BakerySwap is a multi-functional decentralized finance (DeFi) platform based on the BNB chain blockchain, aiming to provide a one-stop solution for the NFT and AMM markets. The platform uses the internal token BAKE and operates through an automated market maker (AMM) model, supporting a range of popular cryptocurrency wallets, including MetaMask, BNB Chain Wallet, Trust and Rainbow, among others.
Basic principles of BakerySwap
The developers of BakerySwap initially planned to build a faster and cheaper version of the Uniswap decentralized exchange (DEX). They found that Uniswap had some major drawbacks, such as incredibly high transaction costs. While Uniswap is most accessible to large investors, it is not so easy for users new to the cryptocurrency space. For example, the payment to register or transfer an NFT (non-fungible token) may be more expensive than the cost of the art itself, which deters users and leads to stagnation in the NFT community.
To solve these problems, BakerySwap was launched on the BNB chain with a much lower transaction cost, a fraction of $1. The base currency is Binance Coin (BNB), which can be instantly redeemed for any of the 50 tokens supported by BakerySwap. The exchange attracts traders by offering an extremely low trading fee of 0.3% per trade. The fees charged by the BNB Chain network to conduct a transaction may vary by just a few cents.
The development history of BakerySwap
September 2020
The BakerySwap protocol is registered and published on the BNB chain blockchain.
October 2020
BakerySwap protocol launched its own token BAKE to reward its users.
February 2021
The BAKE/BUSD trading pair appears on Binance. BAKE is listed on the MXC exchange.
March 2021
BakerySwap (BAKE) is listed on CoinBene. The BAKE/USDT trading pair appears on BakerySwap.
April 2021
BakerySwap protocol is ranked among the top 10 best liquidity protocols. BakerySwap sets a new record with 200,000 NFT transactions.
May 2021
BakerySwap has launched Crypto Doggies on its platform. BakerySwap has launched the Bakery Gallery to allow users to trade and promote their NFTs.
July 2021
An official store has been launched with merchandise from the protocol that launched BakerySwap.
August 2021
BakerySwap (BAKE) is at the top of the cryptocurrency social charts. BakerySwap (BAKE) is the currency with the largest holdings on the BNB chain.
September 2021
BakerySwap announces partnership with DogemonGoApp.
BakerySwap’s future goals
The BakerySwap development team has set the following goals for the near future:
Create separate large sections for professional videos, music and GIF images.
Start an NFT aggregator.
Open a DeFi exchange for derivatives trading.
Advantages of BAKE Token
BakerySwap’s internal token BAKE has multiple uses within the platform and provides users with multiple rewards and incentives. Here are some of the main advantages of BAKE token:
Low transaction fees: BakerySwap runs through the BNB chain, with transaction fees as low as 0.3%, which greatly reduces users’ transaction costs.
High liquidity: BakerySwap supports multiple token trading pairs, providing a high-liquidity trading environment.
Multifunctional platform: BakerySwap is not only an exchange, but also provides a variety of DeFi functions such as NFT market, liquidity mining, and staking, allowing users to complete multiple operations on one platform.
Community support: BakerySwap has an active community and regularly launches various activities and reward programs to attract more users to participate.
Conclusion
As a versatile DeFi platform, BakerySwap has attracted the attention of a large number of users through low transaction fees, high liquidity and diverse functions. The multiple uses and reward mechanisms of its internal token BAKE in the platform also provide users with abundant income opportunities. As BakerySwap continues to launch new features and expand the market, its influence in the DeFi field will be further enhanced.
Through this article, I hope readers can better understand the advantages and usage of BakerySwap and its internal token BAKE. If you are interested in DeFi and NFT, you may wish to experience BakerySwap, a multi-functional platform, for yourself.