BakerySwap
BakerySwap is the first AMM and DEX that uses blockchain technology to build an open-source, decentralized structure. It integrates NFT features with tools accessible on DeFi platforms so that users can easily and quickly swap tokens.
BakerySwap, unlike some other DEX platforms, does not integrate order books into the system, allowing tokens to be exchanged and swapped against liquidity pools rather than between sellers and buyers. BakerySwap is essentially a decentralized application with a specialized utility that is hosted on the Binance Smart Chain. Additionally, BakerySwap provides a launchpad and an NFT marketplace where consumers can simply purchase and sell non-fungible tokens.
Unlike previous DEX protocols (such as Uniswap), BakerySwap was established by a group of unknown developers. Around 1% of all BAKE tokens awarded (or "farmed") to users are distributed to the developers.
BakerySwap is intended to function as a decentralized autonomous organization (DAO). This shows that all decisions are made with input from the BakerySwap community. The creators have assembled a team of BakerySwap community members to carry out a variety of activities.
As for the major changes it wants to make:
BakerySwap is the subsequent version of Uniswap. It is a more efficient and affordable update of Uniswap. In addition, the liquidity providers are rewarded with BAKE tokens.
To ensure that communities can easily establish new liquidity pools, BakerySwap allows for two types of liquidity pools: one with BAKE rewards and one that does not have BAKE rewards.
BakerySwap is also among the first protocols to utilize Binance Smart Chain for an AMM DEX. It maximizes the benefits of the Binance Community to offer arbitrage opportunities between BEP2 and BEP20 tokens listed on Binance.com or Binance DEX.
NFT Marketplace: BakerySwap operates the Bakery NFT Supermarket, which it refers to as the first marketplace on the BSC that is dedicated to non-fungible tokens (NFTs). The marketplace allows users to submit bids on unique NFTs, following which the seller will select the highest bid. Since a majority of NFTs are sold through Ethereum, which has very high transaction costs, the entry hurdle to BakerySwap's NFT marketplace is reduced.
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Bakery Gallery: The Bakery Gallery is a curated NFT platform showcasing the community's leading emerging artists.
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Launchpad: BakerySwap Launchpad hosts Initial DEX Offerings (IDOs), a permissionless, decentralized platform for financing. The first IDO was for the game Battle Pets, in which players could breed, trade, and fight with NFT pets.
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Gamification: Gamification in BakerySwap enables users to compete in games and earn BAKE tokens as prizes. The platform integrates DeFi world games, with the power of creativity in relation to food or bakery items, in order to attract players and encourage them to play and earn BAKE tokens.
BakerySwap may be utilized to exchange and trade tokens, whereas the protocol is a hybrid of DEX and AMM markets with the NFT supermarket. Users can quickly trade their tokens with low costs and fast execution. All swaps are executed using liquidity pools.
Players can stake BAKE to receive incentives, use it to purchase NFTs, and earn BLP through farming. Also, users can use BakerySwap to supply liquidity to pools and earn rewards based on their token holdings.
DATE NEWS/EVENTS IMPACT 07/05/2022 TerraUSD and LUNA both collapsed and as a result, a number of crypto platforms folded in the aftermath -56% Decrease 02/07/2021 BakerySwap collaborates with Alchemy Toys to provide NFT services +22% Increase 27/04/2021 Bakery Gallery was launched by the protocol to attract artists and collectors to compete with Ethereum's NFT platforms +385% Increase 03/03/2021 Ankr Staking partners with BakerySwap to bring the liquidity of Eth2 Staking on the Binance Smart Chain +20% Increase
BakerySwap capitalizes on the growing potential and popularity of NFTs and the DeFi sector. As NFTs and DeFi services grow in popularity, BakerySwap may emerge as a significant player in the DeFi industry due to its valuable, sector-relevant features. BakerySwap employs the AMM model and functions as a DEX, enabling users to trade a wide variety of BEP-20 tokens, BNB, and cryptocurrencies with minimal fees and fast execution, without the requirement of a third party. Since BakerySwap also hosts the NFT supermarket, users can also purchase non-fungible tokens, which are also becoming more popular.
