BakerySwap ($ BAKE): guide and tutorial

BakerySwap ($ BAKE) operates on Binance Smart Chain (BSC) and combines the 3 most popular trends in cryptocurrency and blockchain spatial performance agriculture, non-fungible tokens (NFT) and initial DEX offerings (IDO).

One of the benefits of BSC is that the Ethereum blockchain has been plagued lately by exorbitantly high fees and transaction processing delays. This has caused retail or average users to be impacted and unable to participate in decentralized financing (DeFi) or NFT activities. For some investors, it is simply too much to pay $ 15-30 per transfer and $ 50-100 per Uniswap asset conversion.

Thus, BSC has risen to the occasion to alleviate some of these problems by cloning and porting Ethereum’s most widely used DApps to its blockchain. Thus, it offers an attractive alternative with its low fees and almost instantaneous transaction processing time.

Bottom

Binance Smart Chain (BSC), the blockchain on which Bakerswap runs, is a project of Binance, the world’s largest cryptocurrency exchange by traffic volume and amount traded. It is a fork of Ethereum with a Proof of Staked Authority (PoSA) consensus mechanism and the ability to integrate with the Ethereum Virtual Machine (EVM). re are 21 validators betting large amounts of BNB, which process the activity.

identity of these validators is not known, but they are largely believed to be Binance-licensed actors. se validators need permission from the Binance network to run the validation node. Furthermore, BNB token holdings are largely controlled by the Binance team or founders. It is an authorized network.

But it has its benefits. Ensures high-performance transaction processing and low fees for users. It is an experience for users, who otherwise will not be able to experience DeFi and NFT. Binance also returns a portion of the transaction fees to developers to give them the incentive to develop on the BSC network.

BakerySwap

BakerySwap is a Uniswap clone that enables automated market maker (AMM) services without order books and NFT trading. It runs exclusively on Binance Smart Chain (BSC). Binance markets it with “cheaper fees and faster confirmation time than Ethereum.” Also included are the functionalities to bet with users that provide liquidity and obtain new tokens, combination of NFT and pet functions.

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Instead of order books, liquidity pools are used to carry out swaps. Similar to Uniswap, participants receive Liquidity Pool (LP) tokens and can redeem them for supplied assets and fees earned by liquidating them. That is according to your stake in the pool obtained from the assets. Recently, a DEX Initial Offering (IDO) has also been introduced that allows projects to raise capital.

Bakery

BakerySwap has a fee of 0.30% for each activity on the platform, 0.25% goes to liquidity providers and the remaining 0.05% will be used to buy back BAKE from the market and distribute it to BAKE holders.

How to access BakerySwap through MetaMask

BakerySwap is quite easy to access through Web3 wallets like MetaMask. Just click the MetaMask button and open the dialog and it will show Ethereum mainnet by default.

Connection to BakerySwap

n enter the following information in a case-sensitive manner.

Network Name: Binance Smart Chain

Added RPC URL: https://bsc-dataseed1.binance.org/

String ID: 56

Symbol: BNB

Block Explorer URL: https://bscscan.com/

Click Save and then switch to Binance Smart Chain. You can now access BakerySwap. To transact on the BSC network, you must have Binance Coin (BNB) in your wallet, so buy and withdraw them to your MetaMask as standard BEP20 tokens.

BakeryToken ($ BAKE)

Bakeryswap’s native token is called BakeryToken or BAKE, which is obtained by providing liquidity to asset pairs and betting liquidity pool tokens or betting BAKE. Since it is a food-themed clone, it is possible to deposit the liquidity pool tokens in different pools of Donut, Waffle, Rolls, Croissant, Latte, etc. with different ROIs.

re was no pre-mine and / or pre-sale of BAKE tokens. tokens reserved for the team are only 1% due to their belief in a fair distribution caral. Its distribution is skewed in favor of people gambling tokens and the total supply is 731,745,000 BAKE. tokens will be released gradually with consultation and advice from the community.

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NFT

On Binance Smart Chain, BakerySwap is the first plus NFT AMM project. native BAKE token can be used to create a “meal”, a fancy term for an NFT, which can be used to farm BAKE again.

Each meal has a different bet multiplier and earns proportional rewards. In addition, it can be exchanged for other NFTs and burned to produce BAKE.

platform also has an NFT Supermarket that allows artists to convert their artwork to NFT through the minting process and sell it. Users can purchase artwork at the Supermarket using BAKE tokens.

BakerySwap NFT Supermarket ( credit: BakerySwap)

Future plans

Despite having an interesting overlap of two emerging fields in blockchain technology, the innovation doesn’t seem to stop at BakerySwap. As such, the team has announced that they will introduce participation in NFT’s agricultural functions as MEME. A new bidding and auction system would also be developed.

At DeFi and NFT, gamification is key to engaging users and keeping them engaged. BakerySwap will create raffles and rewards for completing BAKE tasks. AMM / NFT data analysis and token price charts are also under development. At some point in the future, margin trading and derivatives will be implemented in BSC as well.

BakerySwap Ethereum 2.0

Like any emerging unconventional DeFi protocol, BakerySwap has had its fair share of obtaining and managing liquidity for Ethereum 2.0, which has yet to be released. It is reported that he is working to integrate the participation services of Ankr aETH, a synthetic asset representing the deposited Ether tokens, which will be used to create new agricultural groups.

BakerySwap has also launched its own Eth2 BETH token, in partnership with Binance.

conclusion

BakerySwap marks the introduction of an interesting experiment and attempt to include users, who have been left out due to high fees on the Ethereum network. At a fraction of the cost and fast transaction processing, retail users can test out NFT’s minting and asset exchange features without having to pay their wallets for fees.

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project takes Uniswap one step further, adding unsurts of NFT and gamification. In addition, tokenomics ensures the accumulation of value and incentives for users to continue to have the token. BakerySwap’s track record does not appear to be slowing down and notable features are expected to be rolled out in the coming days.

information provided in this article is intended for general guidance and informational purposes only. content of this article should not under any circumstances be considered investment, business, legal or tax advice. We do not accept any responsibility for individual decisions made based on this article and we strongly recommend that you do your own research before taking any action. Although every effort is made to ensure that all information provided in this document is accurate and up-to-date, omissions, errors, or mistakes may occur.

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