BakerySwap Review

What is BakerySwap?

BakerySwap is a decentralized protocol built on BNB chain that offers a variety of DeFi, GameFi, and NFT products. At its core, BakerySwap is a DEX that adopts an automated money maker model that comes with liquidity mining features. Bakeryswap claims to be the first platform on BNB to combine AMM and NFT Marketplace, which allows users to buy, trade, and mint their own NFTs. Furthermore, BakerySwap hosts a Launchpad for Initial DEX offerings (IDO) and new NFT projects. 

The project was founded in September 2020 as a fork of Ethereum-based Uniswap by a team of anonymous developers. BakerySwap is said to be one of the first projects to be supported by the Binance Chain Accelerator Fund and to be listed on Binance.com.

BAKE is the platform’s BEP-20 governance token, which is used in the reward system to incentivize liquidity providers and as the main payment method for buying NFTs.

How does BakerySwap work?

BakerySwap prides itself as one of the first platforms to utilize AMM on the BNB Chain.

Similar to other AMM platforms, BakerySwap’s token exchange function is based on liquidity pools avoiding order books to math buyers and sellers. BakerySwap fees include 0.30% from all swaps, where 0.25% goes to liquidity providers and 0,5% goes to BAKE holders.

Users who add liquidity to protocols’ pools receive LP tokens in exchange, representing their share of the pool, which can be further staked to participate in BakerySwap liquidity mining programs in exchange for BAKE tokens. BAKE holders may also choose to stake their tokens to earn more BAKE.

BakerySwap has an NFT Marketplace, where collectors can buy NFT arts.  The marketplace sells game assets for various partner play-to-earn and metaverse games. Any artist can upload their own work and mint NFTs by paying a 0.01BNB fee. BakerySwap allows users to play games on its platform and earn NFTs or BAKE tokens.

The Featured Artist section brings the top artists around the world to trade their various virtual artworks on the BakerySwap. Here, collectors can explore the art pieces of the selected 40 individual artists; any artist can apply to become a featured artist on the platform.

BakerySwap has recently added a new feature to its marketplace named the Bakery gallery. The Bakery Gallery works as a curated NFT platform that attracts the most talented artists by featuring their artwork, along with attracting NFT investors and collectors. Bakery Gallery is run by a group of professional curators who help attract the top emerging digital artists. Bakery Gallery is focused on promoting featured artists, which are the base of Bakery Gallery.

BakerySwap Launchpad offers the opportunity for users to raise funds in order to launch their own ERC-20 or BEP-20-based tokens through initial DEX offerings, as well as to launch new NFT projects. Launchpad tokens can be purchased using the BUSD stablecoin and everyone who holds BAKE tokens is eligible to participate in the initial DEX offerings (IDOs).

How to use BakerySwap?

Before proceeding with the BakerySwap app, it is required to connect a wallet with some BNB to cover the gas fees. BakerySwap wallet support includes Metamask, Wallet Connect, and Binance Wallet.

Users wishing to trade tokens, have to navigate to the Trade section and select “Exchange”, then fill in the tokens to be exchanged in the two corresponding fields, along with their amount, and confirm the operation by paying the gas fee. Users wishing to become liquidity providers have to switch to the Liquidity section where they can deposit tokens pairs in exchange for LP tokens. 

After receiving LP tokens, users wishing to take part in farming, have to navigate to the "Earning" section and select the options that match the corresponding LP token, then enter the desired amount of LP tokens in the pool and confirm the operation.

Artists wishing to upload their digital art pieces, have to navigate to the NFT marketplace section, click “Create”, then type in the artwork’s name, artist’s name, social media or portfolio link, add a description to the artwork, suggested royalties, and upload the image. As the final step, the user needs to click on the “Mint” button and pay a fee. 

Users wishing to buy NFT can navigate through the marketplace gallery by filtering for individual artists or specific types of NFT. Users are also able to vote for favorite artworks and thus push them to the homepage. The more votes an artwork has, the higher it ranks. The “Vote” button is located in the upper right corner of each NFT and requires one BAKE for one vote. Owners of an NFT artwork will get half of the BAKE voted, and BakerySwap will get the remaining part for operational use

The prices of NFTs are indicated in BAKE and users may either buy them at the quoted price or make a bid on an auction.

Projects wishing to apply for a Launchpad may do so by filling in this application form.

The BAKE token

BAKE is the BakerySwap native token which was launched with no pre-sale and no pre-mine, as the team claims that it was interested in the fair and equal distribution of all tokens. BakerySwap team receives only one BAKE for every 100 BAKE farmed, which allows paying liquidity providers higher yields.

Users can earn BAKE tokens by providing liquidity on BakerySwap and staking BAKE tokens to earn more BAKE. The token holders take part in the protocol’s governance and are eligible for receiving trading fee dividends.

According to the initial token emission plan, the full release of BAKE in the amount of 731,745,000 tokens would have been completed in 11 months. However, after reviewing the community feedback, it was decided to adjust the emission schedule starting from March 2021, which significantly lowered the number of BAKE being issued as rewards.

The daily emission of BAKE was dropped to 250,00 for nine months, and after this period the rewards will be halved every nine months. 

Is Bakery Swap safe?

The team behind BakerySwap is anonymous.

Partners 

BakerySwap has various partner shops which trade their NFTs on the BakerySwap marketplace, namely TOKAU, RACA, Seascape, YooShi, Bondly, Binance, Tokocrypto, and others. 

Such metaverse and play-to-earn projects as Binamon, Alchemy Toys, Poker, Rare Car, Soccer Ball, Battle Pets, and Weapons use BakerySwap marketplace to sell their collectibles and game assets.

BakerySwap Launchpad was a kick-starting platform for many successful projects such as Mars Ecosystem, Crypto Doggies, Shield protocol, Spartan, Crudeoil, BLINk, HyFi, and others.

What’s next?

Bakery Swap has not published its 2022 roadmap so far, but according to the last action plan, its long-term goal is to deliver a more open and flexible platform for users, partners, and influencers. 

Links

https://www.bakeryswap.org/#/home