BakerySwap(BAKE): guide and tutorial
Technology

BakerySwap(BAKE): guide and tutorial

bakeryswap ($bake) operates on the binance smart chain (bsc) and combines the 3 most popular trends in the cryptocurrency and blockchain space: yield farming, non-fungible tokens (nfts) and initial dex offerings (idons).

One of the benefits of bsc is that the ethereum blockchain has been hit lately by exorbitant fees and delayed transaction processing times. This has resulted in retail or average users being priced out and unable to participate in decentralized finance (DEFI) or NFT activities. For some investors, paying $15-30 per transfer and $50-100 per uniswap asset conversion is simply too much.

Reading: How to connect metamask to bakeryswap

hence, bsc has risen to the occasion to alleviate some of these issues by cloning and porting ethereum’s most widely used dapps onto its blockchain. thus offering an attractive alternative with low fees and almost instantaneous transaction processing time.

background

binance smart chain (bsc), the blockchain bakerswap it runs on, is a project of binance, the world’s largest cryptocurrency exchange by traffic volume and amount traded. It is an Ethereum fork with a staked Proof of Authority (POS) consensus mechanism and the ability to integrate with the Ethereum Virtual Machine (EVM). there are 21 validators staking large amounts of bnb, which process the activity.

The identity of these validators is unknown, but they are widely believed to be binance-authorized actors. these validators need permission from the binance network to run the validator node. furthermore, bnb token holdings are largely controlled by the binance team or the founders. it is an authorized network.

but it has its advantages. ensures high-performance transaction processing and low fees for users. it’s an experience for users, who otherwise won’t be able to experience defi and nfts. binance also returns a portion of the transaction fees to developers to give them the incentive to develop on the bsc network.

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bakery swap

bakeryswap is a clone of uniswap that enables automated market maker (amm) services without order book and nft trading. runs exclusively on the binance smart chain (bsc). Binance markets it as having “cheaper fees and faster confirmation time than Ethereum.” Also included are the functionalities to bet with users by providing liquidity and earning new tokens, nfts combination and pet function.

instead of order books, liquidity pools are used to make swaps. Similar to Uniswap, participants receive Liquidity Pool (LP) tokens and can redeem them for supplied assets and fees earned upon settlement. that is according to your share of the collected pool of assets. Recently, an initial dex offering (gone) was also introduced that allows projects to raise capital.

bakery exchange fees

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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 cakes from the market and distributed to holders of cakes.

how to access bakeryswap via metamask

It’s quite easy to access bakeryswap through web3 wallets like metamask. just click the metamask button and open the dialog and it will show ethereum mainnet by default.

Connecting to BakerySwap

Connecting to BakerySwap

Then, enter the following information in a case-sensitive manner.

network name: binance smart chain

string id: 56

symbol: bnb

click save then switch to binance smart chain. now you can access bakeryswap. To transact on the bsc network you need to have binance coin (bnb) in your wallet, so buy them and withdraw them to your metamask as standard bep20 tokens.

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bakery token ($bake)

bakeryswap’s native token is called bakerytoken or bake, and is earned by providing liquidity to asset pairs and staking tokens from the liquidity pool or staking the bake itself. Since this is a food-themed clone, it is possible to deposit the liquidity pool tokens into different pools of donuts, waffles, bagels, croissants, lattes, etc. with different rois.

There was no pre-mining or presale of baking tokens. the tokens reserved for the team are only 1% due to their belief in a fair distribution model. its distribution is skewed in favor of people staking tokens and the total supply is 731,745,000 bakes. tokens will be released gradually with community consultation and advice.

nfts

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on the binance smart chain, bakeryswap is the first amm plus nft project. the native bake token can be used to create a “food meal” – a fancy term for an nft – that can be used to bake again.

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

The platform also has an nft supermarket that allows artists to convert their artwork into nfts through the minting process and sell them. users can buy artwork at the supermarket using baking tokens.

BakerySwap NFT Supermarket

BakerySwap NFT Supermarket (Image credit: BakerySwap)

Future Plans

Despite having an interesting overlap of two emerging fields in blockchain technology, innovation doesn’t seem to slow down at bakeryswap. As such, the team has announced that they would be introducing staking to farm nft features like meme. A new bidding and auction system would also be developed.

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In defi and nfts, gamification is key to engage users and keep them engaged. bakeryswap will create giveaways and rewards for completing baking tasks. amm/nft data analytics and token price charts are also under development. at some point in the future, margin trading and derivatives will also be implemented on bsc.

ethereum 2.0 bakery exchange

Like any emerging unconventional defi protocol, bakeryswap has had its fair share of acquiring and managing liquidity for the yet to be released ethereum 2.0. it has been reported that it is working to integrate ankr aeth staking services, a synthetic asset that represents deposited ether tokens, which will be used to create new farming pools.

bakeryswap has also launched its own eth2 beth token, in partnership with binance.

conclusion

bakeryswap marks the introduction of an interesting experiment and an attempt to include users, who have been left out due to high ethereum network fees. At a fraction of the cost and fast transaction processing, retail users can try NFT’s asset swapping and minting features without emptying their wallets of fees.

The project takes uniswap a step further, adding elements of nft and gamification. In addition, the tokenomics guarantees the accumulation of value and incentives for users to continue to have the token. bakeryswap’s trajectory doesn’t seem to be slowing down and notable features are expected to be implemented in the coming days.

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