Introduction
Launched in September 2020, BakeryToken (BAKE) is part of the Bakery Swap ecosystem. Liquidity providers are rewarded in the form of BAKE tokens, which can be used to earn a share of trading commissions from the Bakery and participate in voting within the BakerySwap governance process.
Bakery Token has been among the promising cryptocurrencies since its launch, as it has greater growth potential. Moreover, the strategy adopted in this project is effective and attracts many investors. In 2021, the token reached its peak and a record value of $8.15. However, the rapidly growing value of BAKE, which helped the token to develop in the first half of 2021, began to fall, however, despite the fact, the token still occupies an important place in the financial market. This review will help you get a more detailed understanding of what Bakery Token is and how it works, what makes this cryptocurrency unique, and what prospects await BAKE in the future.
What Is BakeryToken?
BakeryToken ($BAKE) is a BEP20 token, the native currency of the decentralized BakerySwap exchange. 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. Users can earn BAKE tokens as a reward for staking and providing liquidity or exchange for supported digital assets. In addition, BAKE holders can make proposals and vote on the project’s development. “The BAKE rewards are offered in several liquidity pools, initially including BTC, ETH, DOT, LINK, BUSD, and BAKE versus BNB” - CoinMarketCap.
A remarkable fact is that “BakerySwap was the first DeFi platform on the BSC to offer a non-fungible token (NFT) marketplace. This marketplace allowed users to create and mint their NFTs that could be traded for the exchange’s native token, BAKE, or to be used for yield farming” - DayTrading.
Who Founded BakeryToken?
Almost nothing is known about the developers of BakerySwap, who created the project as a fork of Uniswap. This is an anonymous group that believes in the future of decentralized autonomous organizations (DAOs). The team is also against initial counsel offerings and token reservations for the development team and pre-sales of tokens.
When Was BAKE Launched
Farming of BAKE tokens started on September 14, 2020, at 15:59 GMT. On the first day of launch, its price fluctuated around $0.01. BakerySwap was launched 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.
Is BakerySwap Safe?
Firstly, BakerySwap is a decentralized network on the Binance Smart Chain, which already indicates the safety of its use. In addition, BakerySwap staking is safe as the BAKE network is secured with real-time security monitors. Also, security is provided by the intelligence system and the network undergoes many security checks as it has on-chain monitoring.
How to Use BakerySwap?
As already mentioned, BakerySwap DEX uses the AMM model instead of traditional order books. This approach allows getting 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.
How M
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.
Bake Token Current Price
As of April 7, 2023, BakeryToken price is $0.1966.
Uniqueness of BakeryToken
As you already know, Bakery Swap operates on the Binance Smart Chain, so the BAKE-BNB pool is likely to get ten times the reward (if you compare it with other pools).
“BakerySwap, a Binance Smart Chain-based AMM, offers liquidity pools for altcoins such as LINK, DOT, and others. It works through initial liquidity pools. BakerySwap has two types of liquidity pools: with BAKE rewards and without them. This is done to facilitate the creation of new liquidity pools by the community” - CoinMarketCap.
As such, according to CoinMarketCap, only certain pools will have BakerySwap staking rewards, while the reward multiplier will vary based on the value they provide to BakeryToken holders. So, the liquidity providers receive the tokens of the liquidity pool that represent their share in each of them. These tokens help them earn a share of the fees, after which the providers are entitled to stake Bakery LP tokens in the form of BAKE tokens.
Why is BakerySwap Unique?
The BakerySwap project is hardly unique since it was produced as a form of Uniswap, but it still offered many innovative additions to the DeFi market. First, BakerySwap creates a combination of the most needed and popular features and services in the world of decentralized finance and combines the AMM and DEX models. That is why the swapping process becomes as decentralized as possible - the exchange of tokens using smart contracts does not need intermediaries. On top of that, don't forget that BakerySwap also offers liquidity pools for altcoins, which few DeFi projects can boast of.
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 NFT Marketplace
BakerySwap became one of the first projects in the BSC network that launched the NFT marketplace. It was also innovative, as it solved the existing problems of high fees on the ETH network. Users have encountered situations where the gas fee exceeded the price of the NFT itself. However, the developers have provided an inexpensive alternative to NFT platforms on the Ethereum blockchain.
Thanks to the launch of the NFT marketplace on BakerySwap, users can put up for sale digital art such as pictures, videos, and animations, as well as buy works of other artists. In 2021, the developers added another BAKE NFT section - Bakery Gallery. The Gallery exhibits works of professional designers and artists with experience in large companies. The top is regularly updated, and the system tracks statistics in real time.
Launchpad
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. The launch history for the last year can be tracked in the Launchpad section.
Gamification
In this BakerySwap review, we want to pay special attention to extra income for gamers. By visiting the Gamification section, investors get the opportunity to purchase NFTs 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.
In this section, you can also find the “NFT Combo Meals” tab, where combos increase profits from farming. There are four levels of combos: Basic, Regular, Luxury, and Supreme. You will need to deposit BAKE tokens to be able to make a combo, and the more tokens you deposit, the higher the level of the combo, and, accordingly, the reward. You also can participate in a kind of lottery, namely, to randomly get a more profitable combination at a low price. Users can convert their combos back to BAKE in a few clicks and return 90% of the initial investments if desired. Another feature available to users is the ability to list your combination for sale on the NFT Marketplace.
Where to Buy Bake Crypto?
If you are interested in selling or buying BakeryToken, you can do so on the following exchanges:
BakeryToken Outlook. Is It Worth Investing in Bake?
The current rate of BakeryToken at the beginning of April 2023 is $0.1966, and it now occupies 469th rank in the crypto world. The supply of BakeryTokens in circulation is 193,529,260 while a market capitalization is $38,087,195.
During the last month, the price of BakeryToken has fallen by more than 30%, and this sudden drop could be an opportunity to buy this crypto before its value rises again. If you look at the semi-annual picture, then BAKE shows a positive trend, which means that it will most likely continue to grow in the future.
Final Thoughts
The BakerySwap exchange has become the first AMM DEX+NFTs in the Binance Smart Chain network. The team has created a great open-source DAO product that will be the starting point for future launches. Now, the platform offers not only fast transactions and lower fees but also a huge number of other features. These include the ability to deposit assets in pools to earn rewards, or trading of gaming assets and digital art on the built-in NFT Marketplace, as well as NFT staking, which is not available on other DEXs.
Disclaimer: Notum does not provide any investment, tax, legal, or accounting advice. This article is written for informational purposes only. Cryptocurrency is subject to market risk. Please do your own research and trade with caution.