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BakerySwap is an automated market maker (AMM) on the Binance Smart Chain (BSC); this decentralized finance (De-Fi) protocol supports swaps, yield farming, and NFT applications. BakerySwap happens to be among the top decentralized exchanges (DEX) on the BSC Network. Usually, most decentralized finance apps (Dapps) build on the Ethereum network. Still, due to the high gas fees and network congestion on Etherum, many Dapps have found the BSC as an alternate solution. As for Bakeryswap, they are the first NFT-Fi platform on the BSC.
NFT-Fi refers to the use of Non-Fungible Tokens financially, in this case, yield farming. Previously, BAKE was used to mint a random NFT “combo” meal, this unique NFT doesn’t just serve as an NFT alone, but it has staking power that means it can be staked to earn bake. Users can no longer mint new Combo’s, but they are still listed on the NFT marketplace. Bakeryswap also offers a more traditional NFT market, which allows community artists to list their NFT artwork.
Similar to other traditional AMM models, BakerySwap liquidity pools have a 0.30% transaction fee, of which 0.25% goes to the LP (liquidity provider) while the remaining 0.05% is given to bake holders.
The team at BakerySwap is an anonymous group of developers who utilize a fully decentralized autonomous organization (DAO). Following these principles, they don’t believe in pre-reserved tokens or pre-sale tokens for the team; instead, they share a ratio of 100:1 of farmed BAKE. Every 100 bake farmed, the developer’s receives one bake, which is very low in view with other projects developer’s fees.
BakerySwap has a very similar tokenomics model to SushiSwap as well as PancakeSwap (PCS), as both Bakery and PCS have forked from the Ethereum native, SushiSwap. This tokenomics model incentives liquidity providers heavily, attracting a large amount of users and liquidity. On the other side of the equation, the incentives are fueled by a highly inflationary BAKE block reward. The team has set in measures and continues to innovate to make BakerySwap a net deflationary token ultimately. Overall, the BakerySwap team is battling against inflation for the time being, but it allows users to reap bountiful rewards and bootstraps the protocols liquidity.
These are currently how BAKE rewards are allocated across all “liquidity incentives:”
Combo Staking, 10x
BAKE Staking pool, 5x
USDT-BUSD pool, 2x
BAKE-BNB pool, 12x
BAKE-BUSD pool, 12x
BUSD-BNB pool, 3x
BAKE-DOT pool, 2x
ETH-BNB pool, 1x
BTC-BNB pool, 1x
DOT-BNB pool, 1x
LINK-BNB pool, 1x
Burning pool, 270x
The anonymous team of BakerySwap provided some solutions to AMM’s critical problems, the most significant being battling the constant inflation due to BAKE rewards. The answer to this is to reduce the supply while increasing the demand simultaneously, which is easier said than done. The team also plans to use assets and contracts merged with theirs to create more robust products.
The following excerpt from the BakerySwap Medium outlines the DAO’s goals:
1. Only rewarding $BAKE related pools to support $BAKE value.
2. Leveling the liquidities of non-$BAKE related pairs from all the other swap exchanges AMM, instead of relying on $BAKE rewarding to attract the non-$BAKE liquidity providers.
3. Making the BakerySwap AMM more user friendly and also including new features on making smart contracts with other tokens to be able to farm BAKE or consume them, which including the following strategies:
3.1 Launchpad: projects may use any of the $BAKE pair LP tokens for fundraising, and after redeeming the LPs token, the corresponding $BAKE will be burned, and the other tokens will be distributed to the project team.
3.2 $BAKE staking pools: users can stake $BAKE to farm new project tokens or assets within the projects.
3.3 Paying with $BAKE — for partners selling their crypto assets on Bakery, they have to accept $BAKE payments and split the profit with us, and we will burn our shares of $BAKE.
Overall, the team identified a prevalent issue and created a plan of attack to resolve or reduce it. An ICO’s incorpation will greatly benefit BAKE holders bringing new users to the platform while also driving value through BAKE burns. This model has proven successful when used by Bakerys’ competitor PCS.
