BakeryToken (BAKE) is the native cryptocurrency of the BakerySwap platform. BakerySwap is a decentralized exchange platform that combines the automated market maker (AMM) and non-fungible tokens (NFTs) trading market with staking and yield farming. It was created to include users left out due to high fees on the Ethereum network. It operates on the Binance Smart Chain (BSC) because it offers lower fees and faster confirmation time than Ethereum.
The BakerySwap team’s primary goal is to provide digital artists with the opportunity to market themselves all over the world and a platform where they can meet collectors. They seek to attract traders, liquidity providers, artists, and collectors to develop a strong ecosystem and increase the value of BakeryToken. BakerySwap targets to be the place for all DeFi user needs. Transparency of the network is another important issue that the team is trying to address.
To ensure the security of clients’ funds and personal data the BakeryToken network provides real-time on-chain security monitoring and intelligence messaging systems. In addition, it was audited by CertiK, a blockchain security company built to prove the correctness of smart contracts and blockchain protocols.
Users can access BakerySwap through Web3 wallets like MetaMask. To complete a transaction on the BSC network, you need to have Binance Coin (BNB) in your wallet to pay fees.
The BakerySwap platform is powered by BakeryToken (BAKE). It is a BEP-20 governance token aimed to add value and expand the distribution of the entire ecosystem. The BAKE token was launched on September 22, 2020. It did not have any pre-mine or pre-sale periods. The total supply is limited to 731,745,000 BAKE coins. The team planned a gradual release of the tokens. On September 18, 2020, the community voted to reduce the number of BAKE and 75% of the BAKE tokens were burned.
Initially, the daily BAKE rewards averaged 720,000 coins. Then they were reduced to 250,000 coins per day. The number of coins will be halved every 9 months for about 24 years since the launch. The total number of tokens in circulation is planned to reach the level of 270 million at the end of the period. A reserve pool was created for the time when the BAKE issuance stops in the original contract.
Since the team wants to make the distribution of BAKE tokens fair, almost all of them will be allocated among stakers. The BakerySwap team will receive 1% of all farmed coins during the entire BAKE farming period. That means it gets 1 coin for every 100 BAKE farmed.
The platform’s members have the opportunity to earn BAKE tokens by providing liquidity on BakerySwap or by staking liquidity pool tokens or BAKE. By farming with BLP tokens users can also earn more BAKE.
Liquidity pools are used to execute swaps. There are two types of initial liquidity pools: those that contain BAKE rewards and those that do not in order to encourage the community to create new pools. Having added liquidity, participants receive liquidity pool tokens (Bakery LPs) representing their position. The tokens automatically earn a portion of fees proportional to your share of the pool and they can be redeemed at any time. The rewards are available in several liquidity pools, including BTC, ETH, BUSD, and altcoin liquidity pools such as LINK and DOT. Each pool has a different ROI, while the BAKE-BNB pool gives maximum rewards. Bakery LP tokens can be staked to farm BAKE rewards.
For every swap and trading activity on the platform, users are charged with a 0.30% fee, of which 0.25% goes to liquidity providers and 0.05% is kept for BAKE buybacks from the market, which are then returned to users as additional rewards. BAKE holders get the right to vote on changes to the BakerySwap platform and management solutions and earn a share of trading fees.
In September 2020, the team launched BakerySwap NFT Combo. BAKE holders are allowed to create combos, unique meals of their choice that can be staked to farm BAKE coins. The higher is the level of NFT Combo, the more coins they farm. Combos can also be traded for other NFTs or disassembled into components to return 90% of BAKE locked to make them.
BakeryToken is listed on a number of exchanges including Binance, Hotbit, Bkex, Anyswap, MXC, Gate.io, and HitBTC, and traded against BTC, USDT, ETH, and USD.
BakerySwap provides some interesting features such as liquidity farming, Bakery Gallery, Initial DEX Offering (IDO), AMM, and NFT marketplace.
The Automatic Market Maker enables users to exchange tokens, stake them, or do liquidity farming. NFT marketplace allows participants to mint or trade gamified NFT items. Bakery Gallery is a branch of the NFT marketplace, which allows verified artists of all kinds to turn their artworks into NFTs by minting within the BSC and sell their artworks for BAKE. The platform has already had over 5300 minted NFT artworks. Fans gain access to works created by celebrities and can either bid or buy them. BakerySwap also has a launchpad for innovative DeFi projects.
TOKAU IDO, a platform that provides early investors with initial coin offerings from selected projects, was launched on BakerySwap. It allows idols to publish a list of wishes, which their fans can fulfill by sending NFT gifts and give them special bonuses back.
BakeryToken team and partners
The team behind BakeryToken is a group of passionate developers who believe in the future of blockchain technologies, cryptocurrencies, and Decentralized Autonomous Organizations (DAOs). They strive to remain anonymous and do not disclose any information about themselves on the Internet.
Though BakerySwap is a young platform it has already established a cooperative relationship with some companies. It has teamed up with Levyathan, the first DeFi Index on the BSC, to offer more powerful investment leverage. It has partnered with Gat Network, an ecosystem for fully on-chain gaming and trading with collectible NFTs, to expand global NFT adoption.
In partnership with Binance BakerySwap has also launched its own Eth2 Beacon ETH (BETH) token, a tokenized asset representing staked ETH at a 1:1 ratio, created to enable a Binance user to participate in staking on the ETH 2.0 Beacon Chain.