Welcome to Mitrobe Network, In this article, I will be explaining few things you need to know about BAKEYSAWAP, including current market price, how it works, its pros, possible cons, how to buy it and how profitable BAKE investment would be in 2021.
BakerySwap is a decentralized protocol offering automated market-making (AMM) on BSC, very similar to BakerySwap and SushiSwap. Simply put, the protocol is an AMM decentralized exchange (DEX). An automated market maker (AMM) is a type of decentralized exchange (DEX) protocol that relies on a mathematical formula to price assets. Instead of using an order book like a traditional exchange, assets are priced according to a pricing algorithm.
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BAKE current market price is 4.640$
BakerySwap as a decentralized automated market-making (AMM) protocol on Binance Smart Chain. BAKE token represents the native BEP-20 governance token of the platform. And as such, all BAKE holders can use their tokens for governance voting as well as for receiving transaction fee dividends
Just like cake which is the token used in the Pancakeswap system to reward its users/community, This platform has a native token called BAKE, which enhances interactions within the AMM DEX ecosystem.
By being hosted on the Binance Smart Chain, it provides major benefits to the Binance community. For instance, it carries arbitrage functionalities for tokens powered by either the Binance DEX or its centralized counterpart, Binance.com. Notably, the tokens must follow BSC’s BEP20 and BEP2 token standards.
The BAKE platform is designed to allow anyone to maximize their profits. You can loan your digital assets to liquidity pools and in return, you receive liquidity tokens that can then be staked to earn even more profits
Exchange:- Here, you can exchange between cryptocurrencies.
Earning- You can also earn on the platform
Gamification- In this section, BAKE holders are allowed to bake a meal of their choice, referred to as a “combo meal, however, the meal can be used to farm BAKE coins
Launchpad- Bakery has a launchpad section for unique upcoming projects.
NFT Supermarket:– A marker made for NFT, where everything is special.
How to Start Baking:
- Visit the Bakery website
- Now connect to BSC using MetaMask.
- On MetaMask, Click on settings and change the network name to “Binance Smart Chain,
- Input the RPC URL as “https://bsc-dataseed1.binance.org/,” type 56 on ChainID, use the BNB as the symbol, and point the block explorer to “https://bscscan.com/”
- After the previous step, Go to Binance and buy BNB or transfer your existing coins to MetaMask. Note that on the withdrawal page, remember to select “BEP20”.
- Now Present your MetaMask BEP20 address and wait for BEP20 BNB to arrive in your MetaMask wallet.
NOTE: BakerySwap features a 0.30% fee to all trades, of which 0.25% will go to Liquidity Providers (LPs), and the remaining 0.05% will be converted to BAKE tokens and given to BAKE holders as rewards.
$CAKE VS $BAKE: Whats the Difference?
They are both AMM and have NFTs
You can stake your token and add them to liquidity pools
Both received total funding up to $100 million Binance fund
$CAKE has unlimited supply whereas $BAKE has a total supply of 188,717,930.00 and volume of $388,854,577.43.
$CAKE has a lot more pairs than $BAKE currently. This can be confirmed on Binance and major exchanges
Market cap difference
Cons of BAKE
- 1.Limited market pairs. BAKE/BUSD,BAKE/BNB only for now.
- Bake also has fix supply volume.
Is BakerySwap safe OR Is Bake a good Investment?
Where Can I buy BAKE?
After carefully following the above steps, it’s now time to move into the Bakery.
However, note that now, you are presented with two options “Swap” and “Pool.”
- Select the trading pair and hit Swap, and confirm the transaction on MetaMask.
- Click on the next step, then specify the number of tokens you want to liquidity.
- Hit “Supply” and confirm your decision on MetaMask.
- Enjoy your Bakery liquidity pool tokens (BLP).
Therefore, we can conclude by iterating that, cryptocurrency investment involves considerable amount of risk. Invest funds you can afford to lose. I am holding long on BAKE now because I haven’t noticed NFTs creating serious issue in pancakeswap, and as such bakeryswap is much more recent, more bullish growth prospects awaits all investors.
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