The NFT supermarket was just recently launched on the BakerySwap ecosystem and lots of development has been made on this section since it was launched. This unique supermarket has become the new home to the Bakery Combo and a structured NFT platform displaying other options like digital artworks, Binance NFT, battle pets, weapons, pet eggs and BSC artists
BSC Artist brings together artists around the world to trade their various virtual artworks on the BakerySwap network
This is how you can get your artwork displayed on the NFT supermarket:
Step 1:
On the ‘NFT Supermarket’ page https://www.bakeryswap.org/#/exchange/new-artworks and click ‘Mint Artworks’ button.
or link the ‘Mint Artworks’ page through https://www.bakeryswap.org/#/mint-artworks
Step 2:
Fill in the form on the ‘Mint Artworks’ page.
Enter your artwork’s name, your name, your website or social media link, and a description of your artwork.
Step 3:
Upload the image of your artwork by clicking ‘+’ in the image upload window. The image requirement is size not more than 10m, 3:4 ratio, and .jpg or .png format.
Also tick the declaration of copyright T&C.
Click ‘Mint’ button and wait for approval, and it may take a while.
Step 4:
Once your artwork is approved, you may set the price and your artwork will be listed on the ‘NFT Supermarket’.
You can view your NFT by clicking ‘my artwork’ button on the BSC Artist page
This same process can be followed to buy other BakerySwap NFT’s. The only NFT’s that are used for yield farming is the Bakery Combos, meaning steps 7-9 won’t apply.
There are four tiers of Combo, basic, regular, luxury, and supreme. The more bake contributed, the higher the combo level you’ll receive, which determines your NFT’s staking power. If lucky, you can get a Combo with high staking power at a low cost.
The decompose function on BakerySwap Combo NFT’s gives it an utmost advantage over the ERC721 tokens, meaning Combo NFT’s can be destroyed, and you’ll get back up to 90% of your bake used in making the NFT. This feature is not supported on ERC721 NFT’S, but it allows users to decompose rather than sell Combos at a considerable discount. If you were able to get a combo with high staking power at a low cost, you could make easy profits by selling to others
Users could only mint Combo NFT’s for a limited time through contributing BAKE; the more BAKE contributed, the higher the combo tier.
The following outlines information regarding combo creation for the BakerySwap team:
Combo Staking Power = R * B
R = a random number generated when composing a Combo
B = the amount of BAKE contributed for composing a Combo
The reward multiplier for Bakery Combo is 10x, and all multipliers become:
For more information on Bakery Combo’s:
Bakery Combos — the First NFTfi Platform on Binance Smart Chain
Liquidity mining is very common practice on AMM's, and BakerySwap isn’t so different, so join me as we go through these steps:
Step 1. Connect to the smart chain network on your TrustWallet/MetaMask
Step 2. Click on the exchange button
Step 3. Click on pool
Step 4. Provide liquidity to the pool you prefer to get your Blp token.
Step 5. After providing liquidity click on earning
Step 6. Click on the earn bake button, you’ll see various options to stake, select your pool and deposit your Blp token
Everyone in the crypto space is eager for the launch of Ethereum 2.0, which is rumored to be the best of the Ethereum blockchain. ETH 2.0 boasts reduced gas fees through a Proof of Stake (POS) system, among other scaling innovations.
There’s an issue for small users who wish to participate in ETH 2.0, stakers must have 32 ETH to become a validator. As a solution to this staking, Binance introduced BETH to both the BSC and Ethereum network, which grants users 100% of on-chain staking income. Ultimately BETH allows all users to access ETH 2.0. On the BSC, BETH is only available on BakerySwap; they happened to be the first adopters of this token. There are three options of liquidity pool on BakerySwap: BETH-BUSD, BETH-BNB, BETH-ETH
Bakeryswap has pioneered as one of the initial AMM DEX on the Binance Smart Chain. The team has developed a fully functional DAO that will serve an advisory role in future developments. BakerySwap has already achieved significant milestones as they continue to battle for the leading AMM spot.
The future is bright for BakerySwap as the BSC continues to undergo rapid growth alongside the De-Fi space. The team has many developments in the pipeline, the most exciting being NFT aggregation and decentralized derivatives trading. Overall, keep an eye out on BakerySwap as De-Fi growth continues to explode alongside the teams' hard work and innovation.
For more information, or if you wish to stay up to date on the project, check out their platform and social media pages.
