Launched in September 2020, BakerySwap represents a decentralized trading platform on Binance Smart Chain (BSC) aiming to expand global awareness and acceptance of non-fungible tokens. It is also an open-source food-themed DeFi project that provides solutions for the NFT market. Being a fork of SushiSwap, BakerySwap relies on the Automatic Market Maker (AMM) model and is backed by the Binance Chain Accelerator Fund.
The key goal of the BakerySwap developers is to provide an efficient marketplace for NFT creators and to ensure easy access to digital artworks for collectors. Therefore, the platform offers three key services to meet the needs of DeFi users: the AMM, the NFT marketplace, and the IDO launchpad. The AMM allows users to exchange tokens, stake them, or perform liquidity farming. The NFT marketplace is a platform where participants can trade artworks and NFT in-game items. Finally, the IDO (Initial Dex Offering) launchpad provides early ICO investors with access to selected quality projects.
In addition, BakerySwap offers some innovative features that include earning NFTs by token staking, giving users voting rights, NFT staking, multi-coin payments, and advanced filtering. Also, users are allowed to create their own collections and grow their own communities on the platform.
Since the exchange operates on the BSC network, transactions are faster and cheaper compared to Ethereum. Users can use BakerySwap on a computer or a mobile device. They also need to have one of the following wallets: Binance Chain Wallet, Metamask, or WalletConnect.
The BakerySwap token
The BEP-20 BakerySwap token with the ticker BAKE is the native asset of the platform with utility and governance functions. The total BAKE token supply is capped at 731,745,000 coins. The BakerySwap team members did not organize a pre-sale or pre-mining, as they want to distribute fairly all BAKE tokens. The farming of BAKE started on September 14, 2020. As its tokenomics model aims to incentivize liquidity providers, the team only receives 1% of all BAKE farmed while the maximum rewards are intended for BAKE stakers.
Liquidity providers can earn BAKE tokens for staking in any of the bakery-themed pools on BakerySwap. They receive a share of trading fees as a reward. Besides, they can stake BAKE to farm new project tokens. Liquidity mining allows earning up to 105% per year by staking.
BAKE tokens can be traded and purchased on various crypto exchanges such as PancakeSwap, Nominex, BingX, HitBTC, MEXC Global, KuCoin, Gate.io, and Binance. Additionally, token holders get the right to participate in the governance process, including voting on the size of the commission.
The BakerySwap ecosystem
The BakerySwap ecosystem consists of an NFT supermarket, a Bakery launchpad, NFT Combo, Bakery Gallery, and staking pools.
The Bakery Gallery is an NFT platform designed to help creative minds by giving users and fans access to digital artworks. Also, Bakery Gallery hosts thematic exhibitions to attract collectors and investors. Artists are also attracted by Top Quality Drops and the low fees provided by the BSC.
The BakerySwap launchpad was built to help newly launched projects organize fundraising by using any of the LP tokens paired with BAKE. After the redemption of LP tokens, the corresponding amount of BAKE is burnt, and the remaining tokens are sent to the project team.
Under the concept of NFT-Fi, non-fungible tokens can be used in yield farming. The only NFTs used for that are Bakery Combos, collectible items that can be staked to earn BAKE. There are four levels of Combos: Basic, Regular, Luxury, and Supreme, which depend on the amount of BAKE contributed by users and determine NFT staking power. Users can only mint Combo NFTs for a limited period of time. Most importantly, Combo NFTs can be decomposed allowing users to get back up to 90% of BAKE tokens used to create the NFT.
The NFT Supermarket is home to the Bakery Combo, featuring other options such as digital artworks, battle pets, weapons, pet eggs, and BNB network artists. To buy an NFT you must have extra BNB in the wallet to cover the transaction fee.
Since it is a decentralized exchange, its servers are scattered around the world reducing the risk of server downtime and hacker attacks. In addition, DEX does not have access to clients' funds that users securely store in their own wallets. Also, the Bakery token network is protected by real-time security monitors and smart systems.
Besides, in September 2020, the protocol was audited by Certik. The goal of the audit was to discover issues and vulnerabilities in the source code of Bakery Swap’s smart contracts. However, only 6 minor issues were detected and immediately solved by the project’s team. So far, there have been no successful hackers’ attacks on the BakerySwap platform.
The platform charges both takers and makers a fee of 0.30% per transaction, 0.25% of which goes to Liquidity Providers (LPs) while the remaining 0.05% is given to BAKE holders. Fees can be changed by community governance at any time. It is worth noting that BakerySwap does not accept deposits in fiat currency. Therefore, users without crypto holdings need to purchase the required amount of cryptocurrency on an entry-level exchange, i.e. an exchange allowing fiat deposits, to be able to trade on this platform.
The BakerySwap team and partners
The team behind BakerySwap is a group of anonymous developers who have created a fully functional Decentralized Autonomous Organization (DAO) that will have an advisory role in future developments.
To provide NFT-related services, the company has established mutual partnerships with several projects including Dogemon Go, the first NFT game to earn Dogecoins, and Alchemy Toys, a classic alchemy game with collectible NFTs. Also, BakerySwap and Levyathan, the first Decentralized Finance Index on BSC, have combined their collective resources to offer powerful investment leverage on the market. In addition, the exchange has partnered with Gat Network, an ecosystem of connected NFT trading and gaming projects, to provide a marketplace for NFT creators and collectors. Binance, TokoCrypto, and 1inch are also among BakerySwap partners.