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.
Cryptoshrimp5 (AMA Host): It’s my pleasure to have CyberTime Team with us on BSC News for an AMA. @dimabosh We have kept you waiting long enought shall we start the AMA?
Dima Boshenyatov: Yes, let's start
Cryptoshrimp5 (AMA Host): Awesome
Q1 Maybe we can start off with an introduction on yourself and your team members, and also any past experience in crypto world.
Dima Boshenyatov: Now in CyberTime working 7 team members:
- 3 developers
- Designer
- 2 marketers
- Content maker
I have been in blockchain since 2013. I have experience as a marketer and product specialist. I launch several startup on Blockhain and created mobile apps with an audience of 1 million users. Developers also have extensive development experience. There are several implemented DeFi projects behind. Since we are doing NFT, we have an amazing designer. She not only makes incredible NFTs, but also thinks through the UX / UI of sites Marketing works well for us too. Over the past month, we have done a lot, and with a limited budget.
Cryptoshrimp5 (AMA Host):thats a decent team you have
Q2 can you tell us more about Cybertime, what is it all about?
Dima Boshenyatov: We create first NFT Marketplace with Fantasy Teams and Crypto Artist Tokens. It will be held seasons (25-30 stages in each season). Each stage lasts approximately 2-3 days.
How will the stage proceed?
1. Crypto artist uploads his works to the platform before each stage
2. Before the start of voting, a draft window opens. Each Fantasy Teams member can create their own team of crypto artists and their works. Who, in his opinion, will gain the most votes, who will sell their work the most, etc. Anyone who purchases a Fantasy Pass using the native NFTL token can participate. This is just one of its uses. There will be a leaderboard who scored the most points with the Fantasy Team, and there will be cash prizes for the winners!
3. Voting / pre-sale starts. There will be two types, voting - love and money.
- Love is when you can like the author, write a comment, give a badge (exclusive NFT from our platform)
- Money. People transfer money for NFT. All the money will go to the author of the work, but the biggest bet will eventually take the NFT itself.
4. After 7 days of voting and discussion, a 24-hour auction opens. Everyone who deposited money at the previous stage gets the opportunity to buy NFT. Highest bet wins
5. If the works are not sold, they end up on the secondary market. The starting price of all works is $ 20 and counts down 24 hours to $ 5. Any member can buy at any time. If the work is not sold at this stage, it automatically goes to the NFTL fund. Once a quarter, there will be a charity sale of all NFTs in the fund and the proceeds will be donated to charity (the community will choose which charity to send money to after each sale)
Cryptoshrimp5 (AMA Host): so basically after loading the art piece onto the platform, the artist has to form their own team? or the system will assign them randomly?
Dima Boshenyatov: Not certainly in that way. Crypto artists upload their work and that's it. Platform users (maybe artists) make up their Fantasy Team for a specific stage. For example, 3 artists and 5 works. I believe that they will sell a large sum at this stage. This is how it works
Cryptoshrimp5 (AMA Host): i see so the platform users can choose and form their own fantasy team of artist..
Q3 Under this fantasy team competition, what are the rewards and how beneficial is it for them (both the platfrom users and artists) ?
Dima Boshenyatov: Opportunity for crypto artists:
- Earn not only by selling work, but also by voting
- Make money selling your work at the final auction. You may not even take a prize in the voting, but successfully sell at the end. There remains a moment of unpredictability
- Declare yourself to the world. Absolutely everyone can participate in competitions: unknown artists and super popular. The contests bring together crypto art connoisseurs in one place. New stars will light up
- Fantasy League makes people look at art differently. On the one hand, you enjoy the work, on the other hand, you try to catch the "trends" and guess the mood of users and popular works / authors at the moment
Opportunity for users:
- It is not necessary to buy NFT, you can support the author during the voting. All voting history will be saved in users wallet
- The ability to create your own Fantasy Team from cryptoartists and their works. Fantasy Team helps you get involved in contests, follow authors and trends
- Possibility to buy works of any of the participants in the competition. This is not just an NFT, but an NFT with history. It could be the winners of one of the stages or a rising star of the NFT scene. The community itself will create history
- Get cashback for buying NFT with the native NFTL token
Cryptoshrimp5 (AMA Host): thats good opportunity for both the artist and users
Q4 I understand that cybertime farming has just started, how can one take part in it? eg where to buy the tokens etc?