Complete metaverse of digital monsters on Binance Smart Chain (BSC), Binamon is set to launch a mammoth Non-fungible token (NFT) auction on the BakerySwap marketplace.
The auction would give users the chance to own one of the most potent Binamons on the NFT GameFi protocol. Binamons, the native NFTs of Binamon’s Play-to-Earn protocol, will be auctioned through BakerySwap on October 21st at 8:00 AM UTC. BakerySwap broke the news on Twitter while endorsing Binamon’s new look.
“Seems that we are going to achieve a new #NFT transaction record… October 21st 8:00 AM UTC. PS: Your new logo @binamok looks dope!” BakerySwap wrote on October 18th.
As seen in Binamon’s embedded image on Twitter, the NFT auction would be worth $37 Million. We anticipate the monster auction by Binamon in conjunction with BakerySwap shortly.
Binamon is preparing to upgrade its game in the coming weeks. The protocol’s Chief Technology Officer (CTO), Leo, teased the new product on Twitter on October 19th. Binamon, on the other hand, reposted the CTO’s Tweet on their official Twitter page, calling Bsc News and some other notable platforms to comment on the new upgrade.
“Binamon Arena UI teaser posted by our CTO, @leobinamon,” Binamon wrote. “What do you think @Cointelegraph @news_of_bsc @kucoimcom @T2LATAM? This is very exciting few weeks for Binamo!”
The tweet shows that the Binamon Arena game will be one of a kind. Therefore, Binamon users should prepare themselves for an exciting experience on the NFT GameFi protocol. Till then, we await the NFT auction on BakerySwap.
Binamon is an NFT-based, blockchain-driven online gaming platform. It is a complete gaming metaverse of digital monsters where players battle and defeat monsters to earn BMON tokens. In addition, gamers also stake their Binamons (Genesis NFTs) and earn passive income through staking.
Where to Find Binamon:
Binance carried out its 17th $BNB burn, a whopping $640 million in value in its quarterly token burn. In comparison, the previous token burn only amounted to $390 million in value then.
The transaction ID (TXID) for the BNB burn can be found here. The recent burn has decreased the total supply from 168,137,036 BNBs to 1466,801,148 BNBs. This burn mechanism will continue every quarter until 50% of the total $BNB supply is removed from circulation.
The burning mechanism works by using profits generated by the platform to buy back BNB tokens from the market and taken of circulation to reduce the total supply.
The burn mechanics also includes users’ lost tokens in accepted cases and counted as BNB’s quarterly token burn. This program was introduced last year in BNB Pioneer Burn Program to help eligible users recover losses made while trying out the Binance Smart Chain. 17,839 BNB tokens were burned from the BNB Pioneer Burn Program this round.
Binance reports that it continues to grow and has improved its category position in the market from 69.6% in June to 69.7% in July and 70.3% in August based on the research from The Block. There is a caveat placed on the statistics because the figure is only based on a small number of exchanges that the researcher deemed as ‘legitimate’.
According to our own research, which includes a much more comprehensive dataset - hence lowering our category position estimate - our “true” position is lower: somewhere about 50%. However, the relative proportions of the big exchanges are the same. - Binance believes its category position is much lower and believes that the industry’s growth should be the main focus.
Changpeng Zhao (CZ), the Chief Executive Officer (CEO) of Binance in the same announcement gave insights into Binance’s positioning and point of view on regulation. He listed 3 reasons as to why Binance welcomes regulation.
CZ believes that mass adoption requires regulation. 95% of the rest of the population, which he calls the ‘mass audience’ can only be bridged by having regulatory frameworks and licenses. The crypto industry is now entering this phase. Secondly, being the category leader stands in a good position to lead and influence regulation. Finally, regulation will weed out unethical and questionable practices thus promoting a healthy and robust industry.
The burning mechanism is fast becoming an integral part of tokenomics. Having fewer tokens in circulation can be achieved by minting lesser tokens rather than resorting to a burning mechanism. However, the perception of the community is important.
The community would likely view the presence of a deflationary mechanism and a gradual decrease in circulating supply as a more attractive feature to drive value. The scheduled burn also serves as a periodical reminder that the platform is profitable and the efforts taken to reduce the total supply regardless of the value of the tokens.
BakerySwap is an automated market maker (AMM) on the Binance Smart Chain (BSC); this decentralized finance (De-Fi) protocol supports swaps, yield farming, and NFT applications.
