BakerySwap is a food-based blockchain project that runs on a reasonably straightforward theme – users invest and provide liquidity for the project and earn tokens. Simple it might be, it is still an idea that works well. BakerySwap, and its token BAKE, come with a host of unique features!
What is BakerySwap?
Built on the Binance Smart Chain (BSC), BakerySwap is a unique decentralised exchange (DEX) that adopts the automated market maker (AMM) model. By choosing BSC instead of the Ethereum Blockchain, BakerySwap lowered the gas fees considerably while maintaining fast transaction speeds.
How does the AMM model benefit BakerySwap?
The AMM model’s primary objective is to connect users on the DEX to exchange cryptos without an intermediary.
BakerySwap uses the AMM model to create liquidity pools for seamless transactions on the platform. In exchange for providing liquidity, users are rewarded BAKE tokens and they earn a share of the trading fees, which can, in turn, be used to vote on the governance of BakerySwap.
BakerySwap is also the first-ever AMM on the Binance Smart Chain to offer liquidity pools inclusive of altcoins, thus, covering a more significant market share and user base.
Beyond functionality – unique features of BakerySwap
BakerySwap has its own NFT marketplace that features unique artists. It’s one of BSC’s most popular marketplaces. It costs 0.01 BNB (around Rs 295) to mint an NFT on BakerySwap. Uploading your artwork on BakerySwap is extremely easy. All you have to do is upload some details of your artwork like the type of art, name, artist information, social media link, and the artwork in .png, .jpg, or .gif format and connect your wallet for the payment.
Similarly, the Bakery Gallery is a curated NFT platform featuring top emerging artists in the community.
BakerySwap Launchpad hosts Initial Dex Offerings (IDOs), which is a decentralised crowdfunding platform that does not require permissions. The first IDO was for Battle Pets, a game where players could breed, exchange, and battle NFT pets.
Combo Pool and game pools
A gamified version of minting special meals is called the NFT Combos, where you lock up BAKE tokens. You can create NFT Combos based on the BAKE tokens you commit, which gives you staking power.
Other gamified products of BakerySwap also include BSC Game Box, Poker BlindBox, and Soccer. The BSC Game Box has top NFT game tokens on BSC that are available as a package. PokerBlindBox gives Poker Card NFTs that can be used to farm BAKE tokens for trading on the NFT Marketplace. The Soccer NFT is for limited edition soccer balls that can be redeemed for real soccer balls later.
BAKE – the token
Here are some quick facts about BakerySwap’s token, BAKE.
- It was launched in September 2020.
- You can earn a BAKE token as a reward for providing liquidity.
- Owning BAKE gives you voting rights for BakerySwap’s governance through the BEP-20 governance token.
- The BAKE-BNB liquidity pool can provide individuals with the highest rewards since BakerySwap operates in the Binance Smart Chain. The rewards on the BAKE-BNB liquidity poll are said to be 10 times the investment.
- There are 277 million BAKE tokens of which around 190 million tokens are currently in circulation.
- The token network has a good level of security around it.
- There is no premise or presale for BAKE tokens to ensure fair distribution for all.
- The BakerySwap team will get only 1% of the BAKE tokens farmed.
- The transaction fee is as low as 0.3%, of which 0.25% is for liquidity providers and the rest is converted to BAKE tokens and distributed to users as rewards.
- The highest volume of BAKE tokens was traded between April and May 2021.
The value of a crypto asset is usually derived from factors such as supply and demand, availability on exchanges, competition, governance, and regulations. BakerySwap has managed to pull the right stops to create an all-around decentralised exchange platform with unique features and a unique theme.
BakerySwap offers many ways for users to earn money through the platforms – AMM and liquidity pools, IDO, and even NFTs. Strategically planning your investment could yield good returns from crypto assets. +55