Dima Boshenyatov: We started farming today! You need to go to cybertime.farm and start farm Not everything is perfect, but we are working to improve
Q5 there’s a whole page of explanation on farming vs buying is there a TLDR for our audience and if they wanna know more im sure they can have the link to read up more on it too.
Dima Boshenyatov: Yes, I write big article about farming. This is in our docs - https://docs.cybertime.finance/products/cyber-farming/farm-or-buy It was with ETH gas fee, so on BSC it looks much better
Cryptoshrimp5 (AMA Host): thats a good link for the community to check it out
Q6 what are the use case of $CTF and $NFTL, like future development of the tokens, this will interest the long term investors too
Dima Boshenyatov: What are the benefits for $NFTL holders?
1. NFTL will be the platform's key token. Artists' works will be sold for NFTL, there will be a crypto token market for artists paired with NFTL, NFTL can be used to buy access to Fantasy League, etc. The demand for a token increases its value.
2. We thought to make a burn rate to reduce the number of tokens (we will raise this issue later at the DAO voting), but now we are thinking about developing an accelerator for NFT artists, young teams in the field of NFT, creating cross-chain solutions for NFT, virtual worlds on BSC base, etc.
3. We planned to send 25% of the income from the platform to NFTL / BNB liquidity providers
What are the benefits for $CTF holders?
1. Participation in voting for the development of the project
2. Participation in the distribution of funds from the community development fund
3. 100% of the league stages for BNB will go towards the CTF buyback at market price. 50% will go to the community developer fund, and 50% to CTF / BNB liquidity providers
4. 25% of the profits of all products of the ecosystem (NFTL.art, cybertime.art and others) will be directed towards the buyback of tokens from the market and distribution among liquidity providers and the fund
Cryptoshrimp5 (AMA Host): so both tokens will be using different strategy to reduce the sell pressure?
Dima Boshenyatov: Yes, right
Cryptoshrimp5 (AMA Host): thats superb
Q7 lately we have Certik and Saffron talking about safety and security for the community and insurance for the project, is cybertime planning on any of this? or there’s other plans on keeping the project safe ?
Dima Boshenyatov: Yes, safety is important. We do security audit by Adesh Kolte. Adesh is an Independent Information Security Consultant focusing on security assessments (applications, infrastructures and smart contracts). Previously worked as bug bounty hunter with Multiple organizations like Microsoft (MSRC), Apple, Google, Zoho, Siemens etc.
You can check it in our Docs - https://docs.cybertime.finance/security-audit
Q8 how is cybertime helping the investors in terms of tokenomics, to maintain the price and protect their investment besides the above mentioned strategy of burning and buy back, like will there be vault or compounding or other kind of startegy?
Dima Boshenyatov: We are all about NFT and crypto artists. Already, there are investors who invest part of their capital in NFT.
Cryptoshrimp5 (AMA Host): so it benefits alot of artist and also NFT lovers will love cybertime
Q9 what has Cybertime accomplished so far?
Dima Boshenyatov: We launched farming - this is a major achievement. Created 2 tokens and several farming contracts. You can all contracts here - https://docs.cybertime.finance/pool-contracts. Now plans to start work on the NFT Fantasy League
Q10 Im glad we are early in this NFT fantasy League developement, what are the short term development that the team are currently in progress with?
Dima Boshenyatov: Since initially we wanted to launch on Ethereum, but when we switched to BSC (and we are very happy about it), then more moments were opened that we would like to work on:
- ERC-721 <=> BEP-721 Bridge. When can one conditionally transfer one NFT from Ethereum to BSC and vice versa
- Ethereum has Opensea, but there is no such strong player in BSC. I think there will be a lot of competition for this place in the near future.
