BakerySwap BAKEPrice $ 0.00642

The BakerySwap DeFi protocol operates on the Binance Smart Chain and functions as a decentralized exchange (DEX) that uses an automated market maker (AMM) model. The core product is the BakerySwap exchange, however, the platform also hosts an NFT marketplace, as well as distinctive ways for which to earn.

In essence, the platform functions as a hybrid all-in-one platform offering yield farming and staking opportunities, a launchpad, and NFT opportunities. It is one of the first AMMs to be built on the Binance Smart Chain and seeks to leverage the network's lower fees and faster transaction speed than alternative Blockchains such as Ethereum. BAKE is the platform’s native currency that can be used across these various services offered by BakerySwap.

What are BakerySwap’s key features and how does it work?

BakerySwap works in a similar manner to other AMMs, for example, UniSwap which is operating on Ethereum. AMMs leverage smart contract technology in order to facilitate token swaps without the need for a middleman. Essentially, traders trade against a liquidity pool without the use of order books. All token pairs on BakerySwap use Binance’s native BNB as a base asset.

BakerySwap’s pools work by users providing liquidity to any of the various BakerySwap liquidity pools. As previously mentioned the platform offers multiple ways to earn, and providing liquidity is one of them. Liquidity providers will earn trading fees in the form of BakerySwap liquidity pool (BLP) tokens. BLPs are distributed proportionally to the amount of liquidity provided. 

BLP can then be staked to further increase potential rewards, in the form of BAKE, or converted into the same token the original liquidity was supplied in. The ROI also depends on which liquidity pool has been deposited into. Each liquidity pool has a different token pairing, for example, in the Bread liquidity pool users can stake BAKE in order to earn more BAKE, and in Doughnut users can stake BAKE-BNB BLP in order to earn BAKE.

Users can also stake BAKE in order to earn NFTs. Any NFT earnt can then be sold on BakerySwap’s NFT supermarket. The NFT Supermarket offers a diverse collection of NFTs that can be traded, bought, or sold. To support the NFT Supermarket, the platform also features an NFT gallery called Bakery Gallery. Bakery Gallery features a curated list of NFTs and feature artists. NFTs can be bought with BAKE.

What makes BakerySwap noteworthy?

In addition to the services mentioned above, BakerySwap has also developed its own crypto launchpad which allows projects to host IDOs on the platform. Anyone can take part in an IDO hosted on the platform by holding a certain amount of BAKE. It is worth noting, however, that launchpad tokens themselves can be purchased using Binance Stablecoin (BUSD).

Where can you buy BAKE?

BAKE is available to buy from the CEXs and DEXs as listed here. Some of the popular options include Binance, KuCoin, and Gate.io. The price of BAKE varies depending on the exchange and current market interest. For further BAKE price data please refer to the price charts on this page.