BakerySwap - The First NFTfi Platform on BSC

BakerySwap has attracted the attention of crypto enthusiasts due to its convenient NFTs and Automated Market Maker combination, which traders prefer. In this article, Market247.io will go over key points about BakerySwap.

What is BakerySwap?

BakerySwap was the first decentralized automated market maker protocol that was built on the Binance exchange. It enables trading in Defi and NFT tokens and is completely decentralized. As the very first cryptocurrency project ever undertaken by Binance, it was introduced in 2020 and provides investors with liquidity, non-fungible tokens, and launch pads. All BakerySwap NFTs revolve around food in some way.

The artworks, collectables, and game assets may all be found on the BakerySwap NFT portal. This marketplace also allows users to purchase their own NFT pets for their collection. The core concept behind this platform is to combine cryptocurrency ventures with ventures centered on the culinary arts, as the name BakerySwap alludes to. BakerySwap's native token, BAKE, can be utilized in order to complete the transactions.

BakerySwap Fees

The cost of minting NFTs on the BakerySwap NFT Marketplace is 0.1 BNB per NFT. In addition to that, a petrol fee will be applied to each transaction. The bitcoin trading platform offered by BakerySwap levies a fee of 0.30% per transaction.

BakerySwap Token

BAKE is the name of the native token, and it is tied to the platform. BAKE also functions as the governance token for the network. The BAKE token is the native governance token for the BEP-20 platform. By providing liquidity on BakerySwap, users have the opportunity to earn BAKE tokens. Token holders of BAKE have the ability to participate in governance votes and get transaction fee dividends using their token holdings. BAKE tokens can be obtained through the use of a variety of cryptocurrency exchanges, such as Binance and PancakeSwap.

Details Information About BakerySwap

bakeryswap token

Token name: BakerySwap
Ticker: BAKE
Total Supply: 277,237,400
Circulating Supply: 192,464,035

BakerySwap Token Use Cases

Here are some utilities of BakerySwap.

BakerySwap Staking

Staking in BakerySwap and yield farming are both beneficial activities for traders. An individual user has the ability to provide liquidity to the pool and benefit from trading incentives.

You have the ability to move your Liquidity Provider (LP) tokens and keep them locked up in a pool that rewards you in BAKE. This is one of the reasons why BakerySwap has a fair probability of generating a profit. These tokens can be stacked and unstacked at any time; there is no holding period associated with them.

In addition, you can profit by staking your BAKE in more liquid groups by using staked BAKE, such as WEAPON, BRY, and SHIELD.

Binance Staking provides traders with a one-click staking service and distributes 100% of on-chain staking money to customers. If you want to join in ETH 2.0 but believe the 32 ETH requirement is too expensive or the staking duration has been extended, Binance Staking may be able to help.

NFT Combos

By utilizing combination features, BAKE has developed a specialized version of the NFT concept. Because BakerySwap is a cryptocurrency based on baking, you can combine a number of different NFT artefacts to produce a unique piece of artwork.

To produce a one-of-a-kind combination, you will have to spend BAKE tokens. The greater the quantity, the better. Typically, investors can choose from one of four distinct forms of NFTs.

When you've finished developing a one-of-a-kind NFT, you can put it to use as a farming tool in cryptocurrency games. These non-fungible tokens can be stacked, and they can be broken down into BAKE tokens. This differentiates BakerySwap from its competitors in the industry. At any time, you are free to deposit funds or trade tokens.

On the BakerySwap NFT Marketplace, it is possible to mint NFT combos using your NFT balance. There are four distinct tiers of NFT combinations, each of which requires a bigger quantity of BAKE tokens than the one that came before it.

BakerySwap

The Gamification of Cryptocurrency

The concept of crypto gamification is a more recent one that was only brought to light after the metaverse and the actual world melded together. By incorporating a variety of DeFi games within the platform, BakerySwap has brought the feature to a more advanced level than it previously existed.

If you are a user of BakerySwap, you will receive BAKE tokens for each victory you achieve in a variety of games or in the form of NFTs for farming. Food products such as croissants, doughnuts, bread, rolls, and many other types of bakery goods are used in the construction of the artifacts.

BakerySwap incorporates all of the characteristics that are necessary for a DeFi protocol to function properly. Users are able to generate income with cryptocurrencies thanks to the decentralized exchange and liquidity pool offered by it. Additionally, the launchpad offers assistance to DeFi projects in the process of fundraising.

BakerySwap extends an invitation to creators and innovators working in the entertainment and art industries to tokenize their assets and participate in the trade offered by BakerySwap.

How to buy NFT on BakerySwap?

Visit http://www.bakeryswap.org/
Ascertain that you are connected to the BNB Chain network.
Click 'NFT SUPERMARKET' on the BakerySwap website. A BakerySwap Combo is shown below.
Check your BAKE balance to ensure you have enough for the Combo you want to buy.
Your Combo NFT is transferred to your custody once the transaction is approved.
When farming with your Combo, you can test its staking power.
In 'My Combos,' you will see your earned BAKE and Staking Power.
By clicking the 'Approve Food BLP' button, you can approve your NFT BLP for farming by selecting one of the Combos.

How To Use BakerySwap For Yield Farming?

If you're familiar with other decentralized exchanges like Uniswap or Pancake Swap, using BakerySwap for yield farming is a simple task.

Step 1: Connect Your Wallet to BakerySwap First.
Step 2: Add Liquidity to BakerySwap Pool
Step 3: Swap Tokens
Step 4: Select a Yield Farming Pool
Step 5: Verify Liquidity

BakerySwap Team

BakerySwap, unlike other DEX protocols (such as Uniswap), was founded by a group of anonymous developers. The developers receive 1% of all BAKE tokens awarded to users. With BAKE's maximum supply, this implies a total share of approximately 2.77 million BAKE, valued at approximately $17.6 million.

Conclusion

The rise of BakerySwap has also been linked to the overall flourishing of DeFi projects on the BSC. It is difficult to draw firm conclusions about BakerySwap's long-term growth in such a rapidly evolving ecosystem. We hope that this article has been informative for you when it comes to the BakerySwap project. Have you ever used BakerySwap? Please share your thoughts in the section below.

FAQs

Is BakerySwap free?

BakerySwap charges a 0.30% fee on all trades. Of this, 0.25% goes to users providing liquidity and the remainder goes to holders of BAKE tokens. Users can also stake BAKE tokens to earn more BAKE. They are free to contribute to any liquidity pool, most of which are “bakery” or “food” themed

Can we stake BAKE coin?

Well, you can farm it by staking BAKE or by providing liquidity to one of the pools, and then staking your liquidity pool tokens (BLP). For example, if you provide liquidity to the DOT-BNB pool, you'll receive DOT-BNB BLP tokens. You can then stake these BLP tokens to farm BAKE.

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BakerySwap - The First NFTfi Platform on BSC - Market247.io