It is in the early morning, and you grudgingly wake up and get out of bed. Still half asleep, you go over to your laptop to scan for one of the most important meals of the day; breakfast. But instead of looking at which restaurant cafe where you can buy your coffee and croissant, you instead go into a dApp to see what they have baked in their ecosystem. And we mean that literally, read along our BakerySwap Review.
This dApp is called BakerySwap, and it is one of the latest DEXs operating on the Binance Smart Chain. Its BakeryToken has seen significant growth in terms of price throughout early this year. There is even an Airdrop being scheduled within a few days.
But, what’s all the fuss? Are the BakeryToken and its ecosystem oven really that tasty and delicious? Or is it just hype? That is what this BakerySwap review is going to find out. This article will take a deep dive down the oven to see if whether you should consider popping over to their shop to get a taste of what it is being baked.
What Is BakerySwap & What Are Its Features?
BakerySwap is a decentralized automated market-maker (AMM). Yes, I know, “not another AMM DEX!”. But hold on, let’s give this project the benefit of the doubt. Like any typical DEX, users can become Liquidity Providers by pairing up two tokens of equal value and providing liquidity. Liquidity Providers, in turn, receive Bakery Liquidity Tokens or BLPs. When users stake those specific pools BLPs, they will produce or ‘farm’ BAKE tokens.
The DEX charges a 0.30% fee for all trading/swapping. As a reward, Liquidity Providers receive 25% of those fees, while the rest goes to holders of BAKE tokens. This means that users who are Liquidity Providers and holders of BAKE can earn pretty much a share of the entire 30% fees being generated.
In addition, any user holding BAKE tokens can also vote as part of BakerySwap’s governance process.
The DEX offers a variety of liquidity pools, but the most common pairing is with BNB. The BAKE-BNB pool will earn 10x the rewards when compared to other pools.
In late September of 2020, BakeySwap launched their Bakery Combo. In this feature, users can use their BAKE to compose a random combo meal, which is a unique NFT. However, what makes it really unique is that this combo is both an NFT and a farming tool! Each NFT combo has a staking power that can be staked to earn BAKE. The combo can be either traded or decomposed back to BAKE. Sounds delicious and cool!
ETH 2.0 Liquidity Farming on BakerySwap
On January 6, 2021, both BakerySwap and Binance launched an ETH 2.0 cross-chain bridge called ‘BETH.’ The project began to offer this service shortly after Phase 0 of ETH 2.0 began on December 1, 2020, for users who are unable to obtain the necessary 32 ETH required to become a Validator.
‘BETH’ is an anchor token of ETH2.0 issued by Binance on BSC for those users who’d like to participate in being ETH 2.0 Block Producer and this staking period is about 18 months. $BETH is the only token that can redeem $ETH at a rate of 1:1 after ETH 2.0 is upgraded.
There are several advantages to using BakerySwap’s ETH 2.0 cross-chain. These are,
- having no minimum of 32 ETH needed on BSC. Users just need to stake their ETH on Binance, which they will receive BETH and put in as much as they would like on BakerySwap’s ETH 2.0 farming pool. 100% of the PoS rewards on Ethereum chain will be rewarded to you.
- the BETH token can be traded on BakerySwap at any time, and the rewards can be harvested at any time, without a locking period
- Providing liquidity for $BETH will get extra $BAKE rewards provided by BakerySwap, which are exclusive on BakerySwap.
BakerySwap was one of the first dApps to provide an NFT marketplace on the Binance Smart Chain. As the name suggests, amateur and professional artists can hop on over to the project’s NFT marketplace to put up their NFTs for sale. Some well-known artists who are using it include SWOG, CoralCorp, Cookie Munster, among others.
In late April of 2021, BakerySwap launched their Bakery Gallery, where users and artists can demonstrate their talent by exhibiting their best NFT art for everyone to a few. They do not just seek to provide a place to sell NFTs,but also where some of the greatest emerging NFT artists can show their latest work, demonstrating to everyone that BakerySwap seeks to be a place for great talent to come together.
