BakerySwap is the first AMM and DEX with a decentralized, open-source structure built on the blockchain. It combines NFT capabilities with DeFi platform technologies to give users quick, simple token swapping.
A Comprehensive Review of Bake Crypto and BakerySwap – 2023
BakerySwap does not incorporate order books into the system, in contrast to certain other DEX platforms; hence, the platform facilitates exchanging and switching tokens against liquidity pools rather than between sellers and buyers. The platform is essentially a decentralized application with a unique utility that is housed on the Binance Smart Chain. Users can easily buy and sell NFTs on BakerySwap because of its launchpad and NFT marketplace.
The Birth of BakerySwap and the Bake Crypto Team
BakerySwap was founded in 2020, making it a very recent project. Like SushiSwap before it, it was produced as a fork of Uniswap. A group of unnamed developers that believe the decentralized autonomous organization model has a bright future formed and worked on the project.
Along with favoring anonymity, the team disapproves of token pre-sales, initial coin offerings, and reservations of tokens for the development team. Because of this, the team does not own a portion of the current BAKE supply. All BAKE tokens that are farmed via the farming feature are given to the team at a rate of 1%. Accordingly, for every 100 BAKE tokens farmed, the development team receives 1 BAKE token.
NFT Marketplace
The platform now offers an NFT market in addition to acting as a DEX and staking system. It is the first AMM and NFT exchange on the BSC with these capabilities. Through version two (V2) of the protocol, users can access this market, where they can buy NFTs or mint their own. The platform incorporates a bidding function that enables NFT developers to alter the terms of the sale in order to make the process more equitable.
BakerySwap Launchpad
BakerySwap Launchpad gives users access to recently released projects on the BSC, just like Binance Launchpad does. However, BakerySwap Launchpad issues NFTs as opposed to the utility tokens that are offered on Binance Launchpad. The issuance of NFTs through this mechanism is referred to as an Initial DEX Offering (IDO) because the platform is a DEX. The Battle Pets, a blockchain-based game that lets participants breed, trade, and engage in combat with their NFT pets on the BSC, was the first IDO to take place over the platform.
The Bakery Gallery
Bakery Gallery, which debuted in April 2021, operates similarly to the platform’s NFT Marketplace. The marketplace is open, whereas the gallery is closed. This is the main distinction. According to the platform’s creators, Bakery Galley is an NFT issuance platform designed to compete with high-caliber Ethereum-based projects by luring savvy investors and collectors. There are three primary parts in the Bakery Gallery:
- Upcoming drops: Information about the next NFT drops
- Artists featured: Curated Bakery Gallery artist biographies
- Works of art: Similar elements to those on the NFT Market
By using the NFT drop method, the platform hopes to increase artists’ exposure and draw top talent to BSC.
Tokenomics
The BEP-20 BakerySwap native governance token known as BAKE makes protocol voting easier. Users can farm BAKE by staking in several BEP-20 liquidity pools in addition to receiving crypto rewards for providing liquidity, or they can buy it on exchanges like BakerySwap, PancakeSwap, or Binance. Holders of BAKE have the option to vote on protocol governance.
It is supported by BSC because BAKE is the platform’s BEP-20 governance token. The primary mode of payment on the protocol for purchasing NFTs is BAKE, which is also utilized in the reward system to encourage liquidity suppliers.
At the time of writing, the Bake token is trading at $0.1141, according to CoinMarketCap. The token price has increased by 17.53% in the last 24 hours.
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