What Is BAKE? | BakerySwap Review
Jun 29, 20223 min read
What Is BakeryToken?
BakeryToken ($BAKE) is a BEP20 token, the native currency of the decentralized BakerySwap exchange. The token can be obtained as a reward for staking and providing liquidity or exchanged for supported digital assets. In addition, BAKE holders can make proposals and vote on the project’s development. Fees for transactions on BakerySwap are accepted only with BAKE tokens.
BakerySwap is a decentralized Automated Market Maker (AMM) protocol launched on the Binance Smart Chain. BakerySwap was launched in 2020 as a cost-effective and faster alternative to Uniswap. In addition to the decentralized exchange, BakerySwap includes services for creating, buying, and staking NFTs. Moreover, as part of the BakerySwap, developers can also conduct IDO to raise funds and advertise their projects.
How to Use BakerySwap?
As already mentioned, BakerySwap DEX uses the AMM model instead of traditional order books. This approach allows to get rid of intermediaries and provides users with full control over their funds. The service supports most of the tokens launched on the Binance Smart Chain. Traders also access transactions with top coins ETH, DOGE, and LINK. A fee of 0.30% is charged for each transaction, of which the liquidity providers receive 0.25% as a reward, and 0.05% is converted into BAKE tokens and used as a reward for BAKE holders. Swapping tokens is enough to connect the wallet, select the desired tokens, configure the transaction parameters, and confirm the transaction in the wallet.
How to Earn on BakerySwap?
Traders can use BakerySwap to generate passive income. For example, users can add liquidity to available pools. To do this, you need to deposit tokens into the pool, after which you receive the pool’s BLP tokens. The number of BLP tokens is directly proportional to your share in the pool. In addition, liquidity providers receive a portion of the fees generated by the pool. Liquidity providers can also participate in yield farming (in the “Earnings” section) by depositing their BLP tokens.
Moreover, traders can stake BAKE tokens. To do this, navigate to the “Earnings” section, select the “Bread” pool, and deposit BAKE. At the time of writing, the ROI is 0.84%.
BakerySwap became one of the first projects in the BSC network that launched the NFT marketplace. The developers have provided an inexpensive alternative to NFT platforms on the Ethereum blockchain. Due to the high fees on the ETH network, users faced situations when the gas fee exceeded the price of the NFT itself.
The launch of the NFT marketplace on BakerySwap solved this problem. Users can put up for sale digital art (pictures, videos, animations) or buy works of other artists. In 2021, the developers added another NFT section — Bakery Gallery. The Gallery exhibits works of professional designers and artists with experience in large companies. The works of the most popular creators are posted on the main page. The top is regularly updated, and the system tracks statistics in real-time.
The exchange’s users can invest in new projects early to get the maximum profit. Token sales are regularly held on the official BakerySwap website. In 2021, 12 IDOs were completed. The launch history for the last year can be tracked in the Launchpad section.
In the review of the BakerySwap exchange, it is worth noting the ways of additional earnings for gamers. In the Gamification section, investors can buy NFT with the following features:
- Participation in play-to-earn games;
- Farming of tokens with increased profitability;
- Trading in-game NFTs;
- Participation in offline activity promoted by developers. For example, you can win a physical Tesla toy car in the Rare Car Collection.
The “NFT Combo Meals” tab can be found within this section. Combos increase profits from farming. There are four levels of combos: Basic, Regular, Luxury, and Supreme. To compose combos, you need to deposit BAKE tokens. The more tokens you deposit, the higher the combo level you will receive and, therefore, the higher the reward. At the same time, it is possible to randomly get a more profitable combo at a low price, like in a lottery. The resulting combo can be used to earn BAKE tokens. Users can also put their combo up for sale on the NFT Marketplace. Users can convert their combos back to BAKE in a few clicks and return 90% of the initial investments if desired.
The BakerySwap exchange has become the first AMM DEX+NFTs in the BSC network. The team has created a great open-source DAO product that will be the starting point for future launches. Platform users can deposit assets in pools to earn lucrative rewards. Trading of gaming assets and digital art is available on the built-in NFT Marketplace. In the Bakery Gallery, you can buy art objects created by world-famous artists who cooperate with large corporations (Netflix, Apple). To date, the exchange is among the top 100 most popular DEXs.