What is BakerySwap? Things to know about DEX BakerySwap and BAKE token

Something about DEX BakerySwap

1. What is BakerySwap?

To help you better understand BakerySwap we will summarize in a few key points below.

Firstly, when I mention BakerySwap, I immediately think of an exchange DEX. Simply put, it is a place where we can swap tokens with each other without having to go through trading activities. In this respect, BakerySwap, PancakeSwap, or a host of other DEXs all operate similarly.
Second, BakerySwap is developed on the network BSC. This is one of the competitors to Ethereum. BSC owns the advantage of scalability and transaction fees, so this also supports many applications developed on it to attract users.
Third, according to DefiLlama, it is currently 56th in the list of top DEXs in the market. On the BSC network alone, it ranks 6th TVL at about $90 million.

Fourth, the fee (fee) at BakerySwap is 0.3% for all activities on the platform. This 0.3% includes 0.25% for liquidity providers and the remaining 0.05% will be used to buy back BAKE coin (the original coin of the BakerySwap project) from the market. This coin will then be distributed to BAKE holders.

2. Some features on DEX BakerySwap

In addition to the function of an exchange that helps swap between tokens, BakerySwap also has the following unique features. Specifically:

Earning: This is a feature where anyone user can provide liquidity to the protocol. Naturally, in return, they will receive rewards for those contributions. Profits will vary between types of liquidity providers on the protocol.
NFT Marketplace: A place to auction off both BakerySwap NFT artwork. Users can pay with BAKE or BUSD coins. This is one of the steps of BakerySwap to enter into NFT, a field that has been quite hot recently.
Bakery Gallery: It is similar to the above Marketplace. It gathers and creates a virtual art exhibition for talented artists around the world. Simply put, this will be a place to display and sell artworks from talented artists.
Launchpad: This is a launchpad for newly launched crypto projects. Through BakerySwap, projects can access an initial amount of users and finance to develop their projects in the form of IDO. You can understand it as a place where newly launched projects can reach, promote and sell tokens to users on BakerySwap. If you have ever used Binance Launchpad, you will understand this feature of BakerySwap.
Gamification: This is a platform that allows users to play blockchain games in the form of NFTs.

Token BAKE of the BakerySwap project

1. General information

Symbol: BAKE.
Total supply: 277,237,400 BAKE.
Contract: 0xe02df9e3e622debdd69fb838bb799e3f168902c5.
Net: Binance Smart Chain (BSC).
Token standard: BEP-20.
BAKE coin rate at the time of writing: 1.20 USD. (Prices were updated on December 26, 12).

2. BAKE Token Allocation

The entire total supply of BAKE is distributed to all existing liquidity pools on BakerySwap today. BAKE tokens will be gradually released into liquidity pools according to their respective reward coefficients (e.g. 1x, 3x,…). The initial release schedule is as follows:

For the first 30,000 BSC blocks (about 1 day): 400 BAKE per block.
From 30,001 – 900,000 BSC blocks (about 29 days): Reduce 300,000 BAKE per day, average 255 BAKE per block.
From 900,0001 BSC blocks until the supply runs out (about 11 months): 300,000 BAKE monthly decrease, average 73 BAKE per block.
Team: Will get a relatively low reward for the entire duration of the BAKE farm. That is equivalent to 1 BAKE for every 100 BAKE farmed.

Over the past 6 months, the average BAKE monthly reward is 2.25 million BAKE. However, from September 3, 9, the project adjusted BAKE monthly reward to 2021 million-7.5 million BAKE per month for the next 9 months, depending on the addition of new farm groups. This will then be halved every 9 months by adjusting the pool multipliers and creating a reserve pool for farming afterwards. This means that, after about 9 years of release, the total circulating supply will be 24M-270M. At the time of writing, the circulating supply on the network is around 300 million BAKE.

3. What is BAKE coin used for?

BAKE coin can be used in the following cases:

Generate proposals and vote in the community to create and apply protocol changes.
Use as one of the monetary means when doing NFT transactions on the system next to BUSD.
Use BAKE for staking and farming to get the reward (this is pretty familiar with most projects already).
Join other features on Gamification. In addition, in the future it can be used for other features (if any).
In addition, BAKE can be used to participate in staking to participate in IDO projects on Launchpad. This is the same as your participation in the IEO on Binance Launchpad would need to hold the BNB coin.

4. BAKE’s coin exchange and storage wallet

BAKE is a token on the BSC network. Therefore, users can use e-wallets that support this platform to store BAKE

Hot wallet: Users can choose from many different hot wallets. It includes wallets at exchanges like Binance, Huobi, etc. Or mobile wallets like Trust wallet or Dappradar,…
Cold wallet: Including hardware wallets like Ledger or Trezor, etc. In addition, users can also consider current paper wallets.

Users can own BAKE through buying/selling on different exchanges like Binance, Gate.io, etc.

Should invest in BAKE token and BakerySwap project?

In fact, in terms of TVL, BakerySwap is currently far behind its “countryman” PancakeSwap. If you are holding PancakeSwap’s CAKE token, holding more BAKE is probably not a great choice.

We can think of BakerySwap as a “fork” from PancakeSwap. Regarding TVL, it is true that BakerySwap is still quite far from PancakeSwap. However, with the current development rate of DeFi and NFT, it has fundamentally opened a new opportunity that, if BakerySwap knows how to take advantage, they can become a leader in this field. From a user perspective, we can still see this as an alternative to swap tokens when needed, besides PancakeSwap.

Another good thing is that so far, no significant issues have occurred with BakerySwap. The project itself has also gone through the BakerySwap smart contract reviewer before. However, depositing funds into a smart contract is always risky, as there can be errors that go unnoticed during testing. Therefore, users should also anticipate this problem.

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