BakerySwap is an automated market maker (AMM) on the Binance Smart Chain (BSC); this decentralized finance (De-Fi) protocol supports swaps, yield farming, and NFT applications. BakerySwap happens to be among the top decentralized exchanges (DEX) on the BSC Network. Usually, most decentralized finance apps (Dapps) build on the Ethereum network. Still, due to the high gas fees and network congestion on Etherum, many Dapps have found the BSC as an alternate solution. As for Bakeryswap, they are the first NFT-Fi platform on the BSC.
NFT-Fi refers to the use of Non-Fungible Tokens financially, in this case, yield farming. Previously, BAKE was used to mint a random NFT “combo” meal, this unique NFT doesn’t just serve as an NFT alone, but it has staking power that means it can be staked to earn bake. Users can no longer mint new Combo’s, but they are still listed on the NFT marketplace. Bakeryswap also offers a more traditional NFT market, which allows community artists to list their NFT artwork.
Similar to other traditional AMM models, BakerySwap liquidity pools have a 0.30% transaction fee, of which 0.25% goes to the LP (liquidity provider) while the remaining 0.05% is given to bake holders.
The team at BakerySwap is an anonymous group of developers who utilize a fully decentralized autonomous organization (DAO). Following these principles, they don’t believe in pre-reserved tokens or pre-sale tokens for the team; instead, they share a ratio of 100:1 of farmed BAKE. Every 100 bake farmed, the developer’s receives one bake, which is very low in view with other projects developer’s fees.
BakerySwap has a very similar tokenomics model to SushiSwap as well as PancakeSwap (PCS), as both Bakery and PCS have forked from the Ethereum native, SushiSwap. This tokenomics model incentives liquidity providers heavily, attracting a large amount of users and liquidity. On the other side of the equation, the incentives are fueled by a highly inflationary BAKE block reward. The team has set in measures and continues to innovate to make BakerySwap a net deflationary token ultimately. Overall, the BakerySwap team is battling against inflation for the time being, but it allows users to reap bountiful rewards and bootstraps the protocols liquidity.
These are currently how BAKE rewards are allocated across all “liquidity incentives:”
Combo Staking, 10x
BAKE Staking pool, 5x
USDT-BUSD pool, 2x
BAKE-BNB pool, 12x
BAKE-BUSD pool, 12x
BUSD-BNB pool, 3x
BAKE-DOT pool, 2x
ETH-BNB pool, 1x
BTC-BNB pool, 1x
DOT-BNB pool, 1x
LINK-BNB pool, 1x
Burning pool, 270x
The anonymous team of BakerySwap provided some solutions to AMM’s critical problems, the most significant being battling the constant inflation due to BAKE rewards. The answer to this is to reduce the supply while increasing the demand simultaneously, which is easier said than done. The team also plans to use assets and contracts merged with theirs to create more robust products.
The following excerpt from the BakerySwap Medium outlines the DAO’s goals:
1. Only rewarding $BAKE related pools to support $BAKE value.
2. Leveling the liquidities of non-$BAKE related pairs from all the other swap exchanges AMM, instead of relying on $BAKE rewarding to attract the non-$BAKE liquidity providers.
3. Making the BakerySwap AMM more user friendly and also including new features on making smart contracts with other tokens to be able to farm BAKE or consume them, which including the following strategies:
3.1 Launchpad: projects may use any of the $BAKE pair LP tokens for fundraising, and after redeeming the LPs token, the corresponding $BAKE will be burned, and the other tokens will be distributed to the project team.
3.2 $BAKE staking pools: users can stake $BAKE to farm new project tokens or assets within the projects.
3.3 Paying with $BAKE — for partners selling their crypto assets on Bakery, they have to accept $BAKE payments and split the profit with us, and we will burn our shares of $BAKE.
Overall, the team identified a prevalent issue and created a plan of attack to resolve or reduce it. An ICO’s incorpation will greatly benefit BAKE holders bringing new users to the platform while also driving value through BAKE burns. This model has proven successful when used by Bakerys’ competitor PCS.