BakerySwap also has an Initial DEX Offerings (IDOs) launchpad. New projects that are looking to gain exposure and also a place to launch their new token can now do so on BakerSwap.
The process is easy. New projects can click on this link and fill out the form, and then submit it to the team and community for review:
Gamification is another hot feature on BakerSwap. It is a place where NFTs are put to work for competition, games, and other events.
There is a maximum supply of 731,745,000 with 188,717,930 BAKE in circulation. As previously mentioned, BAKE holders will be able to submit and vote on proposals for governance, as well as earn a portion of the trading fees.
According to their first Medium article, there was no pre-sale and no pre-mine. Their initial release schedule was to generate 400 BAKE per block, with each block being produced per day. After approximately 20 days, the initial BAKE being produced per block was to be steadily reduced day by day, with an average of 255 BAKE per block. After approximately 11 months, that production was to be even further reduced to 73 BAKE per block.
The team behind the development of BakerySwap is a group of anonymous developers. These developers earn 1% of all BAKE tokens being minted or ‘farmed' to users.
The team is dedicated to the project being a decentralized autonomous organization (DAO). On March 21, it began to recruit members from the BakerySwap community to do various roles for the organization. Such roles include, but are not limited to, Telegram Community Manager, Technical Support, Content Creator, among others.
Who Is This Project for?
BakerySwap is unique because it encompasses several features for users to use for various reasons. It is for anyone simply looking to swap their BAKE or other tokens, or looking for unique farming tools and high yield pools, and where to put their NFTs art up for sale.
Tutorial Links and Videos
- A link to help users on how to farm on BakerySwap: https://bakeryswap.medium.com/bake-farming-tutorial-476b1bbcdd89
- A tutorial and review video: https://www.youtube.com/watch?v=FAagdD4eQ0M
- A link on how to make combos on BakerSwap: https://bakeryswap.medium.com/tutorial-make-your-combos-on-bakeryswap-d6dd19086b6e
- A link on how to participate in BETH trading and farming: https://bakeryswap.medium.com/beth-liquidity-farming-at-bakeryswap-e1ce2f4839b0
Despite having unique services, BakerySwap is not without competition. For example, PancakeSwap also has its own NFT marketplace with other upcoming projects such as Swamp Finance and 0.exchange developing their own NFT Marketplace. 0.exchange, in particular, will be developing an NFT marketplace where users can transfer them between different blockchains, a feature BakerySwap does have, not yet at least.
In addition, other projects such as Goose Finance, PantherSwap, Swamp Finance, and others also provide high yield farming pools.
BakerySwap Review – Conclusion
In conclusion, this BakerySwap has shown a lot of its potential. It is not a simple DEX where users can simply swap tokens or provide liquidity. It seeks to become much more by providing unique trading tools that other projects do not provide, play games, as well as a place where great artistic talent can show their latest work.
In addition, unlike other projects whose native tokens have a little use case, BakerySwap’s BAKE encourages users to hold onto their token in order to receive some or additional of those trading fees. This is in addition to it also being a governance token.
That being said, BakerySwap also faces stiff competition from other DEXs that are looking to enter the DeFi and NFT and gaming sector. And although it does have an ETH 2.0 cross-chain bridge, it is still heavily restricted to the Binance Smart Chain. Other dApps, such as Nerve Finance, have a bridge to the Ethereum and Solana blockchains.
Nevertheless, BakerySwap is truly unique in the many features it provides to users, and so long as it continues to develop and provide more fund features, you can bet that its BAKE token will be tasting very sweat to its holders.
- Ease of Use
- The project is still new, lost of room to grow
- The team is dedicated to the community to help govern the project.
- Offers many features, various methods to farm
- Bakery Combo is both a farming tool and NFT
- Has an NFT marketplace
- Faces strong competition from other Dapps that offer similar services and features
- Tradings may be too high for users