BAKERYSWAP IS EASY! AN INTRODUCTORY GUIDE

 



BakerySwap? What is this all about? BakerySwap is a decentralized finance (DeFi) protocol that uses an automated market-making (AMM) model to provide decentralized exchange (DEX). This DeFi protocol runs on the Binance Smart Chain (BSC). Most holders and traders link DeFi protocols to the Ethereum blockchain, which is home to most developers. The DeFi protocols are similar in that they offer liquidity to liquidity providers (LPs) as well as tokens.

Like other protocols, such as MoonSwap, BakerySwap is based on a proof of work (POW) mechanism. Even though this means that the network is highly secure, the platform lacks optimum scalability, leading to congestion and high transaction fees. Nevertheless, more cost-effective distributed frameworks, like NEO and Tron, are becoming havens for future DeFi systems. In the same vein, the developers on these systems have a huge interest in Binance Smart Chain, resulting in more liquidity- and transaction-friendly protocols, such as BakerySwap (a protocol inspired by UniSwap).

Background of BakerySwap Project

The validators of BakerySwap are not known. However, they claim to be working in the best interests of decentralized autonomous organizations (DOAs). The project’s 21 developers, all of whom are major BNB investors, supervise operations and consult with the BakerySwap community before making decisions. The ability to control the procedure has many advantages for users. First, high-throughput transaction processing is available. Furthermore, users pay low GAS fees when conducting such transactions.

The Binance Smart Chain’s high scalability gives it an advantage over Ethereum’s blockchain. As a result, there is no congestion on the network, which makes it transaction-friendly for traders. BakerySwap uses a token known as BAKE. It is with this token that interactions are improved in the AMM DEX space. It's worth noting that the tokens are driven by the Binance DEX or Binance.com (a consolidated alternative) to provide arbitrage functionality. Likewise, BAKE is based on the BEP2 and BEP20 standards from the BSC.

How to Access and Use BakerySwap

You need a Web3 wallet, such as MetaMask, to access BakerySwap. Once you have registered and created an account with such platforms, log in to visit the Ethereum mainnet, which is the network for Ether transactions. Input the following details, taking noting of the letter case sensitivity. For the network name, type in “Binance Smart Chain”. Input the address for the “Added RPC URL”, which is https://bsc-dataseed1.binance.org/. The ChainID is “56”, while the symbol is BNB. Ensure that the Block Explorer URL states “https//bscscan.com/”.

After inputting the details, save and switch to BSC; this gives you access to BakerySwap. Kindly note that you need BNB to conduct transactions on the network. Purchase the coin and withdraw to your Web3 wallet in the form of BEP20 standard tokens.

Liquidity Pools and BAKE Farming

You can add liquidity to BakerySwap. The process is similar to that of MoonSwap. To begin with, add liquidity to the DeFi Exchange. Click the “Exchange” tab located at the menu bar. A pop up will be displayed, showing both the “Swap” and “Pool” tabs. Click on the latter (Pool) to add liquidity. During this process, you have to provide tokens to be a liquidity provider. For example, you can select BAKE and BNB. By doing so, you can get BAKE-BNB BLP tokens.

Stake your tokens by selecting the “Earning” tab and choosing the option that matches your tokens. Select the number of BLP tokens to stake and confirm the transaction. Once you have completed this stage, you can start farming BAKE. Stake and unstake the tokens to move your accumulated tokens to your wallet. You can use the “Harvest” button as well. Several bakery-themed menus are available to stake BAKE tokens. If you select Latte, you have to deposit USDT-BUSD BLP tokens and stake to earn BAKE. Other BEP20 liquidity pools have their requirements and individual ROIs, including Bread, Croissant, and Doughnut. Here are the tokens required to earn BAKE:

       Doughnut: Deposit and stake BAKE-BNB BLP to earn BAKE

       Bread: Stake BAKE to earn BAKE

       Cake: Deposit and stake BTC-BNB BLP to earn BAKE

       Toast: Deposit and stake ETH-BNB BLP to earn BAKE

       Rolls: Deposit and stake BUSD-BNB BLP to earn BAKE

       Croissant: Deposit and stake BAKE-DOT BLP to earn BAKE

       Latte: Deposit and stake USDT-BUSD BLP to earn BAKE

       Waffle: Deposit and stake BAKE-BUSD BLP to earn BAKE

Similar Projects in Motion

BakerySwap has other projects that have improved its ecosystem, including its incorporation of non-fungible tokens and its launchpad as well.

Bake and NFTs

Non-fungible tokens are now part of the DEX ecosystem. Being the first on Binance Smart Chain to integrate both NFT and AMM, BAKE holders can now bake their choice meals (collectibles), which are often known as “Combo Meals.” They can use these meals to farm a considerable amount of BAKE coins, depending on their staking power.

Holders can also trade them or dismantle their ingredients (90%) back to BakerySwap tokens, especially when individuals in the ecosystem ignore the combo meal. As such, they prevent the combo meals from becoming stale. These meals are of four categories – Primary, Regular, Luxury, and Supreme. With each rising level comes more staking power. The NFT supermarket provides a platform for BakerySwap to release combos into the open market.

BakerySwap Launchpad

BakerySwap launchpad is the first of its kind on the platform, creating Battle Pets as its first project. Individuals can invest on the platform with BNB, BAKE, or BUSD, and get a bunny, puppy, or kitten. Each PET token goes for $0.03.

The Bottom Line

BakerySwap is a feasible, reliable, and highly rewarding DeFi project that harnesses non-fungible tokens (NFTs) and an automated market making (AMM) model to provide liquidity and ease transaction processes. LPs do not have to wait for rewards from the traditional staking method. They can get an NFT asset and sell it to other people on the network.

The ecosystem is built on a DOA-based governance structure backed by the validators. Hence, it is a trusted system where you can conduct transactions. With BakerySwap’s launchpad coming into the scene, more investors can be drawn to future blockchain-related projects. Being on the network implies that you can sell your meal combos. And even when you don’t find buyers for your meals, you can always convert them back to tokens, without significant losses.

 


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