BAKE was first issued on September 24, 2020, with an opening price of $0.13 on the first day. BAKE is the token of the BakerySwap platform, with a total circulation of 277 million, 99% of which are produced by users through mining, and the team only holds 1%, which is released linearly with mining. At present, almost all tokens have been circulated, with a market value of US$127 million. BAKE is also one of the leading projects in the NFT field.
The development history of BAKE
BAKE is mentioned mainly because of its performance in the NFT field. Nowadays, whenever NFTs are talked about, BAKE is mentioned specifically. As we all know, Binance BakerySwap is the first automated market maker on the BSC chain to provide a balanced currency liquidity pool. Bake will experience a downturn between 2022 and 2023 as the overall market slumps and people focus more on meeting basic needs rather than pursuing luxury. During this period, the project encountered the so-called "golden pit", and the development of NFT was also at a low ebb.
Advantages of BAKE: However, many people may not be clear about the advantages of BAKE. BakerySwap is an iterative version of Uniswap, similar to Uniswap, but faster and cheaper. Considering the recent crazy rise of Uniswap, I think BAKE also has certain opportunities in the short term. In the future, users can earn BAKE tokens by providing liquidity on BakerySwap, and although the current annualized rate of return is 0, the project is exploring solutions.
The latest progress of the project
The team behind Bake is an anonymous team of developers who believe in the future of decentralized autonomous organizations. The recent good news is that the project has announced some positive factors:
Integrating Uni: Bake has integrated Uni on BakerySwap, with the same liquidity as Uni, but with lower fees.
BTC layer2 application: BTC layer2 application will be launched in the near future.
AI-related Launchpad: On BAKE’s platform, AI-related Launchpad may be released recently. The field of AI is currently extremely hot, and it can be considered a hot spot.
Comparison with other DeFi projects
Overall, compared with other DeFi projects, BakerySwap can be regarded as the DeFi leader in the BNB network, second only to Cake. Its benchmark project is Sushiswap on Ethereum. Currently, the price of Bake is only 0.41U. Although it has experienced a wave of bankruptcies, it has still been able to survive and show an upward trend. I personally speculate that if the price of Bitcoin rises to more than 150,000 US dollars, the possibility of BAKE breaking through 10 US dollars is still quite high. After all, the market value of the project is relatively small, so it is relatively easy to raise it.
Test of investors’ mentality: However, the process of holding such tokens may test investors’ mentality, because many ecological projects are still in the development stage and there is more uncertainty. If you want to stay together for warmth, or if you have any questions, please add VX to the group: ZJ0306120
Conclusion
In summary, as a token with good performance in the NFT field, BAKE's future development potential cannot be underestimated. Although there are still many challenges in the current market, as the project continues to launch new functions and applications, the value of BAKE is expected to further increase.