BAKE holders can use their tokens for governance voting and to receive transaction fee dividends.
What is BakerySwap?
- BakerySwap is a decentralized automated market-making (AMM) protocol that is based on the Binance Smart Chain (BSC). The BAKE token is a native BEP-20 governance token on the platform
- The BakerySwap ecosystem rewards liquidity providers with BAKE tokens that can in turn be used to earn a share of BakerSwap’s trading fees and participate in voting as part of BakerSwap’s governance process.
- The BakeryToken network is secured through the use of real-time security monitors and intelligence systems. It has on-chain monitoring and passes many security checks.
- Not only liquidity pool and exchange, but a crypto token launchpad is also offered on BakerySwap which is beneficial for investors because of its ability to launch ERC-20 and BEP-20 based tokens, as well as NFTs projects.
|Total Token Supply||289,770,791|
|Current Circulating Supply||See Coinmarketcap|
|Market Capitalisation||See Coinmarketcap|
|Token Creation Date||September 2020|
|Can it be mined?||No|
Who is behind BakerySwap?
The team behind BakeryToken is an anonymous group of developers who believe in the future of decentralized autonomous organizations (DAOs).
These developers earn 1% of all BAKE tokens being minted or ‘farmed’ to users.
What is the purpose of BakerySwap?
BakerySwap aims to be a faster, cheaper, and tastier version of Uniswap. Liquidity providers will be rewarded with BAKE tokens from which they can earn a share of BakerySwap’s trading fees and use for voting as part of BakerySwap’s governance.
- BakerySwap offers liquidity pools for altcoins such as LINK, DOT, and BNB, which in turn reward Liquidity Providers in either BAKE tokens or the native cryptocurrency.
- BakerySwap charges a 0.30% fee on all swaps and trades, out of which 0.25% goes to liquidity providers as an incentive.
- Holding BAKE enables participation in coveted initial DEX offerings (IDOs) for both ERC-20 and BEP-20 tokens, as well as new NFT projects. Some IDOs have been so successful that they have been fully subscribed in under two seconds.
- BakerySwap also offers an NFT Supermarket – unique for a Decentralized Exchange (DEX) – that allows users access to an exciting array of NFTs from some of the top emerging artists in the space.
- BakerySwap may face strong competition from other decentralized applications (Dapps) that offer similar services and features, as well as the other DEXs that are looking to enter the DeFi and NFT and gaming sector.
- Although BakerySwap has an ETH 2.0 cross-chain bridge, it is still heavily restricted to the Binance Smart Chain.
- The fact that BakerySwap was founded by an anonymous group might be considered a threat to users and token holders.
News and Updates:
- In late September of 2020, BakeySwap launched their Bakery Combo. In this feature, users can use their BAKE to compose a random combo meal, which is a unique NFT.
- On January 6, 2021, both BakerySwap and Binance launched an ETH 2.0 cross-chain bridge called ‘BETH.’ The project began to offer this service shortly after Phase 0 of ETH 2.0 began on December 1, 2020, for users who are unable to obtain the necessary 32 ETH required to become a Validator.
Community & Whitepaper Links:
*As cryptocurrency and digital tokens involve high risks, investors may lose all their investment money and should study information carefully, making investments according to their own risk profile.
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