bakeryswap - Tutorial - How to add liquidity , farm $BAKE and stake $BAKE

By diegoz | Crypto_tutorials | 4 Feb 2021


BakerySwap is a DeFi protocol built on the Binance Smart Chain. It works as a decentralized exchange (DEX) that adopts the automated market maker (AMM) model.

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In this tutorial I'm going to show how to add liquidity to any of its pools, farm bake and stake bake; you will need the following:

  • Metamask connected to Binance Smart Chain. If you don't know how to do it i wrote an article here.
  • BNB for the fees
  • BNB in a proportional ratio to the asset you want to provide liquidity in BSC blockchain
  • The asset you want to provide liquidity in BSC blockchain.

Once you are all set let's go to BakerySwap and do the following steps.

How to add liquidity to a pool

  • Connect your metamask wallet, remember to select smart chain

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  • On the upper menu select Exchange, then click on Pool and then"Add Liquidity" button

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  • In this case i'm going to add the pair BAKE/BNB. You need to add it in the same proportion. Click the "supply" button, you need to approve on metamask and pay a fee. I paid 0.00384778 BNB ($0.20).  This step will give us BAKE/BNB LP tokens.

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How to farm BAKE

  • In the upper menu select "Earning" then "Earn Bake"

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  • In this case we are going to stake the BLP tokens on the "Doughnut" farm. Select it and then click or press "Approve BAKE BNB BLP". Approve on metamask and pay the fee 0.000664965 BNB ($0.04)

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  • Press the add button, a dialog will appear press "max" and confirm. Approve on metamask you need to pay a fee... 0.00208344 BNB ($0.11)

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  • Now we are earning BAKE

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How to stake BAKE

  • You can compound once again your profit staking your bake on the same "Earn Bake" section. This time select the "Bread" farm

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  • We are going to stake the BAKE tokens on the "Bread" farm. Select it and then click or press "Approve BAKE". Approve on metamask and pay the fee 0.00088764 BNB ($0.04)

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  • Press the add button, a dialog will appear press "max" and confirm. Approve on metamask you need to pay a fee... 0.002143845 BNB ($0.12)

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  • That's it we are earning more BREAD by Staking bread.

In this tutorial we have done the following:

  • Added liquidity and benefit from the fees of that pool.
  • Staked our LP tokens in order to harvest BAKE
  • Staked our BAKE in order to get more BAKE

I like Binance Smart Chain because it's cheap and fast. Obviously it's new and it's not saturated let's see how it far it goes. I think if you want to experiment Defi without having to pay some high fees it's great.

Right now the price of BAKE is:

BakerySwap is similar to PancakeSwap it has less options or pools but the total supply of cake is limited. There are only 144,606,918 BAKE and CAKE is infinite. It's still very cheap.

As always have a good one!

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diegoz
diegoz

i'm into crypto because i like the concept of free money


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