What is BakerySwap (BAKE) | What is BakerySwap token | What is BAKE token
BakerySwap bills itself as the next iteration of Uniswap. It aims to be a faster, cheaper, and tastier version of Uniswap. Liquidity providers will be rewarded with BAKE tokens from which they can earn a share of BakerySwap’s trading fees and use for voting as part of BakerySwap’s governance.
Introducing BakerySwap, an AMM Dex on Binance Smart Chain
Eaten your fill of raw fish? The Bakery doors will be opening soon, and we’ve got a new, smarter (and cheaper) farming experience ready to serve up.
Why Binance Smart Chain?
To be frank, Ethereum’s current gas fees have been exorbitant to say the least and the barrier to entry for participating in on-chain activities is only getting higher and higher. Enter Binance Smart Chain. By leveraging BSC, we will be able to increase the speed of transactions while massively reducing the fees at the same time. Perfect, right?
BakerySwap in a nutshell:
- No pre-sale and no pre-mine. Fair distribution of all BAKE tokens
- The BakerySwap team will only receive 1% of all BAKE farmed (i.e. the Bakery team gets 1 BAKE token for every 100 BAKE farmed).
- Maximum rewards for BAKE stakers. The BAKE-BNB pool will earn 10x rewards compared to other pools.
- The first Binance Smart Chain AMM to offer alt-coin liquidity pools (LPs) such as LINK, DOT, etc.
- One of the very first to utilize Binance Smart Chain for an AMM DEX.
- We’re taking full advantage of the Binance community by providing arbitrage opportunities amongst BEP2 and BEP20 tokens that are hosted on Binance.com or on the Binance DEX.
How does BakerySwap work?
BakerySwap is the next iteration of the by now infamous Uniswap. It’s like Uniswap, but faster, cheaper and dare we say it… tastier? In addition to all of the above, liquidity providers will also be rewarded with BAKE tokens from which they can earn a share of BakerySwap’s trading fees and use for voting as part of BakerySwap’s governance.
Initial Liquidity Pools(LPs)
BakerySwap has 2 types of liquidity pools:
- With BAKE rewards.
- Without BAKE rewards.
This is to facilitate the creation of new LPs by the community. Only designated LPs will have BAKE rewards and among those the reward multiplier for each will vary, typically based on the value they provide to BAKE holders.
The initial set of LPs and BAKE reward multipliers as below:
- BEP20 BAKE-BNB, 10x BAKE rewards
- BEP20 BUSD-BNB, 3x BAKE rewards
- BEP20 ETH-BNB, 1x BAKE rewards
- BEP20 BTC-BNB, 1x BAKE rewards
- BEP20 DOT-BNB, 1x BAKE rewards
- BEP20 LINK-BNB, 1x BAKE rewards
Trading fee and reward distribution
BakerySwap applies a 0.30% fee to all swaps/trades, of which 0.25% will go to Liquidity Providers (LPs), and 0.05% will be converted to BAKE tokens and given to BAKE holders as additional rewards.
Liquidity providers are given liquidity pool tokens (Bakery LPs) that represent their share of each pool, and can earn a portion of the fees collected in these pools when removing liquidity.
LPs can then stake their Bakery LP tokens to farm BAKE token rewards.
How will BAKE release and distribute?
BAKE tokens will be gradually released to liquidity pools according to their respective reward multiplier (e.g. 1x , 3x , etc).
Early farmers (or as we like to think of them, early “bakers”) will be greatly rewarded in terms of the initial “BAKE per block” release.
Initial release schedule:
- First 30,000 BSC blocks (approx 1 day) — 400 BAKE per block
- 30,001–900,000 BSC blocks (approx 29 days) — 300,000 BAKE reduced day by day, 255 BAKE per block on average
- 900,0001 BSC blocks until full supply released (approx 11 months) —300,000 BAKE reduced month by month, 73 BAKE per block on average
The total supply of BAKE is 731,745,000
BAKE Farming Tutorial
- Connect to the Binance Smart Chain through Metamask
Log in to https://bakeryswap.org/
Connect to the Binance Smart Chain through Metamask. Tutorial: https://docs.binance.org/smart-chain/wallet/metamask.html
Go to the setting page and add a new network:
Configure the network as follows:
Network name: Binance Smart Chain
Added RPC URL: https://bsc-dataseed1.binance.org/
ChainID: 56
Symbol: BNB
Block Explorer URL: https://bscscan.com/
2. Get BEP20 BNB
Buy some BNB at binance.com, select BEP20 on the BNB withdrawal page, and input your Metamask BEP20 address, then withdraw them, and you will have BEP20 BNB in your Metamask wallet.
3. Trade with BakerySwap
Input a trading pair and amount, click the Swap button. After that, confirm the transaction on MetaMask.