- We are also planning to launch our unique NFT Time Collection series. More about it here - https://docs.cybertime.finance/products/nft-time-collection
Cryptoshrimp5 (AMA Host): thats great stuff with the bridge on ERC 721 to BEP 721. will this be in the near future or we have to wait quite awhile before we are able to see that happening?
Q11 that leads me to the nex question, any roadmap or future development that is being planned that might interest the audience?
Dima Boshenyatov: If we compare the tokens in BEP-721 vs ETH-721, the picture is BEP 108 vs ETH 8600. The difference is huge. But the implementation is not very simple. I think it will take time to implement this.
Dima Boshenyatov: Q1 2021
- Launch CyberTime Farming on cybertime.farm on Binance Smart Chain #BSC
- Create NFTL & CTF liquidity pools on PancakeSwap
- Create a unique NFT collection for farmers & stakers in Cyber Farming Week #1
- Community contests (MEME, Sticker pack, Evangelist)
Q2 2021
- Launch of the light version of the NFT Fantasy League and testing on users among the community
- Implement a balanced Fantasy Challenge mechanic
- Crypto Artists Tokens Marketplace
- Launch the first version of NFT Time Collection
Q3 2021
- Launch of the NFT League Platform and the start of the first season of the league
- Recruitment of participants for the DAO Fund on cybertime.fund
- Bridge development start ERC-721 / 1155 <=> BEP-721 / 1155
- Issue a token and exchange system for NFT Time Collection
Q4 2021
- Start packing the NFT League into the Fantasy League Platform service
- Launch voting system for CTF holders at snapshot.page
- NFT League Season 1 Grand Final
Cryptoshrimp5 (AMA Host): so on this roadmap, i can say we are rather early in the game as well.
Q12 do you have all the links/social media list that one can find out more about Cybertime?
Dima Boshenyatov: We are very active in 3 social networks. networks, but you can find others in the Docs:
Telegram - https://t.me/cybertime_eth
Twitter - https://twitter.com/cybertime_eth
Medium - https://cybertime.medium.com
Q13 lastly the famous question before we end this part of the AMA, is there any alpha that you can share with the audience today?
Dima Boshenyatov: Now all efforts have been devoted to the development of farming - cybertime.farm When it is launched, we will finalize it and start developing a platform for the NFT Fantasy League
Cryptoshrimp5 (AMA Host): Thank you Cybertime for your participation in the BSC News AMA. I wish you guys great success and maybe see you guys again for another catch up AMA too! The AMA transcript will be posted in BSC News once it is ready.
Decentralized Finance (DeFI) makes up one of the crucial aspects of the cryptocurrency market, partly responsible for the current bull run. These protocols actively take up a significant dominance of the entire cryptocurrency market. There is currently $39.92 Billion USD of total value locked (TVL) in De-Fi, equating to a 16.37% market dominance, which can be viewed on DefiPulse.
Significant action is taking shape once again on the Binance Smart Chain, known for its significantly cheaper transaction costs and almost zero cost of deployment on the network. This article will cover De-Fi indicators to help users stay relevant, vigilant of projects without real intentions, and evaluate DeFi metrics.
Defi moves at an incredibly high speed, making it almost impossible to track. The number of new applications continues to increase. This has only accelerated with a shift to the Binance network; the rate is virtually unprecedented. Here are indicators every DeFi investor should familiarize themselves with to keep up with decentralized finance’s rapid developments.
TVL is the first step to understanding the true worth of a project, whether undervalued or overvalued. The Total Value Locked (TVL) of a project is a measure of platforms use either by staking mechanism or liquidity provision available in a project. For example, in Uniswap, a DeFi Dex protocol, the TVL shows the total value of all the liquidity provided by projects listed for different token exchanges. Ultimately this indicator allows investors to know how much money is being used (locked) inside the protocol.
