What is BakerySwap?
BakerySwap is a versatile DeFi platform based on the Binance Smart Chain (BSC) blockchain.
BakerySwap uses the automatic market maker (AMM) model. The protocol has an in-house token, BAKE.
The protocol supports a range of popular crypto wallets, including MetaMask, Binance Chain Wallet, Trust, Rainbow and others.
Initially, the developers BakerySwap planned to make a faster and cheaper version of the Uniswap decentralized exchange (DEX).
In Uniswap, they saw several major disadvantages, such as incredibly high transaction costs. While Uniswap is most often acceptable for large investors, it is less so for users who are new to the crypto space. For instance, a payment for registration or transfer of an NFT (non-fungible token) could be more expensive than the cost of the artwork itself, which discourages users and causes stagnation in the NFT community.
In order to solve these problems, BakerySwap was launched on Binance Smart Chain, the transaction cost on which are much lower, just fractions of $1. The base currency was Binance Coin (BNB), which can be instantly exchanged for any of the 50 tokens supported by BakerySwap.
The exchange attracts traders by offering a very low trading fee of 0.3% on each transaction. Fees charged by the Binance Smart Chain network for conducting a transaction could vary in the range of a few cents.
The BakerySwap development team has outlined the following goals for the near future:
- Open separate large sections for professional videos, music and GIF images.
- Launch an NFT aggregator.
- Open a DeFi exchange for derivative trading.
BakerySwap’s native token BAKE was created under the BEP-20 standard. BAKE is used to reward investors, receive interest from fees and vote for protocol settings.
- Circulating supply: 193,529,487.38 BAKE;
- Market capitalization: $448,207,217.
After the token was created, it did not show dynamics for almost six months, but in May 2021, the price unexpectedly soared to $8. Experts attributed that growth to the pre-opening of the Bakery Gallery where famous artists could exhibit their works for sale and receive BAKE assets.
BAKE main features:
- no presale;
- the developers reserved only one percent of the total number of coins.
The BakerySwap protocol was registered and published on the Binance Smart Chain blockchain.
The protocol BakerySwap launched its own token BAKE to reward its users.
- The BAKE/BUSD trading pair appeared on Binance.
- BAKE was listed on MXC Exchange.
- BakerySwap (BAKE) was listed on CoinBene.
- The BAKE/USDT pair appeared on BakerySwap.
- The protocol BakerySwap was ranked among the top 10 best liquidity protocols.
- A new BakerySwap record of 200,000 NFT transactions was set.
- BakerySwap launched Crypto Doggies on its platform.
- BakerySwap rolled out the Bakery Gallery, which offered possibilities for users to trade and popularize their NFT.
An official store with goods from the protocol BakerySwap was launched.
- BakerySwap (BAKE) was a leader in the Crypto Social Rankings.
- BakerySwap (BAKE) was the most held coin on Binance Smart Chain.
BakerySwap announced its collaboration with DogemonGoApp.