Since the launch of UniSwap, there has been a surge in the decentralized finance industry, and one of the more interesting exchanges to emerge out of this is BakerySwap. BakerySwap allows users to trade goods and services without the need for a central authority. It was developed on the Binance Smart Chain in order to circumvent the problems that have been plaguing the Ethereum network. It provides users with a wide range of services, including trading, yield farming, and an NFT marketplace. This website will give you with an overview of the BakerySwap project as well as the information you need to get started with the initiative.
Headlines from BakerySwap.com
BakerySwap is a decentralized exchange (DEX) that follows the trend of food-themed exchanges with gamification features, such as ApeSwap, BurgerSwap, SushiSwap, and PancakeSwap. Specifically, BakerySwap is a continuation of the pattern begun by ApeSwap. Instead of operating on the Ethereum network, BakerySwap is founded on the Binance Smart Chain (BSC), which is designed to facilitate transactions for decentralized applications (DApps) and decentralized finance (DeFi) initiatives that are both quicker and cheaper.
Traditional exchanges employ order books to facilitate transactions, but decentralized exchanges rely on liquidity pools to achieve the same goal. Instead of trading against smart contracts, users engage in transactions on decentralized exchanges. BakerySwap uses an automated market maker model (AMM) that use algorithms to control these liquidity pools to carry out orders that users wish to execute. These liquidity pools are used to buy and sell digital assets.
BakerySwap was the first decentralized exchange (DeFi) platform on the BSC to provide a marketplace for non-fungible tokens (NFTs). This marketplace gave users the ability to manufacture and mint their own NFTs, which could then be exchanged for the native token of the exchange, known as BAKE, or utilized for yield farming. The identity of BakerySwap’s originator has never been revealed, despite the fact that the website first went up in September of 2020.
BakerySwap just just launched its very own retail store, where customers can purchase items such as clothing, accessories, and drinkware that are branded with the BakerySwap emblem.
Tokenomics
Due to the fact that a decentralized autonomous organization (DAO) owns and controls BakerySwap, there was neither a pre-sale nor a pre-farm during which tokens were reserved. Instead, the developers get a portion of the BAKE cryptocurrency based on a ratio of 100 to 1, which indicates that for every 100 BAKE that is mined, the developers get one BAKE. This is believed to be modest in comparison to other DeFi projects, and it enables a more equitable distribution of the token. [Citation needed]
Because of the incentives placed on liquidity providers by AMM model DEXs to bring in a large user base and more liquidity, one of the most significant issues that these exchanges face is rampant inflation. BakerySwap is working on a solution to this problem by “burning” BAKE tokens in order to reduce the total quantity of BAKE and raise the price of the token.
The market capitalization of BakerySwap (BAKE) has been highly volatile over the past year when it was first introduced, reaching a high point of $1.17 billion in May 2021. Visit either CoinGecko, CoinMarketCap, or BscScan to view the current market capitalization of BakerySwap as well as price data and graphs for a BAKE token denominated in USD.
How Business Is Done
On the BakerySwap website, there is a diverse selection of opportunities available for traders to accumulate capital.
The Trading Place
Users who are seeking for a straightforward way to trade between a variety of currencies can take advantage of the BakerySwap exchange. In this section, you will select the two currencies that you wish to trade (in this case, the coins USDT and XDITTO), as well as the quantity of a currency that you wish to trade from or to. The coin price prediction for the exchange is then displayed to you by BakerySwap, together with the slippage limit, the difference between the current market price and the anticipated price, and the fees associated with the transaction.
Provide Liquidity
Traders also have the opportunity to build their wealth by contributing liquidity to a pool and profiting from the fees associated with each transaction. In addition, liquidity providers (LPs) will receive special BakerySwap LP (BLP) tokens for each pair that they provide to a pool. These tokens can later be staked in order to generate further cash. There are two distinct kinds of pools: ones that award BAKE points, and others that do not. There are fewer BAKE pools since they require extremely particular pairs of BAKE and another coin. However, these pools provide traders with the potential to make more capital in comparison to other choices that do not involve BAKE by increasing the BAKE payouts. Take, for instance, the fact that the BAKE BNB-LP pool, often known as the Doughnut pool, applies a multiplier of ten to the stake rewards for BAKE.
BakerySwap Liquidity Pools
BakerySwap is well-known for its NFT trading services, which have given up-and-coming artists possibilities to earn wealth by minting their artwork. These opportunities have helped make BakerySwap a household name. The artist is responsible for providing information about the artwork, including the file type, artist name, and royalties, making the minting process quite straightforward. After that, it is in limbo as it waits for the vote to ratify and then finally approve it. Users have the option of purchasing non-fungible tokens (NFTs) from a variety of categories like “Musk & DOGE,” “BSC Artists,” and “KAKA One Piece” from either the v1 or the more up-to-date v2 marketplace.
