BakerySwap (BAKE) is the first open-source, decentralized automated market maker (AMM) and decentralized exchange (DEX) based on blockchain technology, which integrates NFT functionality with tools available on the DeFi platform. The combination enables users to exchange tokens easily and quickly. BakeryToken is the platform’s BEP-20 governance token, used to incentivize liquidity providers in the platform, and is the primary payment method for purchasing NFTs in the platform. This article will explain what BakerySwap is, how it works, and how to buy BakeryToken (BAKE) if you want to invest in this interesting blockchain project.
Introduction to BakerySwap
BakeryToken or BAKE is a token based on the BSC-20 standard and is the native asset of BakerySwap. Launched in September 2020, Bakery Swap is both an automated market maker (AMM) and a decentralized exchange (DEX).
Therefore, this protocol has similar features to existing decentralized exchanges, namely giving users control over their own funds, a smooth trading experience, and no order books, and is another food-themed DeFi protocol.
However, unlike Ethereum-based Uniswap, BakerySwap relies on Binance Smart Chain (BSC). BSC is a blockchain network that operates in parallel with Binance Chain (BC) and was launched in 2018 to support the high-speed data transfer and 24-hour trading volume of the Binance cryptocurrency exchange. In September 2020, BSC launched smart contract functionality, introducing an interoperable alternative to Ethereum.
In addition to being a decentralized exchange, BakerySwap (BAKE) is a curated NFT marketplace that uniquely combines the capabilities of decentralized finance (DeFi) and non-fungible tokens (NFTs) into one easy-to-use platform. One of the agreements.
Features of BakerySwap:
BakerySwap aims to expand its ecosystem through multi-chain integration, including popular networks such as Arbitrum, Polygon, BASE and other chains.
Its NFT marketplace provides a one-stop solution for the minting, issuance, token mapping and trading of NFTs.
It also integrates artificial intelligence technology into the AIGC platform to facilitate AI-driven productions, image creation to PFP generation and other IP character-based content.
How does BakerySwap(BAKE) work?
Bakery Swap uses an automated market maker model similar to Uniswap, where users deposit their assets into a liquidity pool and receive token rewards in return. Users who add liquidity to the pool smart contract will receive an equal number of LP tokens based on their share. For example, if you deposit a BNB-BAKE token pair into a liquidity pool, you will receive an equal value of BNB-BAKE LP tokens. Users contribute liquidity to earn part of the transaction fees and can retrieve their original assets by converting LP tokens. BAKE tokens give holders protocol governance rights, allowing them to submit proposals and vote on them.
On BakerySwap, each trade is subject to a 0.30% fee, of which 0.25% goes to the LP. The remaining 0.05% will be converted into BAKE tokens as a reward for existing BAKE cryptocurrency holders.
BakerySwap does not limit its services to decentralized exchanges. It also builds an NFT marketplace that provides users with tremendous liquidity and transaction efficiency, allowing them to mint and trade their NFTs like crypto tokens.
BakerySwap NFTs also allow users to stake their assets and earn NFTs as rewards – which can be sold for funding. Its infrastructure is powered by a built-in exchange mechanism that enables creators to set their own fees and a bTokens burning system – integrating royalty fees in NFT transactions.
The protocol features Bakery Gallery and aims to bring serious competition to Ethereum-based NFT platforms. Bakery Gallery provides exposure and publishing platform for talented artists and creators to publish their work and organize exclusive NFT airdrops.
NFT marketplace on BakerySwap
There are two NFT markets on BakerySwap, namely BakerySwap NFT and Bakery Gallery. In addition, BakerySwap also has a Launchpad project for issuing NFTs.
1. BakerySwap NFT Market
In addition to serving as a DEX and staking protocol, BakerySwap has also expanded to offer an NFT marketplace. This feature makes it the first AMM and NFT exchange on BSC.
Users can access the marketplace through version two (V2) of the protocol, where you can buy NFTs or mint your own. To make the process fairer, BakerySwap has integrated bidding functionality that allows NFT creators to customize sale parameters.
