BakerySwap is a protocol built on BNB Chain that offers rewards. It operates as a decentralized exchange (DEX) using the automated market maker (AMM) model.
What is BakerySwap?
BakerySwap is a decentralized exchange that uses the automated market maker (AMM) model that many people are familiar with from Uniswap. The exchange is one of the first projects to leverage BSC to build an AMM DEX. It is also among the few DeFi projects that offer altcoin liquidity pools on BNB Chain. With BakerySwap you have many options such as trading BEP-20 tokens, earning passive returns by staking BAKE, or creating custom NFT Combos.
Similar to other platforms using the AMM model, there is no order book to match buyers and sellers. Instead, users trade against a liquidity pool. Assets from all repositories are submitted by BakerySwap supporters and users.
Users who add liquidity to these pools in return receive liquidity provider (LP) tokens in proportion to their share in the pool. Users can redeem these LP tokens to the original tokens they offered. The amount they receive also depends on their share of the pool. They earn a share of transaction fees in exchange for offering liquidity.
What is BAKE Token?
BAKE token is the native cryptocurrency of BakerySwap exchange. To obtain these tokens on the platform, you can farm by staking BAKE or offer liquidity to one of the pools first and then stake your liquidity pool tokens (BLP).
For example, if you offer liquidity to the DOT-BNB pool, you will receive DOT-BNB BLP tokens. You can then use these BLP tokens to farm BAKE. If you prefer to buy BAKE from the open market rather than farm it, you can do that too.
How much is 1 BAKE Token?
The current price of BAKE token in dollars and TL is as follows:
BakerySwap (BAKE)
BakerySwap (BAKE)
BakerySwap Liquidity Pools
BAKE token stakers on BakerySwap can benefit from a bakery-themed menu. If you choose bread, you can stake BAKE to earn more BAKE. Instead, you can also stake the corresponding BLP tokens in bakery product pools such as Donut (Donat), Waffle, Rolls (Donut), Croissant (Croissant), and more. However, it should be noted that the potential return on investment (ROI) for each option will be different.
How to Use BakerySwap?
To make all features available when visiting the BakerySwap website, you must connect an appropriate wallet. At this point, it is recommended to use MetaMask or WalletConnect. Although MetaMask is an Ethereum wallet, it can also easily support BNB Chain and DApps. Once everything is set up, you can unlock the wallet so you can view the extra information on the website.
Adding Liquidity
The process of adding liquidity to BakerySwap is no different from that of Uniswap and similar platforms. First you need to add liquidity to the DEX and offer both tokens to be in a particular liquidity pool. After offering liquidity, you can start farming BAKE.
To add liquidity, press Exchange from the top menu and select the Pool tab. Then click the “Add Liquidity” button.
Next, select the token pair you want to offer liquidity to. For example, when you choose BNB and BAKE, you will receive BAKE-BNB BLP tokens in return.
After receiving your BLP tokens, you should go to the “Earning” tab and choose the option that matches your BLP tokens.
Enter the amount of tokens you want to stake and confirm the transaction. After the process is completed, you can safely leave the page. You can return at any time to see how much BAKE you have earned. When you stake or withdraw your BLP tokens, the earned BAKEs are also collected automatically. You can also collect your earnings manually by clicking the Harvest button.
BakerySwap and NFT
BakerySwap has other features that you can try. One of them is the NFT Supermarket, which you can use to access NFTs. You can think of them as unique, digital pets on the blockchain.
Another unique feature is the BakerySwap Launchpad. You can access the new projects made available on BSC here. But unlike Binance Launchpad, these are NFTs rather than “standard” tokens.
Is BakerySwap Safe?
No issues with BakerySwap have been reported to date. The BakerySwap smart contract has been audited. But investing funds in smart contracts is always risky, as there may be unnoticed errors during the audit. You should never bet more than you can afford to lose.