The NFT supermarket was just recently launched on the BakerySwap ecosystem and lots of development has been made on this section since it was launched. This unique supermarket has become the new home to the Bakery Combo and a structured NFT platform displaying other options like digital artworks, Binance NFT, battle pets, weapons, pet eggs and BSC artists
BSC Artist brings together artists around the world to trade their various virtual artworks on the BakerySwap network
This is how you can get your artwork displayed on the NFT supermarket:
Step 1:
On the ‘NFT Supermarket’ page https://www.bakeryswap.org/#/exchange/new-artworks and click ‘Mint Artworks’ button.
or link the ‘Mint Artworks’ page through https://www.bakeryswap.org/#/mint-artworks
Step 2:
Fill in the form on the ‘Mint Artworks’ page.
Enter your artwork’s name, your name, your website or social media link, and a description of your artwork.
Step 3:
Upload the image of your artwork by clicking ‘+’ in the image upload window. The image requirement is size not more than 10m, 3:4 ratio, and .jpg or .png format.
Also tick the declaration of copyright T&C.
Click ‘Mint’ button and wait for approval, and it may take a while.
Step 4:
Once your artwork is approved, you may set the price and your artwork will be listed on the ‘NFT Supermarket’.
You can view your NFT by clicking ‘my artwork’ button on the BSC Artist page
This same process can be followed to buy other BakerySwap NFT’s. The only NFT’s that are used for yield farming is the Bakery Combos, meaning steps 7-9 won’t apply.
There are four tiers of Combo, basic, regular, luxury, and supreme. The more bake contributed, the higher the combo level you’ll receive, which determines your NFT’s staking power. If lucky, you can get a Combo with high staking power at a low cost.
The decompose function on BakerySwap Combo NFT’s gives it an utmost advantage over the ERC721 tokens, meaning Combo NFT’s can be destroyed, and you’ll get back up to 90% of your bake used in making the NFT. This feature is not supported on ERC721 NFT’S, but it allows users to decompose rather than sell Combos at a considerable discount. If you were able to get a combo with high staking power at a low cost, you could make easy profits by selling to others
Users could only mint Combo NFT’s for a limited time through contributing BAKE; the more BAKE contributed, the higher the combo tier.
The following outlines information regarding combo creation for the BakerySwap team:
Combo Staking Power = R * B
R = a random number generated when composing a Combo
B = the amount of BAKE contributed for composing a Combo
The reward multiplier for Bakery Combo is 10x, and all multipliers become:
For more information on Bakery Combo’s:
Bakery Combos — the First NFTfi Platform on Binance Smart Chain
Liquidity mining is very common practice on AMM's, and BakerySwap isn’t so different, so join me as we go through these steps:
Step 1. Connect to the smart chain network on your TrustWallet/MetaMask
Step 2. Click on the exchange button
Step 3. Click on pool
Step 4. Provide liquidity to the pool you prefer to get your Blp token.
Step 5. After providing liquidity click on earning
Step 6. Click on the earn bake button, you’ll see various options to stake, select your pool and deposit your Blp token
Everyone in the crypto space is eager for the launch of Ethereum 2.0, which is rumored to be the best of the Ethereum blockchain. ETH 2.0 boasts reduced gas fees through a Proof of Stake (POS) system, among other scaling innovations.
There’s an issue for small users who wish to participate in ETH 2.0, stakers must have 32 ETH to become a validator. As a solution to this staking, Binance introduced BETH to both the BSC and Ethereum network, which grants users 100% of on-chain staking income. Ultimately BETH allows all users to access ETH 2.0. On the BSC, BETH is only available on BakerySwap; they happened to be the first adopters of this token. There are three options of liquidity pool on BakerySwap: BETH-BUSD, BETH-BNB, BETH-ETH
Bakeryswap has pioneered as one of the initial AMM DEX on the Binance Smart Chain. The team has developed a fully functional DAO that will serve an advisory role in future developments. BakerySwap has already achieved significant milestones as they continue to battle for the leading AMM spot.
The future is bright for BakerySwap as the BSC continues to undergo rapid growth alongside the De-Fi space. The team has many developments in the pipeline, the most exciting being NFT aggregation and decentralized derivatives trading. Overall, keep an eye out on BakerySwap as De-Fi growth continues to explode alongside the teams' hard work and innovation.
For more information, or if you wish to stay up to date on the project, check out their platform and social media pages.