2、Bakery Gallery
Launched in April 2021, Bakery Gallery functions similarly to the BakerySwap NFT marketplace. However, the main difference is that the market is "open" while the Bakery Gallery is "closed". BakerySwap developers describe Bakery Galley as an NFT issuance platform designed to compete with premium Ethereum-based projects by attracting experienced collectors and investors.
Bakery Gallery consists of three main parts:
Upcoming Drops: Information about upcoming NFT drops
Featured Artist: Bakery Gallery Curating Artist Profile
Artwork: Same features as an NFT supermarket
The platform aims to provide artists with more exposure and attract top talent to BSC through the NFT drop process.
3、BakerySwap Launchpad
Like Binance Launchpad, BakerySwap Launchpad provides users with access to newly launched projects on BSC. However, unlike the utility tokens available on Binance Launchpad, BakerySwap Launchpad issues NFTs.
Since BakerySwap is a DEX, issuing NFTs through this mechanism is called an Initial DEX Offering (IDO). The first IDO to emerge through the platform is Battle Pets, a blockchain-based game that allows players to breed, exchange, and battle their NFT pets on BSC.
What is BakeryToken (BAKE) coin?
BAKE is the native BEP-20 BakerySwap governance token that facilitates protocol voting decisions. Just as ERC-20 tokens are unique to the Ethereum blockchain, BEP-20 tokens are unique to BSC.
In addition to earning BAKE crypto rewards as a liquidity provider, users can also earn BAKE by staking in different BEP-20 liquidity pools, or purchase on exchanges such as BakerySwap, PancakeSwap or Binance.
How to mine BAKE tokens?
We can divide the mining process of BAKE tokens into two main steps:
Provide liquidity to one of the pools to receive BakerySwap Liquidity Pool (BLP) tokens. For example, if a user provides liquidity to the ETH-BNB liquidity pool, they will receive ETH-BNB BLP tokens.
Stake generated BLP tokens to receive BAKE tokens.
The BakerySwap platform issues BAKE cryptocurrency staking rewards differently depending on the selected liquidity pool. As of 2021, BakerySwap users can mine BAKE in the following bakery-themed liquidity pools:
Bread: stake BAKE to earn BAKE
Donut: Stake BAKE-BNB BLP to earn BAKE
Waffle: Stake BAKE-BUSD BLP to earn BAKE
Croissant: Stake BAKE-DOT BLP to earn BAKE
Latte: Staking USDT-BUSD BLP to earn BAKE
Toast: stake ETH-BNB BLP to earn BAKE
Cake: Stake BTC-BNB BLP to earn BAKE
Pet Food: Stake PET-BAKE BLP to earn BAKE
In addition to these liquidity pools, there are non-bakery-specific options. The BakerySwap platform also allows users to stake their BAKE crypto tokens to earn alternative BEP-20 tokens, including TLM, TSA, TKO, and xDitto.
BakeryToken (BAKE) Future Price Prediction
Next, let’s take a look at some BAKE price predictions.
First, CoinCodex’s BakeryToken token price prediction suggests that the minimum and maximum BAKE prices in 2024 may reach $0.081707 and $0.216186, respectively. However, by 2030, BAKE peaked at $0.671267. The following is the website’s long-term price prediction table for the BAKE token from 2023-2030:
And according to Bitnation’s BakeryToken price prediction, the price of BAKE is expected to rise by $0.004862 in the next 7 days, reaching $0.100203 by September 18, 2023. Its long-term price prediction states that BAKE coin will reach $0.9 in 2031. Here are the long-term price predictions for the site:
CryptoNewsz’s long-term price prediction is more optimistic. The website believes that the price of BAKE coin will exceed $1 by 2029 and reach a maximum of $1.465 in 2030.
Finally, PricePrediction website believes that the BAKE coin price in 2023-2032 may be:
When considering BAKE token price predictions, it is important to remember that the cryptocurrency market remains extremely volatile, making it difficult to accurately predict the price of a coin or coin within a few hours, and even more difficult to give a long-term estimate. As a result, analysts and algorithm-based forecasters can and do make wrong predictions.
If you are considering investing in cryptocurrency tokens, we recommend that you always conduct your own research. Check out the latest market trends, news, technical and fundamental analysis, and expert opinion before making any investment decisions.