BakerySwap is a New Food Trading Marketplace.
To make the marketplace function, users cast votes for artwork by staking BAKE in NFTs. This acts as a sort of promotion for the artwork and moves it up the main marketplace page. After then, the entire amount of BAKE that has been voted on is divided between the platform and the NFT owner.
There is also the Bakery Gallery, which is a place where only artwork from established artists is displayed. Users have the ability to navigate through the gallery by filtering for specific categories of NFT as well as individual artists. Users have the option of either buying at the price that is given on the artwork’s page or making a bid on the auction to acquire an NFT. The price of an NFT is displayed in BAKE on the page for the artwork.
The BakeySwap NFT marketplace also provides gamification NFTs like Weapons, Poker NFTs, and the Bark NFT for its customers to purchase. The’meme’ ecosystem was further developed with the release of the Bark NFT, which took place during an ILO (Initial Liquidity Offering) event on May 24, 2021 and had a launch date of the same month.
The launchpad is the location where any fresh listings are discovered. BakerySwap gives its users the opportunity to establish their own ERC-20 or BEP-20 based tokens by means of initial DEX offerings (IDOs), thereby increasing their chances of successfully raising funding. Users are needed to have BAKE tokens in their possession before they may participate. Examples of BakerySwap IDOs that have been released recently include the DEFI100, Crypto Doggy, WAR token, and Bakery Soccer Ball. Keep an eye out on the launchpad for information regarding the next IDO, which is very much like an IFO.
Combination Menus
Users were given the ability to make NFT “combo meals” during the introduction of BakerySwap. These NFT “combo meals” may then be staked for additional BAKE or traded for a profit. There are four different levels of combos: Basic (10,000 – 20,000 BAKE), Regular (20,000 – 50,000 BAKE), Luxury (50,000 – 100,000 BAKE), and Supreme (100,000+ BAKE). These levels correspond to the amount of BAKE that is initially provided as well as a random multiplier. Every tier possesses a unique amount of staking power, with Supreme combos possessing the greatest and Basic combos possessing the least. As soon as the game was released, the option to mint new combos was disabled. However, this resulted in fewer trades being carried out, so the developers reactivated the minting feature between the 20th of February and the 12th of March 2021 in order to boost their return on investment.
Ethereum 2.0
Users of BakerySwap are given the opportunity to take part in the ETH 2.0 launch that took place in December 2020 by using the cross-chain token BETH. BETH is a freshly wrapped coin that is pegged 1:1 to ETH. It was issued by Binance on the BSC blockchain. In order for traders to acquire BETH coins, they are required to initially stake ETH on the Binance exchange.
Commission
The platform deducts a fee equal to 0.3% of the value of each trade that takes place on BakerySwap from each and every transaction. The remainder of the fee is distributed to BAKE holders, who are individuals who own the native token. Liquidity providers receive 83% of the charge. When compared to other Ethereum-based DEXs, where gas fees are much higher, BakerySwap stands out as a viable option due to the cheap expenses involved with using the platform. Gas fees are a type of network tax that are used to cover the costs of crypto mining. Due to the congestion on the Ethereum network, gas fees tend to be extremely high.
Various Methods of Payment
Because BakerySwap does not permit the trading of fiat currencies, in order to engage in trading, you will first need to create a digital wallet. This is the location where you will keep any cryptocurrency that you have purchased. BakerySwap suggests that you make use of either Trust Wallet or MetaMask, and the company’s website features step-by-step instructions for connecting your wallet to the DEX. You are not need to create a profile in order to trade on the exchange; hence, after you have connected your wallet and determined whether or not you have an adequate amount of cryptocurrency, you can start trading.
Although there is not a specific BakerySwap app for trading on mobile devices available for either iOS or Android, the exchange can be accessed through the DApp store.
Cryptocurrency Exchange Provided by BakerySwap
Security
CertiK conducted an investigation into BakerySwap and determined that it possessed good governance and autonomy, an average level of safety, and an overall security score of 88 out of 100. On the CertiK website, which is also where one may find information such as the router address, the entire report is available to be viewed online. In addition, given that it is the digital wallet and not BakerySwap that stores your cryptocurrency, the possibility of hackers stealing your money in the event that BakerySwap’s website is compromised is eliminated. This does mean that BakerySwap is considered to be relatively secure; nonetheless, smart contracts are dangerous and there is always the possibility that a flaw can develop, therefore you should never deposit more money than you are willing to lose.
