.05% goes to bake holders.
Bakery Swap Exchange:
As we have already discussed, BakerySwap is one of the first projects to build an AMM DEX on BSC. Following the AMM model feature, the BakerySwap exchange has no order book to match buyers and sellers. The trade happens against a liquidity pool. Supporters and users of the protocol provide the assets in each pool. In exchange for providing liquidity, users receive LP tokens in proportion to their share in the pool. The providers can convert these LP tokens back to the original tokens supplied.
BakerySwap Liquidity Pools:
If you stake BAKE tokens in the protocol, you can explore bakery-themed menus. Some of the supported BEP20 liquidity pools are Bread, Doughnut, Waffle, Rolls, Croissant, Latte, Toast, Cake, etc. If you go for the Bread option, you can stake BAKE to earn BAKE. Selecting the Doughnut option implies that you get to stake BAKE-BNB BLP to earn BAKE. Waffle qualifies you to stake BAKE-BUSD BLP to earn BAKE. There are many more options than you get with the BakerySwap Liquidity Pools.
BakerySwap serves as one of the most prime NFT marketplaces on the Binance Smart Chain. It costs 0.01 BNB to mint an NFT on BakerySwap. All you need to do is visit the BSC Artists segment to upload your artwork information. The information includes details on the artwork type, artwork name, artist’s name, artist’s social media or portfolio link, and a brief introduction of the work. You can upload the artwork image in .png, .jpg, or.gif format. The size of the work can be 10 megabytes, at most. To make the payment, you need to connect your wallet.
The Bakery Gallery works as a curated NFT platform for top emerging artists. Some of the featured artists include SWOG, CoralCorp, CookieMunster, srnArtGallery, and Chiara Magni.
BakerySwap Launchpad is a platform for hosting IDOs. An IDO refers to the launching of a cryptocurrency on a decentralized exchange (DEX). At the time of drafting this guide, the only active IDO is that of Crypto Doggies. $DOGGY is the 2.0 meme coin allowing buyers to purchase #CryptoDoggies NFTs, animated doggies designed by one of the platform’s featured artists.
The gamification products of BakerySwap include BSC Game Box, Poker BlindBox, Soccer, and Combo meals. A BSC Game Box implies a package of top NFT Game tokens on the Binance Smart Chain. Participants can use the Poker BlindBox NFTs to get random Poker Card NFTs which are then used to farm $BAKE and trade on the NFT Marketplace. The Soccer NFT corresponds to one of the limited edition Bakery exclusive soccer Balls as these NFTs can be redeemed to real-world soccer balls later. The NFT combo meals improve your staking power and enhance the earning scope when farming on BakerySwap. Composing a combo requires contributing BAKE. The more BAKE you contribute, the higher tier combo you get, resulting in higher staking power.
Launched in September 2020, BAKE is the native token of BakerySwap. BAKE plays its role as a reward for the liquidity providers and a passport to voting rights on the protocol. It is a BEP-20 token that users can earn by providing liquidity. You can also buy BAKE tokens at exchanges like Binance, Gate.io, PancakeSwap, OpenOcean, JulSwap, AnySwap, and more, apart from BakerySwap. You will get BAKE trading pairs with USDT, BUSD, BNB, ETH, DOGE, PET, BAT, and more. Since BakerySwap runs on the Binance Smart Chain, the BAKE-BNB pool is expected to provide ten times the rewards compared to that of the other pools.
BAKE token’s maximum supply figures go a little above 277 million tokens, whereas the circulating supply is nearly 189 million tokens. In terms of security, the token network has got real-time security monitors and intelligence systems scrutinizing it. It also has on-chain monitoring and passes many security checks
How to Buy BakerySwap (BAKE)
BakerySwap (BAKE) is available for purchase on the following exchanges.
Binance – Best for Australia, Canada, Singapore, UK and most of the world. USA residents are prohibited from buying BakerySwap (BAKE). Use Discount Code: EE59L0QP for 10% cashback off all trading fees.
KuCoin – This exchange currently offers cryptocurrency trading of over 300 other popular tokens. It is often the first to offer buying opportunities for new tokens. This exchange currently accepts International & United States residents.
WazirX – This exchange is part of the Binance Group, which ensures a high standard of quality. It is the best exchange for residents of India.
BakerySwap – High Growth Potential
BakerySwap has all the opportunities a user seeks from a DeFi protocol. Its liquidity pool, decentralized exchange offers to earn scope using cryptocurrencies. It helps DeFi projects raise funds through its launchpad. It invites creators from the art and innovative gaming communities to tokenize their assets and earn on the BakerySwap marketplace. BakerySwap is perfectly positioned to leverage every bit of growth DeFi, as a paradigm, is going to experience in the days to come. Its growth potential also reflects in the explosive surge its native coin has been having since its launch. Its tremendous growth in less than a year suggests BakerySwap is here as a robust, high-growth player.
Gaurav started trading cryptocurrencies in 2017 and has fallen in love with the crypto space ever since. His interest in everything crypto turned him into a writer specializing in cryptocurrencies and blockchain. Soon he found himself working with crypto companies and media outlets. He is also a big-time Batman fan.
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