overview of the cryptocurrency and the AMM + NFT exchange in the Binance Smart Chain, a chart of the course, where to buy and trade BakerySwap is a decentralized automated market making (AMM) protocol powered by Binance Smart Chain.
Each trade is charged a fee of 0.3%, of which liquidity providers receive 0.25%, and the remaining 0.05% is converted into BAKE tokens and used to reward BAKE holders.
TOKEN BAKE (BEP-20 standard) – BakerySwap native control token. Users who help the protocol by providing liquidity are rewarded in these assets. In addition, the token can be used to obtain percentages of transaction fees and to vote on protocol governance.
A review of the BakerySwap project and its token from the editorial staff of Bitcoinminershashrate.com will help assess the main positive aspects of the platform and its value. The BAKE token has been traded on the Binance crypto exchange since September 24, 2020 in the BAKE / BUSD and BAKE / BNB trading pairs. Сайт BakerySwap
The content of the article
general information
BakerySwap chart (BAKE)
BAKE / BUSD price chart on Binance:
How the protocol works
BakerySwap differs from the earliest DeFi protocols with AMM in that it is hosted on the Binance Smart Chain blockchain. This choice is associated with too high gas costs in the Ethereum network, as a result of which the barrier to entry for participants increases. BSC helps to increase the speed of transactions and at the same time significantly reduce fees.
Key Features:
- Fair distribution of BAKE – no pre-mining or pre-sale.
- The project team is assigned only 1% of all produced by BAKE.
- BAKE-BNB liquidity pool receives rewards 10 times higher than other pools to encourage members to bet on BAKE.
BakerySwap Is one of the first AMM DEXs for Binance Smart Chain, and also the first to offer liquidity pools in altcoins (LINK, DOT, etc.) on this blockchain. The platform provides arbitrage opportunities for using BEP-2 and BEP-20 tokens listed on the Binance and Binance DEX exchanges.
At its core, BakerySwap is similar to the implementation of the well-known Uniswap exchange, but is positioned as a faster and cheaper platform. Liquidity providers are rewarded with BAKE tokens and receive a share of the trading fees of the site, and are also eligible to participate in the management.
Two kinds of pools supported by BakerySwap:
- With awards at BAKE.
- No BAKE rewards.
This makes it easier for the community to form new liquidity pools. Rewards only have designated pools and the specific reward multiplier varies for each one, depending on the value provided.
At BakerySwap, a 0.30% commission is applied to all swaps / trades. Of these, 0.25% is a bonus to the pool liquidity providers, and the remaining 0.05% is converted into BAKE and serves as an additional reward for holders of BAKE tokens. BAKE tokens are gradually released into liquidity pools according to a specific reward multiplier (e.g. 1x or 3x).
Additional features
NFT platform
BakerySwap, among other things, is one of the first NFT platforms on the BSC. Unique non-replaceable tokens were previously minted using BAKE, now they can be bought on the platform, as well as used to earn BAKE through staking. The traditional NFT marketplace allows community artists to translate their artwork into the NFT.
Recently, NFT Supermarket was launched in the system, and many improvements and innovations have been made since the launch. Digital artwork, Binance NFT, fighting pets, weapons and many other objects and virtual artwork can be freely purchased with BAKE on this platform.
Gamification
There is also the concept of NFT Combo Meals on the platform. Combos increase your farming profits. There are four levels of combo: Basic, Regular, Luxury, Supreme. To make a combo, you must contribute to BAKE. The more you deposit, the more the combo will be, and the stronger the earnings. At the same time, it is possible to randomly get a higher combo at a lower price, just like in the lottery.
The resulting combo can be used as a bet to earn a profit that depends on the strength of that bet. Also, the combination can be sold to other users on the NFT Supermarket tab. If desired, it is allowed to convert the combo back to BAKE by pressing one button and return 90% of its initial investment.
NFT Combo Meals are available until March 12, 6:00 UTC.
Launchpad
The Bakeryswap launch pad allows new projects to conduct a token sale (IDO) on this decentralized exchange. For example, IDOs of the following projects have been completed so far:
Where to buy, sell or exchange BAKE
BAKE is available for trading on its native platform, as well as on the Binance crypto exchange. To buy it BAKE token:
- Log in to the exchange binance.com.
- Make sure you have BUSD or BNB assets in your account.
- Find the BAKE token in your wallet and click “Trade”.
- Select the desired trading pair.
- Create a buy order. Tokens purchased on the spot market are immediately credited to the exchange account, after which they can be withdrawn or otherwise used.
buy, sell or exchange BAKE on the Binance cryptocurrency exchange
Conclusion
Bakeryswap pioneered all AMM DEXs in the Binance Smart Chain. The team has created a fully functional DAO that will play an important role in future developments. BakerySwap has already achieved significant success and continues to gain a leading position among AMM. The future looks pretty bright for this platform as the BSC blockchain is rapidly evolving along with the DeFi industry. In addition, the team has many already launched or planned initiatives, such as NFT aggregator or decentralized derivatives trading.
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