Assistance to Customers
There is no customer support offered on the BakerySwap website; consequently, if you are experiencing any issues or error messages such as “insufficient liquidity for this trade” or “wrong network,” you should get in touch with the BakerySwap team through their social media channels such as Twitter, Instagram, or Telegram or the contact email address listed on their website. BakerySwap does not provide customer support. You might also ask for assistance from the community on Reddit or Discord, or you could view instructional videos on YouTube. It is also highly recommended that you follow the BakerySwap Medium blog as well as LinkedIn to stay up to date on any breaking news.
Benefits
Trading on BakerySwap comes with a lot of advantages, including the following:
• An extensive selection of functionalities that facilitate financial gain for users
• Competitively low fees in comparison to those of other DEXs operating on the Ethereum network
• Contribute to the advancement of future DEFI projects by soliciting monetary contributions via its launchpad
• The NFT marketplace provides artists with the opportunity to sell a diverse selection of their artwork
• A system for the equitable distribution of coins, in the absence of any pre-sale or pre-mining activity
Drawbacks
• There is no dedicated customer service, so merchants must rely on social media networks for any assistance they require.
• The possibility of software malfunctions and faults, which may result in traders suffering financial losses that are not their own fault.
• At the present time, only a select few market pairings are available for participation in staking pools; however, it is anticipated that this number will grow in the near future.
BakerySwap Verdict
If you are a trader looking to capitalize on the volatile cryptocurrency market, BakerySwap is a fantastic alternative to consider. Because decentralized exchanges (DEXs) with automated multi-currency management (AMM) systems like BakerySwap are still relatively new in comparison to traditional trading and exchanges, traders should begin by trading smaller amounts in order to gain some experience and become familiar with the platform. When you reach the point where you feel comfortable making larger and riskier trades, there are many of ways to gain capital. However, it is important to remember to use caution and to never deposit more money than you are willing to lose.
FAQs
What does “Slippage” mean when it comes to BakerySwap?
The difference in exchange price that occurs between the time that a user places an order for a transaction and the time that the trade is actually carried out is referred to as slippage. Users should be less vulnerable to slippage as a result of the BSC’s ability to facilitate quick transactions. Users of BakerySwap have the ability to define a slippage tolerance, which serves as a hard limit on the amount of total slippage that can occur during a trade. In the event that the slippage during a trade is greater than the tolerance, then the transaction will be instantly reversed.
Is Buying BakerySwap A Smart Financial Move?
You will need to come to your own conclusion regarding this matter by conducting independent study into the capabilities of the platform in question. Because BakerySwap does not include its own staking ROI calculator, you will need to calculate the APY on your own in order to determine whether or not a specific trade is worthwhile.
Is BakerySwap a free and open-source software?
On their website, BakerySwap does, in fact, provide a link to their Github repository. Clone scripts of BakerySwap have been crafted with this information.
What New Features Will Be Added to BakerySwap in the Near Future?
On their Medium blog, BakerySwap provides users with a roadmap that describes any upcoming events, including airdrops, new features, and the release dates for those features.
Who is in charge of BakerySwap’s operations?
Because BakerySwap is operated by an anonymous group, the identities of its CEO and founder are not known. Big Baker and Tommy are the only two members of the crew that have been identified through the BakerySwap Telegram channel.
Where Can I Find Information Regarding the Trading of BAKE Tokens?
On the Testnet network, the applications Etherscan and BscScan can be utilized to retrieve data pertaining to the BakerySwap native coin. This data includes the maximum supply, token address, factory contract address, and transaction history. BAKE is not included on yieldwatch at this time.
Countries That Are Allowed In
BakerySwap welcomes traders from most countries, including the United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, and Qatar, as well as Australia, Thailand, Canada, the United States of America, the United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, and most other nations.
BakerySwap’s Competitors and Alternatives
If you are interested in finding other brokers that are comparable to BakerySwap, we have produced a list of the top 5 brokers that are in a similar position as BakerySwap and have included it below. This list of other brokers that are similar to BakerySwap is arranged in order of similarity, and it only contains businesses that are willing to work with traders from your location.
1. BitMEX — BitMEX provides the highest level of market liquidity compared to any other cryptocurrency exchange. The fees of trading are kept minimal on this platform, as are the conditions for the minimum deposit.
2. Nexo — Nexo is a cryptocurrency platform that offers a variety of services based on blockchain technology. These services include trading, lending, borrowing, and payment cards.
3. Coinbase — If you want to buy bitcoin, sell cryptocurrency, and manage your cryptocurrency portfolio, Coinbase is the place to go.
4. Paxful – Paxful is a crypto trading exchange and digital wallet offering low fees and easy sign-up.
5. Kraken – Kraken is a top-rated cryptocurrency trading exchange offering the largest tokens and altcoins by market cap.
