In this post, I reviewed BakerySwap, the first AMM on the Binance Smart Chain.

BakerySwap is a fascinating platform with excellent products and services that users can earn from.

Talk about staking, liquidity pools, NFT trading, token swaps, games, etc.

Sounds interesting?

Then keep reading to learn more about the platform and its BAKE token.

Post Summary

1. BakerySwap Overview
2. Products & Services By BakerySwap
3. Supported Coins
4. Fees Charged By BakerySwap
5. BAKE Tokenomics
6. How To Use BakerySwap
7. Comparing BakerySwap With Similar Platforms
8. What Does The Future Hold For BakerySwap?
9. FAQs
10. Conclusion

Enjoy your read!

1. BakerySwap Overview

BakerySwap is an automated market maker that runs on the Binance Smart Chain.

It was founded by an anonymous team in September 2020.

Like other food-themed projects in the DeFi space, this exchange rewards users with tokens when they provide liquidity.

But that’s not all. Earlier, I mentioned that BakerySwap has different services that benefit users.

I described them in the next section. Keep reading!

2. Products & Services By BakerySwap

This platform provides the following services:

• Swap
• Pool
• Earning
• NFT marketplace
• Gamification
• ETH 2.0
• Launchpad
• NFT Combo Pool

a. Swap

This service enables users to swap or exchange one token for the other.

b. Pool

There are different pools available for users to provide liquidity and earn BLP tokens.

(BLP is the name given to token rewards from Bakery pools)

Each pool has its unique reward and BLP tokens are given proportionally to the amount of liquidity provided.

Whenever they want to, users can convert these tokens back to the original tokens they supplied.

Also, users earn from trading fees based on their share of the pool.

These fees are charged when the coins in a pool are traded.

Liquidity pools on BakerySwap include any pair of the supported coins but the most common has BNB or BAKE as the base tokens.

Examples are ETH/BNB, DOT/BNB, 1INCH/BAKE, BUSD/BAKE and BAKE/BNB.  

c. Earning

Here, users can stake their tokens and earn rewards.

You can stake BAKE or BLP tokens

Rewards are based on the ROI of each pool. The pools include: Doughnut, Waffle, Rolls, Croissant, etc.

In the table below, you’ll see the BLP tokens for some of the pools:

d. NFT Marketplace

This service provides an array of NFTs for users to collect.

Additionally, if you have artworks that you wish to mint (i.e. create your NFT), it is obtainable here.

You can follow this guide to know how to mint your NFT on the platform.

e. Gamification

Here, users can play different games and collect NFTs.

For now, the games are 5 namely Crypto Doggy Shop, Rare Car Collection, Game Box, and Poker BlindBox.

f. ETH 2.0

This service enables users to stake and earn ETH 2.0 tokens like aETH and BETH.

It is an interesting one since ETH 2.0 is yet to launch.

You can learn more about it here.

g. Launchpad

On BakerySwap Launchpad, users can access newly launched NFT projects on BSC.

That way, users get to enjoy early-adopter-privileges.

h. NFT Combo Pool

This service enables you to mint special meals called NFT Combos.

NFT Combos increase your staking power so that you can earn more BAKE.

You mint these combos by locking up BAKE.

The more tokens you lock, the higher the staking power you’ll be given based on a random multiplier.

When you decompose your combo, you earn back 90% of the funds locked up initially.

The 4 Combos and their BAKE requirements are:

• Basic: 10,000–20,000 BAKE
• Regular: 20,000–50,000 BAKE
• Luxury: 50,000–100,000 BAKE
• Supreme: Above 100,000 BAKE

Learn more about this service here.

Now, I’ll show you the coins supported on this platform.

Read on!

3. Supported Coins

You can deposit and trade the following coins on BakerySwap:

Let’s see how much it cost to use this platform.

Keep reading!

4. Fees Charged By BakerySwap

BakerySwap charges a 0.30% fee for all swaps/trades.

0.25% of this fee is distributed to Liquidity Providers (LPs).

The remaining 0.05% is converted to BAKE tokens and given to BAKE holders as additional rewards. Cool!

(Note that different transactions will incur network charges)

Moving on, I talked about the BAKE token.

Tag along!

5. BAKE Tokenomics

BAKE is the native/governance token of BakerySwap. It is a BEP-20 token.

Holders of this token can participate in voting on the platform.

Also, they qualify for transaction fee dividends.

You earn BAKE when you stake your liquidity pool tokens.

