A Complete Beginners Guide To BakerySwap and BAKE Tokens
DeFi is a word that echoes heavily in the cryptocurrency globe. There are many DeFi based Protocols that make sense in recent days. In those list of protocols, Food themed DeFi products play a vital role.
Let us look at the first and popular food-themed DeFi Protocol - “BakerySwap”.
What is BakerySwap?
BakerySwap is an open-source DeFi protocol that lets users exchange and swap tokens like Uniswap. This BakerySwap is a DeFi based Decentralized Exchange, which is the first popular food-themed DeFi project built on the Binance Smart Chain (BSC).
This BakerySwap is a DEX that adopts an Automated Market Maker (AMM) model which many experience through the use of the famous DeFi exchange Uniswap.
Being the first AMM DEX project on the Binance Smart Chain, BakerySwap offers better altcoin or stable coin liquidity pools for all its users.
BakerySwap Exchange Specification
Type: DeFi based Exchange Platform (DEX)
Exchange Model: Automated Market Making Mechanism (AMM)
Native Token: BAKE
Blockchain Network: Binance Smart Chain (BSC)
Token Supported for Swapping: BEP -20
How Does BakerySwap Work?
As this BakerySwap is an exchange that works based on the AMM Model, there is no order book available to match buyers with sellers and instead, users trade against the liquidity pools. The liquidity pools have assets that are provided by both users and supporters of BakerySwap.
The users have the ability to add liquidity to the exchanges. When any user adds liquidity to the pools they receive Liquidity Provider (LP) tokens as a reward or exchange in accordance with their share in the pool. Users can then convert those earned LP Tokens back to the original tokens that they have supplied to the liquidity pool. The amount of LP tokens received also depends on the share a user provides to the pool. In the process of providing liquidity, users earn trading fees.
Popular Features of BakerySwap Exchange
Listed here are the top-most features of the BakerySwap Exchange Platform.
Exchange is an option that allows users of BakerySwap to exchange BEP 20, BNB tokens and more. It allows users to swap tokens that happen on the Binance Smart Chain(BSC).
BakerySwap's Native Token, BAKE can be farmed to earn more BAKE tokens. Users can farm BAKE, by just staking BAKE token or by providing liquidity to one of the pools and then staking their own Liquidity Pool Tokens (BLP).
When users provide liquidity to the DOT-BNB pool, they will receive DOT-BNB BLP tokens, which they can then stake to farm BAKE.
Buying BAKE from the Open market without Staking is also possible.
BakerySwap has a liquidity pool that allows users to stake BAKE Tokens. The stakes of BAKE token can view Bakery Themed Menus.
If a user selects Bread, he can stake BAKE to earn more BAKE. Also, users can stake any corresponding BLP tokens into the pools of Baked goods, such as waffles, Rolls, Doughnut, Croissant, and so on.
The earning or ROI is entirely different for each of the options.
The supported BEP-20 liquidity pools on BakerySwap is as follows:
The users Earn BAKE by staking any of the below tokens in the liquidity pools.
Doughnut : BAKE-BNB BLP token
Bread : BAKE
Rolls : BUSD-BNB BLP
Croissant : BAKE-DOT BLP
CAKE : BTC-BNB BLP
Toast : ETH-BNB BLP
Latte : USDT-BUSD BLP
Waffle : BAKE-BUSD BLP
To use the BakerySwap website and unlock all the features, one must connect to the eligible wallet.
Use of MetaMask or WalletConnect can make the access of all the features easy.
MetaMask is an Ethereum Wallet,since it supports Binance Smart Chain and its Dapps easily.
The process of liquidity addition in the BakerySwap platform is not different from Uniswap or PancakeSwap or any other similar platform.
In BakerySwap one must need to add liquidity to the DEX and then supply both tokens to partake in the specific liquidity pool.When the user provides the liquidity, he will be able to begin to farm the BAKE token.
How to Add Liquidity in a BakerySwap Pool?
Here are the steps to add liquidity to the BakerySwap.
Step 1: Click on the Exchange button on the top menu and select the Pool tab.
Step 2: Then, Click "Add Liquidity".
Step 3: Next Step is to select the token pair that one wants to provide liquidity for.
For eg : When one selects BNB-BAKE to provide liquidity, BAKE-BNB BLP token is the return he gets.
Step 4: After receiving the BLP tokens, he can navigate to "Earning" and select the options that match his rewarded token.
In the above example, he should select Doughnut.
Step 5: Entering the number of tokens that he wishes to stake and clicking confirm will complete the transactions.
Note: It is safe to browse away when the transaction is completed and one can check anytime his BAKE earnings and stake or stake his BLP tokens.
The feature of Gamification of BakerySwap allows users to play the games and win rewards in the form of BAKE tokens. The platform has integration of DeFi world games, with the power of creativity that relates to food or bakery items to attract players and make them play & earn BAKE tokens.
The most important and unique features of BakerySwap is NFT Supermarket, which allows users to play games and earn NFT tokens,non-fungible tokens.In this everything is so special and there is V1 and V2 versions in NFT supermarket and has variety of creative games which makes user active on the platform.
Another Unique feature of BakerySwap is the Launchpad. It is a feature which allows users to get access to newly launched projects on the Binance Smart Chain(BSC).
Initial DEX Offering
There are various data that imply the growth of BakerySwap in the DeFi ecosystem. The feature called IDO or Initial DEX Offering is for Battle pets, a blockchain-based game where players can breed, exchange and battle NFT pets on BSC.
These are the popular features of the BakerySwap, which is playing a vital role in the DeFi market.
NFT Combo Pools
This platform BakerySwap allows users to mint special meals known as NFT combos. This combo pool requires anyone to lock up BAKE with the proportion that when the user commits more BAKE, the higher the eligibility to create NFT combo. This in turn grants users more and more Staking Power to farm BLP tokens and earn more BAKE.
Users have the power to decompose the NFT combos anytime and get back 90% of BAKE that users locked to create those combo pools.
Listed here are the four kinds of NFT Combos of BakerySwap, with the amount of BAKE required.
- Basic: 10,000–20,000 BAKE
- Regular: 20,000–50,000 BAKE
- Luxury: 50,000–100,000 BAKE
- Supreme: Above 100,000 BAKE
Is BakerySwap Exchange Safe to Use?
As of date, there are no issues recorded related to the BakerySwap platform, as the BakerySwap Smart Contract has been audited.
Since depositing funds into the smart contract is always a risk, there might be bugs or errors that can't be found at the time of audit.
Thus, if it is BakerySwap or any other platform, never deposit assets that you can not afford to lose.
Final Words about BakerySwap
BakerySwap plays an all-arounder role in the DeFi ecosystem with fast,cheap,and tasty services on the Binance Smart Chain.
Starting from Exchange of BEP-20 tokens to earning passive income,staking BAKE or creating NFT combos, users have many more options to do with BakerySwap.
Business Benefits of launching DeFi Exchange like BakerySwap
Listed here are the benefits of creating a DeFi based exchange like BakerySwap.
- Low Capital Investment
- High Return on Investment
- Quicker Brand Identification and visibility
- 100% Guaranteed Trading Volume
- No manpower required
- Greater Liquidity at the time of Launch
- No involvement of middleman
- Move along with DeFi trends and more.
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