BakerySwap is an innovative platform that combines decentralized finance (DeFi) with non-fungible tokens (NFTs) on Binance Smart Chain (BSC). With the diversity of blockchain technologies in the crypto world, including Ethereum, Polkadot, Tezos, and Tron, among others, Binance Smart Chain stands out for its fast and cheap service. Transaction costs on BSC are as low as a few cents, and BakerySwap is one of the well-known projects in the BSC ecosystem.
BakerySwap’s core features
At its core, BakerySwap is an automated market maker (AMM) protocol with swap and yield functionality. Its NFT market has launched a DeFi-based NFT solution and is the first AMM on BSC to provide altcoin liquidity pools for LINK, DOT and other currencies. While BakerySwap provides arbitrage opportunities for BEP2 and BEP20 tokens, it also leverages its native BAKE token to reward liquidity providers. Through the BAKE token, its holders can earn a share of the protocol’s transaction fees and participate in BakerySwap voting.
Problems solved by BakerySwap
BakerySwap is the next generation version of Uniswap: it is an iterative version of Uniswap that is faster and cheaper. Additionally, liquidity providers are rewarded in the form of BAKE tokens.
Liquidity pool creation: To ensure that the community can easily create new liquidity pools, BakerySwap provides two types of liquidity pools: one with BAKE rewards and the other without BAKE rewards.
Pioneer of AMM DEX: BakerySwap is one of the first protocols to use Binance Smart Chain for AMM DEX, taking full advantage of the Binance community to provide arbitrage opportunities between BEP2 and BEP20 tokens.
BakerySwap’s product development process
BakerySwap has grown into one of the top decentralized exchanges on the BSC network. While most decentralized finance applications choose the Ethereum network as their foundation, BakerySwap chose Binance Smart Chain to avoid high gas fees and frequent network congestion on Ethereum. On BSC, BakerySwap was launched as the first NFT-Fi platform. NFT-Fi means using non-fungible tokens financially, providing artists in the community with a traditional NFT marketplace to list their artwork.
BakerySwap's Products
Bakery Swap: BakerySwap is one of the first projects to build AMM DEX on BSC. Following the characteristics of the AMM model, the BakerySwap exchange does not have an order book to match buyers and sellers, and transactions are conducted against the liquidity pool. Supporters and users of the protocol provide assets in each pool, and in exchange for providing liquidity, users receive LP tokens in proportion to their share of the pool. Providers can convert these LP tokens back to the original tokens provided.
Liquidity pool
If you stake BAKE tokens in the protocol, you can explore the bakery-themed menu. Supported BEP20 liquidity pools include bread, donuts, waffles, rolls, croissants, lattes, toast, cakes, etc. Choosing different options will result in different benefits, such as staking BAKE to earn BAKE, or staking BAKE-BNB BLP to earn BAKE, etc.
NFT Market: BakerySwap is one of the most important NFT markets on Binance Smart Chain. It costs 0.01 BNB to mint the NFT on BakerySwap. All you need to do is visit the BSC Artists section to upload your artwork information, including details of the artwork type, title, artist name, social media or portfolio links and a brief synopsis of the work. You can upload images of your artwork in .png, .jpg or .gif format, up to 10MB in size.
Bakery Gallery: Bakery Gallery is a carefully curated NFT platform for top emerging artists. Some featured artists include SWOG, CoralCorp, CookieMunster, srnArtGallery and Chiara Magni.
launch pad
BakerySwap Launchpad is a platform for hosting IDOs. IDO refers to the launch of a cryptocurrency on a decentralized exchange (DEX). At the time of drafting this guide, the only active IDO is Crypto Doggies. $DOGGY is a 2.0 meme coin that allows buyers to purchase #CryptoDoggies NFTs, animated puppies designed by one of the platform’s featured artists.
Gamification: BakerySwap’s gamification products include BSC game boxes, poker blind boxes, footballs, combo meals, etc. BSC Game Box means a pack of top NFT game tokens on Binance Smart Chain. Participants can use Poker BlindBox NFTs to obtain random poker NFTs, which are then used to farm $BAKE and trade on the NFT market. The football NFT corresponds to one of the limited edition Bakery-exclusive footballs, and these NFTs can later be redeemed for real-world footballs. NFT combos can increase your staking power and increase your income range when farming on BakerySwap.
BAKE token
Launched in September 2020, BAKE is BakerySwap’s native token. The role of BAKE is to reward liquidity providers and pass the voting rights of the protocol. It is a BEP-20 token that users can earn by providing liquidity. In addition to BakerySwap, you can also buy BAKE tokens on exchanges such as Binance, Gate.io, PancakeSwap, OpenOcean, JulSwap, AnySwap, etc. You will get BAKE trading pairs with USDT, BUSD, BNB, ETH, DOGE, PET, BAT, etc.
The maximum supply of BAKE tokens is just over 277 million tokens, while the circulating supply is close to 18.9 billion tokens. In terms of security, the token network has real-time security monitors and smart systems to review it. It also has on-chain monitoring and passes many security checks.