What is cryptocurrency BakerySwap (BAKE) and how does it work?

What is BakerySwap (BAKE)?

BakerySwap is the first AMM and DEX with an open-source and decentralized structure based on blockchain technology. It combines NFT features with tools available on DeFi platforms to enable users to swap tokens easily and promptly.

Unlike some other DEX platforms, BakerySwap doesn’t integrate order books into the system, so the platform enables exchanging and swapping tokens against liquidity pools instead of between sellers and buyers. In essence, BakerySwap is hosted on the Binance Smart Chain as a decentralized application with a specific utility. BakerySwap also hosts a launchpad and an NFT marketplace where users can easily buy and sell non-fungible tokens. 

BAKE is the platform’s BEP-20 governance token, which means it’s supported by BSC. BAKE is used in the reward system to incentivize liquidity providers and is the main payment method on the protocol for buying NFTs.

How Does BakerySwap Work?

BakerySwap can be compared with Uniswap, another well-known protocol for token swaps. While Uniswap is hosted on the Ethereum blockchain, BakerySwap works as a decentralized application for AMM and DEX operations on the Binance Smart Chain.

BakerySwap removes the middleman from the equation of swapping and instead uses an AMM model where users can exchange their tokens through smart contracts. Since there are no order books in the system, there are no third-party interferences. The liquidity pools are an integral part of the system as users can swap and exchange tokens based on the provided liquidity. Liquidity pools are supported by network participants on the BakerySwap platform.

Users who are liquidity providers can deposit their token balances into appropriate liquidity pools to support the DEX and AMM system in exchange for rewards. Traders who swap their tokens have to pay trading fees and these fees are distributed to liquidity providers to incentivize participation.

BakerySwap has an array of financial services, which includes token swaps and exchanges, farming, liquidity pools, wallet integration, launchpad, and liquidity addition.

Who Are the Founders of BakerySwap? (History of BakerySwap)

BakerySwap was founded in 2020, representing a relatively new project, and was created as a fork of Uniswap, like SushiSwap before it. The project was created and developed by a team of anonymous developers who see a bright future in the decentralized autonomous organization model.

The BakerySwap team, aside from enjoying anonymity, is also against initial coin offerings, token pre-sales, and reservations of tokens for the dev team. That is why the team has no share in the existing total supply of BAKE. The team receives 1% of all BAKE tokens that are farmed within the farming feature. Based on that, the dev team receives 1 BAKE token for every 100 BAKE tokens farmed.

What Makes BakerySwap Unique?

Perhaps “unique” wouldn’t go well with the word “fork” in the world of blockchain, but BakerySwap makes a unique addition to the DeFi market thanks to its features. BakerySwap creates a synthesis of some of the most popular services and features in decentralized finance, which makes it a unique project.

Another element that makes BakerySwap innovative is the combination of the AMM and DEX models. Users can swap tokens with smart contracts instead of using order books, which is how the swapping process is further decentralized without a middleman. BakerySwap is the first project of its kind to be hosted on the Binance Smart Chain, and also one of only a few DeFi projects that offer liquidity pools for altcoins.

What Gives BakerySwap Value?

BakerySwap draws its value from its utility, technical capacity, technology, and mainstream use. The rate of usage can be determined based on the number of active users on the platform as well as trading volumes that show buying and selling activity.

The market price of BAKE often doesn’t match its intrinsic value, which is determined based on the technology used for the project, the activity of the dev team, technical capacity, and use cases. The cryptocurrency market is more volatile than traditional financial markets, which is why the price of BAKE can change radically from one moment to the next. The value of BakerySwap is also affected by positive news and events like partnerships, mergers, updates and upgrades, general roadmap developments, and other important occasions.

How Many BakerySwap (BAKE) Coins Are There in Circulation?

There are currently BAKE in circulation out of a total of BAKE. BakerySwap, like Bitcoin and many other cryptos, has a limited total supply of BAKE tokens. The finite total supply acts as an anti-inflation mechanism and means that BAKE could be a good store of value in the long term.

Tokens are released according to a tapering emission schedule over a period of about 24 years. As BAKE is a governance token, its holders could potentially vote to alter the release schedule. The number of BAKE coins in circulation multiplied by the live price of BakerySwap equals the market cap. The market cap determines the rank of BAKE in comparison with its crypto peers and also defines its market share.

Other Technical Data 

BakerySwap has numerous features that match some of the most popular services in the DeFi sector. These features include DEX, AMM, NFT marketplace, farming, staking BAKE for NFTs, liquidity pools and liquidity addition, and wallet integration. Aside from the BAKE token, the network also has Bakery liquidity provider tokens which are specifically used for rewarding liquidity providers. BLP tokens can then be staked or exchanged for BAKE.

Users can exchange altcoins, BEP-20 tokens, BNB, and more through the use of liquidity pools that are hosted on BSC smart contracts. Farming is performed through staking BAKE to earn more BAKE tokens. Users can store BAKE and BLP in liquidity pools to create more liquidity for DEX operations, while the two types of liquidity pools differ in rewards.

