Sirwin
Sirwin

E&S Token Review: BakerySwap (BAKE)


Hello Publish0x community and welcome back in this new article of my “Easy & Short Cryptocurrencies Made Accessible” area.

With this article we are going to introduce the 21st cryptocurrency of this section with the 44th “E&S” article.

Today we will talk about: BakerySwap (BAKE)!

Last 2 articles we talked about another project that work with Binance Smart Chain (BSC). I’m referring to PancakeSwap. If you missed last 2 articles you can recover them below.

If last time we started the day with some yummy maple syrup pancakes, let's get ready to have a nice lunch today with a nice sandwich and cookies for dessert! So, let’s start!

What is BakerySwap?

BakerySwap 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.

It was founded by an anonymous team in September 2020. Like other food-themed projects in the DeFi space, this exchange rewards users with tokens when they provide liquidity.

In addition to yield farming and swaps, BakerySwap is somewhat unique in supporting NFTs too. Currently BakerySwap is one of the top DEXs on Binance Smart Chain, although as more and more AMMs choose BSC to reduce costs and faster transactions, it is facing increasingly fierce competition. One factor in the popularity of BakerySwap is that it is the first NFT DeFi platform created on BSC.

Bakery

I’ve already talked about NFTs in a few articles on Publish0x and I’ve also done a video on my YouTube channel.

That’s the link to the video:

An exchange like BakerySwap makes it easier for users to profit financially by providing liquidity into any desired pool. In return, they will be rewarded some Liquidity Pool tokens, which they can stake back into the pool and will be incentivized with some NFT tokens. Since the exchange has tokens that are in the form of real-world baked foods, users can mint any desired “combo meal,” which they can use to earn more BAKE tokens.

The BAKE Token

BAKE Token is the reference token of the BakerySwap protocol. It is a BEP-20 token. In short, we are looking at the same relationship as CAKE and PancakeSwap (LINK ART CAKE) or UNI and UniSwap (LINK ART UNI). It is primarily the protocol's governance and reward token, with which liquidity providers and participants in the operation of the exchange are paid. But, and this is the most interesting news, BAKE also serves for much more.

The total supply is around 277 million tokens, of which more than 50% are already in circulation. This means that, also in the medium and long term, the token should be safe from important inflationary maneuvers. You earn BAKE when you stake your liquidity pool tokens. Also, you can buy the token from crypto exchanges like Binance, Gate.io, PancakeSwap, OpenOcean etc.

The BakerySwap team gets 1 BAKE token for every 100 BAKE tokens planted on the platform. This is why the platform pays some of the highest returns in DEX or AMM to its liquidity providers. BAKE tokens are not pre-sold or pre-mined. The team focuses on distributing all BAKE tokens in a fair and equal manner.

The BAKE token can be used to bid on auctions, but also as a system of “Like”, in the manner of Facebook. With 1 BAKE we can report those projects that we believe to be more valid, which will then be placed in a consistent order and cared for on the official website of the project.

After briefly introducing what BakerySwap is and what is the BAKE token, I invite you to follow me so you don't miss the second part of the article that will be released next Sunday.

We'll go more specifically into BakerySwap benefits, how to farm and others features of this project!

How do you rate this article?

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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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