E&S: BAKE, DeFi AMM and NFTs Marketplace

E&S: BAKE, DeFi AMM and NFTs Marketplace


Hey Publish0x community! Welcome back in this new article of my “Easy & Short Cryptocurrencies Made Accessible” area.

In this article we talk about more features of BakerySwap!

In the last E&S article I introduced you Bakery (BAKE) and I said that is a DeFi protocol that allows transactions without the need for an order book. It is a decentralized cryptocurrency exchange (DEX) that uses an automated market maker (AMM). It runs on Binance Smart Chain and provides powerful functions for Binance. The exchange facilitates transactions through BEP2 and BEP20 tokens. These tokens support Ethereum's ERC-20 token standard.

Today we will see more specifically 3 things:

  • BakerySwap token features.
  • How to use BakerySwap.
  • NFT Marketplace.

So, let's start discovering some benefits of this interesting project!

BakerySwap token features

  • Very cheap transaction charges on the network. Users are being charged with 0.30% fees.
  • BakerySwap project is a BSC (Binance Smart Chain-Based) AMM project. Though, it provides LPs (liquidity pools) for altcoins like DOT, LINK, and others.
  • It runs with two LPs. One uses BAKE rewards, and one does not use them. This is to help the BakerySwap community strengthen the creation of new LPs.
  • LP providers receive LP tokens based on their share in each pool. Using these shared tokens, they are eligible to earn a certain percentage of the fees charged when liquidity is removed from the pool. LP providers can decide to pledge BAKE LP tokens to obtain BAKE token rewards.
  • It is built on the Binance Smart Chain (BSC). The BAKE-BNB pool with this feature is supposed to give out rewards 10 times more than other pools.

Now you'll probably say: Well Mike, that's all very nice and interesting, but how can I use BakerySwap to take advantage of all the benefits it offers? Don’t worry, let’s check how to use it!

How to use BakerySwap

Using BakerySwap is very easy, thanks also to its graphics that make everything simple and intuitive. Let’s see how to use it in a few steps.

First of all, you have to visit BakerySwap

Then click on “Connect wallet” and select a wallet from the menu (I personally use MetaMask).

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After that your wallet is connected and you can see that on the top right corner.

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After funded your wallet with some BNB tokens you can start to swap tokens or add liquidity from the left menu.

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Then pick the coin pair you want from the drop-down menu and enter the amount you want to stake.

The next thing you can do is to stake your BLP tokens. Go to “Earning” from the left menu and select “Earn Bake”. Choose the pool that reflect your BLP token and click on “Select”.

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BakerySwap can be compared with two others similar platform. I’m talking about PancakeSwap and Uniswap. I have already done some reviews about these projects; I leave the links to the articles below.

PancakeSwap Review: https://www.publish0x.com/easyshort-cryptocurrencies-made-accessible/e-and-s-cake-the-moon-is-made-of-pancakes-xknpzjj

Uniswap Review: https://www.publish0x.com/easyshort-cryptocurrencies-made-accessible/e-and-s-uni-decentralized-trading-protocol-xomdkxv

NFTs Marketplace

BakerySwap NFT supermarket is not only a unique product of DEX, it also provides users with a series of exciting NFTs from some of the top emerging artists in the field. Please note that some of these categories are only available for a limited time, which makes NFTs even rarer. Users can find a wide range of digital art works, and there are many works with the BakerySwap donut logo. Cats and dogs are also popular subjects, and there are also many unique and interesting abstract works.

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With just a few clicks, you can use MetaMask to buy NFTs on BakerySwap. All NFTs are purchased using BAKE tokens or BUSD, so if you are interested in BakerySwap NFT, you need some of them in your wallet.

Anyone interested in participating in the DeFi field should spend time researching the use of BakerySwap, because surely it will only improve in the next few months.

Next week I’ll introduce you a new cryptocurrency!

So, be sure to follow my profile for receive the notification of my next articles on Publish0x!

If you have any cryptos you'd like to see analyzed and summarized let me know in a comment!

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MikeZillo
MikeZillo Verified Member

Daily Trader, Mining Farm Project Manager, Blockchain consultant, Cryptocurrency evangelist. You can find more videos here https://www.youtube.com/channel/UCvyXx6I1C__zmLAYUXNZwQQ? Telegram: @mikezillo


Easy&Short. Cryptocurrencies made accessible
Easy&Short. Cryptocurrencies made accessible

In this section, we are going to create two article per each cryptocurrency/token. The first one will be technical, with a simplification of the Whitepaper and the second one will be about particulars of the coin. For example staking yields, particular functions and so on! I am sure you will like this very much!

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