BakerySwap BAKE

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Bitcoin BTC

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Ethereum ETH

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XRP XRP

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How is the BakerySwap Network Secured?

The BakerySwap network is a decentralized application hosted on the Binance Smart Chain, which means that the protocol is secured through the consensus mechanism that BSC uses. Binance Smart Chain makes a great solution for DeFi projects thanks to the clever use of Proof of Staked Authority.

PoSA is a protocol that can be used in blockchain-based infrastructures for increased efficiency and fast execution of operations, much like Proof of Stake. However, instead of staking monetary value, PoSA, also known as PoA, uses the validator’s identity as a stake. 

How to Use BakerySwap?

BakerySwap can be used for exchanging and swapping tokens, while the protocol represents a combination of DEX and AMM markets with the NFT supermarket. Users can exchange their tokens promptly, with low fees and fast execution. All swaps are performed through liquidity pools.

Users can stake BAKE to earn rewards, use it to buy NFTs, and earn BLP for their participation in farming. Users can also use BakerySwap to provide liquidity to pools and earn incentives based on their token shares.

How to Choose a BakerySwap Wallet?

If you want to use the BakerySwap platform you will need to connect a wallet and the ones it supports are Binance Chain Wallet, MetaMask, and WalletConnect.

If you just want to store BAKE you will need a wallet that supports BEP-20 tokens and the type you choose will likely depend on what you want to use it for and how much you need to store.

Hardware wallets or cold wallets like Ledger or Trezor provide the most secure option for storing cryptocurrencies with offline storage and backup. However, they can require more technical knowledge and are a more expensive option. As such, they may be better suited to storing larger amounts of BAKE for more experienced users.

Software wallets provide another option and are free and easy to use. They are available to download as smartphone or desktop apps and can be custodial or non-custodial. With custodial wallets, the private keys are managed and backed up on your behalf by the service provider. Non-custodial wallets make use of secure elements on your device to store the private keys. While convenient, they are seen as less secure than hardware wallets and may be better suited to smaller amounts of BAKE or more novice users.

Online wallets or web wallets are also free and easy to use, and accessible from multiple devices using a web browser. They are, however, considered hot wallets and can be less secure than hardware or software alternatives. As you are likely trusting the platform to manage your BAKE, you should select a reputable service with a track record in security and custody. As such, they are most suited for holding smaller amounts of cryptocurrencies or for those making more frequent trades.

Kriptomat offers a secure storage solution, allowing you to both store and trade your BAKE tokens without hassle. Storing your BAKE with Kriptomat provides you with enterprise-grade security and user-friendly functionality.

Buying and selling BAKE, or trading it for any other cryptocurrency, is done in mere moments when you choose our secure platform as your storage solution.

BakerySwap Staking

As already established, the BakerySwap platform is on BSC and so secured by Proof of Staked Authority. Both BAKE and BLP can be staked on BakerySwap in order to earn rewards in BAKE.

Conclusion

BakerySwap taps into the potential and the rising popularity of NFTs and the DeFi sector. As NFTs and DeFi services become more widely used, BakerySwap could become an integral part of the DeFi market with valuable features that are relevant to the sector.

BakerySwap adopts the AMM model and operates as a DEX, enabling users to exchange a great number of BEP-20 tokens, BNB, and altcoins at low fees and instant execution without any middlemen. As BakerySwap also hosts the NFT supermarket, users can buy non-fungible tokens, which are also experiencing wider adoption.

Join the crypto revolution and start your BakerySwap journey today!

BakerySwap FAQ

Is BakerySwap a valuable investment?

BakerySwap could make a valuable investment for investors who believe in the potential of decentralized finance and non-fungible tokens. BakerySwap taps into the potential of NFTs and DeFi, so it may follow the overall expansion of these sectors.

How can I earn BAKE tokens?

You can earn BAKE and BLP tokens by staking, adding liquidity to pools, and farming. You can spend or store your BAKE tokens, or sell them on a crypto exchange that supports BAKE trading, such as Kriptomat. 

How to buy BakerySwap?

Buying BAKE is as easy as visiting Kriptomat’s how to buy BakerySwap page and choosing your preferred method of payment.

How to sell BakerySwap?

If you already own BAKE and hold it in a Kriptomat exchange wallet, you can easily sell it by navigating the interface and choosing your desired payment option.

BakerySwap Price?

BakerySwap price is subject to frequent changes and is in constant flux due to the volatility in the cryptocurrency market. BAKE price can change dramatically within a short period to match the volatility and respond to the effects of various factors that may influence the market price of BakerySwap.

As well as traditional factors such as market sentiment, the flow of assets on exchanges, and the economy in general, the price of BAKE can also be affected by demand for staking rewards and the number of BakerySwap users.

The current BakerySwap price is EUR.

The 24-hour trading volume of BAKE is EUR. BAKE is currently ranked of all cryptocurrencies by total market cap, with a market cap of EUR. It has a circulating supply of and a max supply of .

Register now to begin your journey into the world of BakerySwap and cryptocurrencies with with Kriptomat!

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