In 2020, AMMs (Automated Market Makers) appeared as a phenomenon in the eyes of crypto investors. In 2021, NFT (Non-Fungible Token) showed up with the same effect. Imagine a protocol that combines both of those factors. Let me introduce you to BakerySwap – An AMM + NFT exchange on Binance Smart Chain.
What is BakerySwap?
BakerySwap is the first project on Binance Smart Chain that combines the AMM model with the NFT marketplace. Merging the two most currently trending models can immensely bootstrap the protocol’s name.
For those who do not know:
- AMM (Automated Market Maker) is the exchange model that enables decentralized trading by using algorithms and smart contracts to determine the price of the assets. These activities happen within a liquidity pool, where users contribute liquidity to gain incentives from the project, namely the project’s native token.
- NFT (Non-fungible Token) is a type of cryptocurrency coin that is unique and, therefore, non-fungible. Simply put, every NFT has its exceptional value of being the “one and only.” NFT can be used to represent a picture, a video, a song, or most recently, an in-game currency.
What is BAKE Token?
BAKE is the native token on the BakerySwap platform. 100% of BAKE is used to reward liquidity providers.
How does BakerySwap work?
BakerySwap follows the model of Uniswap, with various additional features, such as:
- NFT Marketplace: The main difference to separate BakerySwap from other AMMs. BakerySwap integrates with an NFT Marketplace that allows users to trade NFT assets.
- Bakery Gallery: Exclusive NFT Issuer and NFT Marketplace on BakerySwap.
- Launchpad: An IDO platform on BakerySwap.
- Gamification: The combination of BakerySwap with other NFT games.
Similar to Uniswap, BakerySwap charges a 0.3% fee to all swap transactions, of which 0.25% will go to Liquidity Providers.
At the moment, the TVL (Total Value Locked) in BakerySwap has reached $300M, ranking 14 on BSC (Binance Smart Chain).
Detailed information about BAKE Token
BAKE Price Today
Currently, you can track the price of BAKE on Coin98 Markets.
Coin98 Markets is a website that helps users to get updates of the real-time prices, as well as view the detailed information of a Token Metric from any project. More specifically, you can access the home page or the community page of a project, or filter the coins/tokens by Market Cap, Trading Volume, etc.
BAKE Key Metrics
- Name: BakerySwap.
- Ticker: BAKE.
- Token standard: BEP-20.
- Token type: Utility.
- Max supply: 277,237,400 BAKE.
- Circulating Supply: 192,464,695 BAKE.
- Contract address: 0xE02dF9e3e622DeBdD69fb838bB799E3F168902c5.
BAKE Token Allocation
100% of BAKE supply is used to reward Liquidity Providers of the project.
BAKE Token Sale
BAKE does not have a Token Sale. Instead, BAKE went through a fair launch distribution process.
BAKE Token Release Schedule
7.5-9M BAKE will be released monthly as incentive rewards, and the amount will be halved every 9 months, which means after approximately 24 years, the Total Supply in circulation will be 270M-300M.
BAKE Token Use Cases
Currently, BAKE token has five main use cases:
- Incentive rewards.
- 0.25% out of the 0.3% trading fees will go to BAKE liquidity providers, and 0.05% will go to BAKE holders.
- Trade NFTs on BakerySwap.
- Participate in Launchpad or Gamification events.
How to get BAKE Token
You can get BAKE by providing liquidity and staking on BakerySwap.
How to buy BAKE
You can buy BAKE through:
- DEXs: PancakeSwap, Babyswap, BakerySwap,…
- CEXs: Gate, Binance, Bithumb,…
You can also swap and buy BAKE directly at the Coin98 Exchange interface at the end of this article! Coin98 Exchange is a decentralized exchange (DEX), a Multi-chain liquidity aggregator that offers users a wide variety of DeFi services (swap, stake, lend, borrow,…) through intuitive and simple interfaces.
Learn more: How to use Coin98 Exchange
How to store BAKE Token
You can store BAKE token on Coin98 Wallet with these steps:
Step 1: Open Coin98 Wallet & click Receive on the home screen.
Step 2: Search BAKE Token.
Step 3: Click on the correct result, copy the wallet address and send BAKE to this address.
Team, Investors and Partners
Bakery is one of the three projects granted by the Binance Smart Chain capital, with up to $100M.
Is BakerySwap (BAKE) a good investment?
I hope that with the aforementioned information, you have understood what BakerySwap is and how BakerySwap works. This article should give you a deep insight into the project, so there is no financial advice. You should Do Your Own Research before conducting any investment, and be responsible for your own fund. However, Coin98 will provide some notable points of the project to give you the best overview to make your own decisions.
- BakerySwap is currently the top 1 NFT Marketplace on BSC, with approximately 19,000% price growth in 2021. By implementing a simple and easy NFT listing/minting process, BakerySwap has successfully created a vigorous NFT Marketplace. In addition to the recent NFT explosion, quickly following and adopting the trend is the main factor that contributes to BakerySwap’s popularity.
- The BakerySwap team is constantly modifying the tokenomics and updating the products to benefit users in the best way possible. Specifically, BakerySwap has recently announced the introduction of Farming 2.0 and NFT Marketplace 3.0. Moreover, a few months ago, BakerySwap decided to conduct a community’s proposal to burn over 75% of the newly released BAKE token, which significantly adjusted the amount of circulating supply.
- However, it is really hard to find information about BakerySwap, since the project does not have any documentation or whitepaper. This is an enormous downside of the project in the eyes of investors since every project needs to publicly share the details and information about the product to gain users’ trust. Otherwise, it will look no better than an amateur protocol that is created just to make profits out of the investors.
- If you have trust and confidence in BakerySwap and want to follow it, Twitter is the way to go. You can find the updates of BakerySwap here.
At the moment, BakerySwap has already proved its success on Binance Smart Chain. As the AMM and NFT explosion can sustain for some time, there are still a lot of opportunities for projects like BakerySwap to grow.
In the future, if BakerySwap introduces a massive update with their Gamification and Launchpad features, we can expect it to become a complete DeFi station – a model which SushiSwap and PancakeSwap utilized to succeed and gain a considerable amount of users in the past.
You’ve been through an article about BakerySwap and the BAKE token. I hope it has helped you in gaining more valuable insights into this project and understanding its potential.
If you want to know further about BakerySwap (BAKE), please feel free to leave a comment below for further discussions!
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