Also, you can buy the token from crypto exchanges like Binance, Gate.io, PancakeSwap, OpenOcean, JulSwap, CoinTiger, CoinBene, Hoo, etc.

Presently (19/05/21), BAKE is priced at $5.49 USD with a 24-hour trading volume of $305,221,180 USD.

The maximum supply is 277,237,400 BAKE while the circulating supply is 188,717,930 coins.

I will now show you how to use this platform.

Read on!

6. How To Use BakerySwap

You can watch this video tutorial to learn how to use this platform.

I have also listed the steps below:

i. Visit BakerySwap and click on ‘connect wallet’

ii. Select a wallet from the drop-down menu. ( I’ll be using MetaMask)

Note that the network on your MetaMask should be BSC.

If you need help adding the BSC network to your wallet, then follow this guide.

Also, your wallet should be funded with some BNB tokens.

iii. After you’ve connected your wallet, it will reflect on the top right corner.

iv. Now, click on exchange from the left menu to swap tokens or add liquidity.

v. To swap, input the amount of BNB you wish to spend and select the token you need say, BAKE.

Then hit ‘Swap’ and ‘Confirm Swap’

vi. Also for liquidity, click on ‘pool’ and ‘add liquidity.’

Then pick the coin pair you want from the drop-down menu, e.g. BNB and BAKE.

vii. Enter the amount you wish to stake then hit ‘approve BAKE’, ‘Supply’, and ‘Confirm Supply’ respectively.

Note that you’ll always be redirected to MetaMask to confirm your transactions.

If you’ve gotten to this point, Bravo!

You’ll be shown your position

viii. The next thing you can try is to stake your BLP tokens. Go to ‘Earning’ from the left menu and select ‘Earn Bake’

Then choose the pool that reflects your BLP tokens. In this case, it is Doughnut. Click on ‘Select’

ix. Next, click on ‘approve BAKE-BNB BLP.’

Whenever you want to harvest your BAKE rewards, go to Doughnut pool again and unstake your LP tokens.

Enjoy!

In the next section, I did compare BakerySwap to similar platforms.

Check it out!

7. Comparing BakerySwap With Similar Platforms

Uniswap

Uniswap is a decentralized exchange that uses the AMM model like BakerySwap.

So, users can swap tokens and earn by providing liquidity to this platform.

Additionally, both platforms charge a 0.30% fee for all swaps/trades.

However, Uniswap runs on the Ethereum blockchain and has existed 2 years before the launch of BakerySwap.

Also, this platform supports only Ethereum based tokens but BakerySwap supports them as well as BSC tokens.

Hayden Adams founded Uniswap. Learn more about the exchange here.

PancakeSwap

PancakeSwap share lots of similarities with BakerySwap.

Both platforms are AMMs hosted on BSC, reward LPs with tokens, enable token swaps, and collection of NFTs.

But PancakeSwap supports more tokens and charges lower fees (0.20%).

It was launched by anonymous developers in September 2020.

Read our PancakeSwap review to learn more.

Moving on, I shared my thoughts on the future of BakerySwap.

Keep reading!

8. What Does The Future Hold For BakerySwap?

The future looks bright for this exchange.

I say so because it provides services that are relevant in the DeFi space (which is hot right now).

Also, the exchange will have no trouble winning the trust of the public because it exists on the smart chain of the renowned Binance exchange.

This helps to deal with the discomfort that comes from unknown founders.

Another good thing about the platform is that it does not limit rewards to BAKE tokens alone.

And the BAKE token seems to be doing well in the market. It is yet to record an all-time low. Cool, right?

Plus, the platform supports NFT trading. This will help generate revenue and sustain the platform.

All the same, DYOR before investing in the BakerySwap.

Let’s answer some questions and then we can wrap up this post.

9. FAQs

Heads up!!

If you want to learn how to trade cryptocurrencies profitably, then enroll in our Crypto Trading Mastery Course by going to www.ctmastery.com.

You can also join our Telegram community at https://t.me/ctmastery.

10. Conclusion

BakerySwap is another protocol that makes DeFi appetizing with its excellent services.

The BAKE token may not be worth much now but experts predict that it will do better with time.

With that, we have come to the end of our discussion on BakerySwap. I hope you enjoyed the read.

Now tell me; what do you think of this platform? Do you think its NFT marketplace will attract crypto whales?

And will you invest in BAKE tokens?

Let me know your thoughts in the comments section right now.

Before you go, hit those SM icons to share this post with your friends, thank you!

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