4. Provide liquidity
- BakerySwap starts with 6 liquidity farming pools: BAKE/BNB, BUSD/BNB, ETH/BNB, BTC/BNB, DOT/BNB, LINK/BNB.
- Select a trading pair, then input the number of tokens you want to provide. Click the “Supply” button and then confirm it on MetaMask, You will get some BLP Tokens as a reward.
5. Stake Bakery LPs (BLP) to get BAKE
On the “Earn BAKE” page, you can stake your BLP Tokens to get BAKE.
Approve the staking of BLP Tokens first.
Click on the “+” button, stake your BLP Tokens and confirm.
Later, you can harvest your BAKE.
BakerySwap NFT Bidding Guide
BakerySwap has launching the NFT Bidding function recently, which enable NFT enthusiasts to obtain his beloved NFT in a fairer way. Let’s see how to join to participate in NFT Bidding:
If you are a buyer, how to participate in bidding？
Step1
Connect BSC wallet to Bakeryswap.
Step2
Go to the NFT Supermarket interface on bakeryswap.org and select V2 Makert.
Step3
Select the NFT you want to buy, click the button “Approve NFT Supermarket”, and then click “Confirm” in the wallet to complete the transaction.
Step4
Click Bidding, fill in the price you want to buy the artwork, and click “Confirm”. After the submission is successful, you can view your bid in the list.
Step5
During the bidding, you can change your bid. The artist will choose the price they think is appropriate and choose to sell, completing the bidding.
If you are a seller, how to participate in bidding？
Step1
Connect BSC wallet to Bakeryswap.
Step2
Go to the NFT Supermarket interface on bakeryswap.org and select V2 Makert.
Step3
Select NFT Supermarket and click “Mint Artworks”. Fill in the relevant information and list your NFT artwork.
Step4
Check the bids of each buyer in the artwork and choose the price you think matches to sell.
You can also revoke the sale during the bidding process, or choose to relist.
Precautions
1.If you have submitted NFT in** V1**, please cancel and resubmit it in V2 to join Bidding.
2. The submitted NFT order will be entered into the “Order Book” for the buyer to choose whether to trade. Buyers can view the ongoing NFT Bidding orders in “My artworks”. The user can also delete the order by clicking “Remove”.
3. If the buyer changes his mind and resubmits the purchase order at another price, the latest purchase order will overwrite the previous purchase order.
How and Where to Buy BakerySwap (BAKE)?
BAKE has been listed on a number of crypto exchanges, unlike other main cryptocurrencies, it cannot be directly purchased with fiats money. However, You can still easily buy this coin by first buying Bitcoin, ETH, USDT, BNB from any large exchanges and then transfer to the exchange that offers to trade this coin, in this guide article we will walk you through in detail the steps to buy BAKE token
You will have to first buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance (BNB)…
We will use Binance Exchange here as it is one of the largest crypto exchanges that accept fiat deposits.
Binance is a popular cryptocurrency exchange which was started in China but then moved their headquarters to the crypto-friendly Island of Malta in the EU. Binance is popular for its crypto to crypto exchange services. Binance exploded onto the scene in the mania of 2017 and has since gone on to become the top crypto exchange in the world.
Once you finished the KYC process. You will be asked to add a payment method. Here you can either choose to provide a credit/debit card or use a bank transfer, and buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance (BNB)…
Step by Step Guide : What is Binance | How to Create an account on Binance (Updated 2021)
After the deposit is confirmed you may then purchase BAKE from the exchange.
The top exchange for trading in BAKE token is currently **** Binance, CoinBene, Gate.io, Hoo, and PancakeSwap***
Apart from the exchange(s) above, there are a few popular crypto exchanges where they have decent daily trading volumes and a huge user base. This will ensure you will be able to sell your coins at any time and the fees will usually be lower. It is suggested that you also register on these exchanges since once BAKE gets listed there it will attract a large amount of trading volumes from the users there, that means you will be having some great trading opportunities!
Top exchanges for token-coin trading. Follow instructions and make unlimited money
☞ https://www.binance.com
☞ https://www.bittrex.com
☞ https://www.poloniex.com
☞ https://www.bitfinex.com
☞ https://www.huobi.com
Find more information BAKE
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🔺DISCLAIMER: The Information in the post isn’t financial advice, is intended FOR GENERAL INFORMATION PURPOSES ONLY. Trading Cryptocurrency is VERY risky. Make sure you understand these risks and that you are responsible for what you do with your money.
🔥 If you’re a beginner. I believe the article below will be useful to you
⭐ ⭐ ⭐ What You Should Know Before Investing in Cryptocurrency - For Beginner ⭐ ⭐ ⭐
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