Overview Bakery swap coin
Overview of the BakerySwap ecosystem
BakerySwap is a decentralized financial protocol built on Binance smart chains. It is the first DeFi exchange to provide both a non-fungible token (NFT) marketplace and an automated market maker (AMM) on BSC.
BakerySwap mainly has three services, the first is an automated market maker in which users can stake tokens, exchange coins and perform liquidity farming. The second is the IDO startup panel, which provides an initial coin offering from a select top company to provide early access to investors. The last is a non-fungible token (NFT) marketplace where participants or artists can mint or trade their artwork or NFT gamified items.
BakerySwap decentralized automated market making protocol provides good rewards to users. Binance Smart Chain is known for its high-speed data transfer and interoperability, along with its smart contract feature, enables services with comparatively lower transaction fees.
BakerySwap Automated Market Maker
The network uses constant product formulas to control the price between two assets. It is the same as the formulas used in the Uniswap platform. It actually maintains the balance between assets in reserve token platforms. There is no intermediary between the AMM trade and it takes place in an untrusted environment. Automated Market Maker runs on the Binance smart chain. AMM has no order book, instead it works on a pool of liquidity. The assets in the fund are provided by supporters and users of BakerySwap. Liquidity pools are crowdsourced cryptocurrencies or tokens locked in smart contracts.
There are two types of liquidity pools in BakerySwap with BAKE rewards and without BAKE rewards, in the case of BAKE rewards those who add liquidity will get a liquidity token in exchange based on their contribution. This LP token can be converted to original token. users can stake the BakeryToken cryptocurrency farm and users can buy or mint NFTs.
The BakerySwap website has a separate tab for the NFT marketplace. Users can browse top selling NFTs, artists and their art. Game assets and gamification are also available on the site. BakerySwap’s launchpad is where a user can access newly launched Binance smart chain projects. Bakeryswap allows the user to select NFT combos i.e. a group of audio-video images or art. Since BakerySwap is a Decentralized Exchange (DEX), it issues NFTs as an initial dex supply mechanism. The first IDO that happened at BakerySwap was Battle Pets. It is a blockchain based game that allows the user to breed, trade and battle with their NFT pets on BSC.
Bakery swap coin gallery
BakerySwap Gallery is an NFT issuance platform and aims to compete with high-quality Ethereum-based projects. Unlike the marketplace, which is open, the BakerySwap gallery is closed. It consists of three main things: the “upcoming drops” tab, which contains information about upcoming NFT drops, the main artist, which contains information and details about the artist and artwork. An artist can have more exposure in a Bakery Gallery manner.
Bakeryswap is partnering with Dogemongo, the first AR NFT game where players can earn DOGE coins. The first and largest marketplace on BSC is connected with many companies to improve business. BakerySwap has partnered with Levyathan, the first decentralized financial index on the Binance smart chain. They have also partnered with Alchemy Toys to improve and introduce new NFT services. Both DeFi platforms decided to combine their resources and technologies to provide users with the most transparent services that can create an efficient investment mechanism. They introduce and promote young new artists on the platform, engage the youth with NFT standalone retro video games.
BakeryToken ranked in the top ten in the Lunar crush social ranking. So far, the network has more than 14,000,000 transactions and 5 lakh mintages, increasing every day. Along with creating the best NFT projects and upgrading NFT to NFT 2.0, BakerySwap has tried to manage multi-coin payment, advanced filtering and searching, as well as creating its own collection.
What is BakeryToken and how does it work?
BakeryToken’s native cryptocurrency is called BAKE. This BEP-20 governance token allows the holder to make voting decisions. This is specific to Binance smart chains. BAKE Token Farming is a two-step process that provides liquidity to any of the pools to get back BLP Token, stake the resulting token to get BAKE Token. BakeryToken is released in September 2020.
On the BakerySwap website, you can see different types of food and snacks named under the earn BAKE tab, which includes waffles, donuts, rolls, lattes, croissants, etc. Each snack item specifies a different type of way to earn BAKE. It is organized with the theme, if you are hungry, take something to earn BAKING, which is a very special method and idea to attract users. If you pick bread, you can bet BAKE and get BAKE. If you pick waffles, you can bet BAKE-BUSD BLP and earn BAKE, each ROI case will be different.
All these features and services of the network are available on the BakerySwap website, but the user must connect a wallet to the website in order to use the services. Metamask Ethereum wallet easily supports BSC and Dapps. Users will be able to add liquidity to the pool by selecting tokens, for this they first need to add liquidity to the DEX and supply both tokens, then they can participate in a specific liquidity pool. Once liquidity is secured, the user can start trading BAKE. For example, if a user provides liquidity to the DOT-BNB fund, he will get DOT-BNB BLP tokens, the user can stake this BLP token to the BAKE farm.
Once the betting transaction is completed, the user can later check the number of BAKE earned. There is no prerequisite, pre-sale and team allocation for BAKE. The BakerySwap team will only get 1% of the total amount of BAKE grown. A transaction fee of 0.3% is applied to each trade, with 0.25% for the liquidity provider and the rest transferred to BakeToken and credited to users as rewards. Instead of farming, the user can also simply buy BAKE tokens. Bakery tokens are gradually released into pools based on reward multiplayer. They claim that the BAKE-BNB pool will get 10x more rewards compared to others.