TVL is a reasonable risk measure of how much the market is willing to bet on a given protocol. It determines the confidence level of users of the protocol and shows the direction of investors’ interest. It also indicates the market share of varying DeFi protocols against each other. The higher the TVL, the higher the investors’ confidence in the protocol. However, it should be worth noting that TVL could be volatile as it depends on the staked tokens’ price and the minimum duration of the staking program.
APY refers to the staked returns as a percentage over a year. The value varies across different projects and is determined by the project’s yield incentives over some time (usually a year). As projects increase in popularity and gain traction, APYs gradually decline. Investors should be wary of ridiculous APY offerings as that’s a stress point for projects with no clue of what they intend to offer. Typically these tokens host ridiculously high yields at the cost of an extremely inflationary token -- which historically don’t perform too well. It is also essential to note that APY assumes compound interest, meaning a majority of gains won’t be realized until the end of the compounding period.
Investors making decisions based on project tokens total or circulating supply are very weary of high inflation tokens. These days, token TS or CS is not an exact determinant for project success. A small supply does not determine an impending boom in price as project tokens may come with the mint function enabled in the contract code, i.e., a project can mint new tokens over time. Inflation is not necessarily threatening, but too much of it may mean doom for the project. Always watch out for this using Etherscan or Bscscan to better understand the token supply and its emission schedule.
Tracking the project’s new token holders has proven a reliable strategy to gauge a project’s relevance. An increasing amount of new holders points to an increase in buyers and usage. On the surface, this may mean a rise in confidence level and rate of adoption of the project; however, one can manipulate this. It costs nothing for users or projects to open multiple addresses and spread tokens into this new address to game the system. Therefore investors shouldn’t take this type of strategy as a sole means of determining a project’s relevance.
Google Trends and Twitter Analytics are useful resources to check for the Defi project’s increasing popularity and relevance. People actively talking about an asset class fuels new speculation and increases growth. With Bitcoin, for example, an impending boom is usually indicated by the amount of increased search and use of specific keywords like “How to buy Bitcoin.” In Defi, keywords like “How to stake X tokens” “what is X tokens” are a strong indication of a project’s increasing popularity and demand.
Twitter and Reddit are two hotspots for cryptocurrency discussion. Dogecoin rose quickly when the world’s richest man Elon Musk and big influencers started tweeting about the coin, fueling heavy speculation. It same as when GameStop GME buyers melted faces and caused a heavy movement in the stock market, which resulted in Robinhood stopping sales of GME stocks temporarily. Social Data is highly lucrative for DeFi applications and a sure sign of the growth of a project.
When tokens move into an exchange, it is one of two purposes, to act as collateral for trading on futures or margin market or to sell tokens on the market. It could pose a risk of a big sell wall incoming when the movement is pretty high or when the moved funds are considered very high. The large sale of tokens creates an excess supply against demand which can cause a fall in price. Monitoring wallets for these movements is a fail-proof strategy adopted by DeFi traders.
Market capitalization refers to the total value of all the projects token locked in the circulating supply, i.e., each asset’s price multiplied by the circulating supply. Comparing this to the TVL indicates if a project is undervalued or overvalued. This is easily calculated by dividing TVL by market capitalization. Suppose the resultant ratio is higher than 1. In that case, i.e., TVL is higher than market capitalization, the project is still undiscovered, indicating that its current value is yet to match its real value.
It is best not to work with only one of the indicators listed in isolation, as it is better to have a mix of a combined strategy to give the best result. No single indicator is a 100% fail-proof strategy, as even projects with the best valuations can likely fail. Using these indicators when investing and trading will, over time, strengthen any chosen system adopted. It is important to note that learning should ideally come first before earning, the horse before the carriage.
Always take profit, no matter the indicator used. The cryptocurrency market is still very volatile and can knock off even the best projects with the best hands. Stay SAFU on your investment!
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.
