BakerSwap is a Defi Platform allowing its users to do a wide activities in a single friedly use interface without the need for the traditional order book.
BakerySwap is another BSC powered decetralized cryptocirrency exchange using an automated market maker (AMM).
The exchange facilitates trading of BEP2 and BEP20 tokens. These tokens are compatible with the Ethereum ERC-20 standard.
In addition to farming and liquidity rewards, BakerySwap is somewhat unique in that it supports NFT.
BakerySwap is currently one of the leading DEXs on the Binance Smart Chain.
Although more and more WMAs are turning to BSC to reduce costs and speed up transactions, it faces increasingly stiff competition.
One of the reasons for BakerySwap’s popularity is that it is the first DeFi NFT platform built on BSC and beeing the first-ever
AMM on the Binance Smart Chain that offers liquidity pools with other tokens such as LINK, DOT, etc.
The platform is powered by its native BAKE token that is rewarded to liquidity providers so they can participate in protocol governance activities.
In this Bakery Swap review we will take you throught how to swap and add BakerySwap liquidity to earn Bake Token rewards.
BakerySwap Features :
BakerySwap isn’t just an exchange. You can also earn by becoming a liquidity provider and adding your tokens to the liquidity pools,
you can farm your LP tokens and stake your bake to earn rewards, get involved in ETH 2.0 staking and check the Bakery Gallery,
where you can explore exclusive pieces from verified NFT artists.
BakerySwap (BAKE) Token
BAKE Token is the reference token of the BakerySwap protocol. It is a BEP-20 token.
The BAKE tokens are available for trading in Bakeryswap, Binance, HotBit and BSCswap.
Usage Guide
To start using BaskerySwap you’ll first need to connect to one of the following supported wallets :
- Binance Chain Wallet
- MetaMask
- WalletConnect
Connect Metamask to the Binance smartchain.
In this Bakery Swap review we will be using metamask as an example.
Unfortunately, MetaMask does not come automatically with an already configured Binance smartchain.
Therefore, to use Metamask wallet with Binance smartchain, you need to manually add mainnet to the smartchain.
Here are the Supported Cryptocurrencies on BakerySwap :
With BakerySwap you can trade BEP20 tokens, a token standard that is on the Binance Smart Chain.
Below you can find a list of tokens and currencies that are currently supported by BakerySwap :
- Bitcoin BEP2
- BTCB
- Polkadot Coin DOT
- Tether USDT
- My Neighbor Alice Token ALICE
- Binance USD BUSD
- Ethereum ETH
- Seedify.fund Token SFUND
- Auto Token AUTO
- Ankr Network Token ANKR
- Tokenomy Token TEN
- Cube
- MX Token MX
- TokenClub Token TCT
- Binamon Token BMON
- Binance Coin BNB
- 1inch Token 1INCH
- BakerySwap Token BAKE
- Basic Attention Token BAT
- Bondly Token BONDLY
- Dogecoin DOGE
- ChainLink Coin LINK
- SafePal Token SFP
- USD Coin USDC
BakerySwap Fees Review
BakerySwap has a transaction fee of 0.3%. Since there is no order book, there are no fees for deposits and withdrawals. However, you will have to pay a transaction fee (in BNB) when interacting with the Binance smartchain.
However, these fees are minimal, especially when compared to gas fees on the Ethereum network.
BakerySwap deployments
Users can also bet with their BAKE tokens to win even more BAKE! This is done in the Bread pool and there are no minimum requirements or lock-in periods. Additionally, users can currently bet on Berry tokens (BRY) and receive BAKE tokens as rewards.
Users can use their BakerySwap tokens to get more BAKEs. They can also use their BAKEs to receive non-fireable tokens (NFT). If the user wishes, these can be sold for additional BAKEs at the BakerySwap NFT superstore. Or, if desired, since the NFT private keys remain with users, they can sell them on another NFT marketplace such as OpenSea or Rarible.
Leverage ETH 2.0 with BakerySwap.
If you want to participate in ETH 2.0 but feel that the demand for 32 ETH is too high or the timeframe for placement is too long. Binance Staking offers users a 1-click betting service and 100% revenue sharing on stakes on the blockchain.
BETH is an ETH2.0 Staking token issued by Binance on BSC and Ethereum. It allows users to place their ETH at a 1:1 ratio to receive BETH. Binance was also the first platform to support the use of BETH liquidity.
BakerySwap NFTs
NFT supermarket BakerySwap offers a variety of non-functionalized tokens (NFTs), including categories such as “Musk & DOGE,” “BTC Artwork,” and “Battle.”
Temporary categories such as “Pet Eggs” and “Guns” appear alongside the current category “BAKE & Banana.”
These NFTs feature BakerySwap’s baked foods, cartoon monkeys,and whimsical backgrounds. Buying NFTs is easy thanks to the integration of the Binance MetaMask smart chain, which allows users to keep their private keys when interacting with different platforms.
Some NFT Battle Pets offer a “burn back” option, where PET or BAKE tokens are accrued when leaving the NFT.
All NFTs are purchased with BAKE tokens. Easily upload and tokenize original artwork in the BSC Artist section,Passive income opportunity in cryptocurrency.