What is BAKE Coin?BAKE coin is a digital cryptocurrency that belongs to the governance token of the BakerySwap financial platform and uses Binance Smart Chain (BSC) as the underlying storage technology. Many investors still don’t understand what BAKE coin is. The following editor will help you understand BAKE coin and its future price prediction.
Introduction to BakerySwap
What is BakerySwap?
BakerySwap (BAKE) is the first open source, decentralized automated market maker (AMM) and decentralized exchange (DEX) based on blockchain technology. It combines NFT functionality with tools available on DeFi platforms, allowing users to exchange tokens easily and quickly.
The role of BakeryToken: BakeryToken (BAKE) is the BEP-20 governance token of the platform, which is used to incentivize liquidity providers in the platform and is also the main payment method for purchasing NFTs in the platform.
Platform features
BakerySwap aims to expand its ecosystem through multi-chain integration, including popular networks such as Arbitrum, Polygon, BASE and other chains. Its NFT marketplace provides a one-stop solution for the minting, issuance, token mapping and trading of NFTs. It also integrates artificial intelligence technology into the AIGC platform to facilitate artificial intelligence-driven works, image creation to PFP generation and other IP character-based content.
How does BakerySwap work? BakerySwap adopts an automated market maker model similar to Uniswap, where users deposit their assets into a liquidity pool and receive token rewards in return. Users who add liquidity to the pool smart contract will receive an equal number of LP tokens based on their share. For example, if you deposit the BNB-BAKE token pair into a liquidity pool, you will receive an equal value of BNB-BAKE LP tokens. Users contribute liquidity to earn part of the transaction fees, and can retrieve their original assets by converting LP tokens. BAKE tokens give holders protocol governance rights, allowing them to submit proposals and vote on them.
On BakerySwap, each transaction is subject to a 0.30% fee, of which 0.25% is owned by LPs. The remaining 0.05% will be converted into BAKE tokens as a reward for existing BAKE cryptocurrency holders.
NFT Marketplace on BakerySwap
BakerySwap NFT Market: There are two NFT markets on BakerySwap, namely BakerySwap NFT and Bakery Gallery. In addition, BakerySwap also has a Launchpad project for issuing NFTs.
BakerySwap NFT Marketplace: In addition to serving as a DEX and staking protocol, BakerySwap has expanded to offer an NFT marketplace. This feature makes it the first AMM and NFT exchange on BSC. Users can access the marketplace through version two (V2) of the protocol, where you can purchase NFTs or mint your own. In order to make this process fairer, BakerySwap has integrated a bidding function to allow NFT creators to customize sales parameters.
Bakery Gallery: Launched in April 2021, Bakery Gallery functions similarly to the BakerySwap NFT marketplace. However, the main difference is that the market is "open" while the Bakery Gallery is "closed". BakerySwap developers describe Bakery Galley as an NFT issuance platform designed to compete with premium Ethereum-based projects by attracting experienced collectors and investors.
Bakery Gallery consists of three main parts:
Upcoming Drops: Information about upcoming NFT drops
Featured Artists: Bakery Gallery Curated Artist Profiles
Artwork: Same features as NFT Supermarket
The platform aims to provide artists with more exposure and attract top talents to BSC through the NFT placement process.
BakerySwap Launchpad
Like Binance Launchpad, BakerySwap Launchpad provides users with access to newly launched projects on BSC. However, unlike the utility tokens available on Binance Launchpad, BakerySwap Launchpad issues NFTs. The first IDO to emerge through the platform is Battle Pets, a blockchain-based game that allows players to breed, exchange and battle their NFT pets on BSC.
What is BakeryToken (BAKE) coin?
BAKE is the native BEP-20 BakerySwap governance token that facilitates protocol voting decisions. Just as ERC-20 tokens are unique to the Ethereum blockchain, BEP-20 tokens are unique to BSC. In addition to earning BAKE crypto rewards as a liquidity provider, users can also earn BAKE by staking in different BEP-20 liquidity pools, or purchase on exchanges such as BakerySwap, PancakeSwap or Binance. In addition, BAKE holders can participate in protocol governance voting.
BAKE Coin Overview
Token name: BakeryToken
Code: BAKE
Token type: Governance type
Total supply: 289,770,514 BAKE
Maximum supply: 289,770,514 BAKE
Current exchange rate: US$0.094
24-hour low price/24-hour high price: US$0.092613 / US$0.098375
7 days low price/7 days high price: US$0.093568 / US$0.098375
Future Price Prediction: Market analysts and cryptocurrency experts have different views on the future price prediction of BAKE coin. Although the current price of BAKE coins is highly volatile, as the BakerySwap platform develops and more users join, the demand for BAKE coins may increase, pushing its price up.
in conclusion
As the governance token of the BakerySwap platform, BAKE coin has a variety of functions and application scenarios. By having an in-depth understanding of BakerySwap and its operating mechanism, we can better evaluate the investment potential of BAKE coin. Whether as a liquidity provider or NFT trader, BAKE Coin provides users with abundant opportunities and benefits.