What is BakerySwap and How to Buy CAKE?
The first automated market maker (AMM) and NFT marketplace with a decentralized structure is BakerySwap. It was created using the Binance Smart Chain (BSC). With the help of the platform's additional DeFi tools and NFT features, users can swap tokens quickly and easily. I'll go over everything you need to know about BakerySwap in this article, along with instructions on how to purchase BAKE tokens.
Why BakerySwap has value?
The value of BakerySwap is influenced by its usability, capacity, cutting-edge technology, and wide acceptance. To gauge utilization, one can look at the number of users who are actively utilizing the platform and trade volumes that show transactional activity.
The inherent value of BAKE depends on the project's technology, the work of the development team, and use cases. These elements frequently don't match the product's market pricing. The price of BAKE may fluctuate sharply at any time due to the cryptocurrency market's higher level of volatility than traditional financial markets. Favorable news and occurrences including partnerships, purchases, updates and upgrades, and other noteworthy occasions also have a positive effect on BakerySwap's value.
BakerySwap does not integrate the orderbook into its system like other decentralized exchanges (DEX). Instead of taking place between sellers and buyers, the trading and exchanging activities are supported by liquidity pools. For users to transact with non-fungible tokens, BakerySwap functions as a decentralized application with utilities, a launchpad, and an NFT marketplace. Here, I'll go into greater detail regarding its main characteristics:
Launchpad
Like MEXC Launchpad, BakerySwap Launchpad allows users to access freshly published projects on the BSC. However, compared to other crypto initiatives, BakerySwap Launchpad only releases NFTs. Since BakerySwap is a DEX, the issuing of NFTs using this mechanism is known as an Initial DEX Offering (IDO).
Marketplace NFT
A NFT market is currently available on BakerySwap, which also serves as a DEX and a staking system. Users have access to this market through protocol version two (V2), where they can buy NFTs or mint their own. With the use of a bidding feature built into BakerySwap, NFT producers can modify the terms of the sale to make the procedure more fair.
BakeryToken (BAKE): What is it?
The native BEP-20 token of BakerySwap that allows users to vote on choices pertaining to governance is called BAKE. Imagine it as the Ethereum blockchain's ERC-20 coins. BAKE is capable of a variety of tasks. You can first earn BAKE cryptocurrency incentives by acting as a liquidity provider. Second, you can purchase it on exchanges like BakerySwap and PancakeSwap or stake it in BEP-20 liquidity pools.
How to purchase BAKE token?
You can buy BAKE on MEXC by the following the steps:
- Log in to your MEXC account and click [Trade]. Click on [Spot].
- Search “BAKE” using the search bar to see the available trading pairs. Take BAKE/USDT as an example.
- Scroll down and go to the [Spot] box. Enter the amount of BAKE you want to buy. You can choose from opening a Limit order, a Market order or a Stop-limit order. Take Market order as an example. Click [Buy BAKE] to confirm your order. You will find the purchased BAKE in your Spot Wallet.
Who are the founders?
BakerySwap is a brand-new project that was created in 2020. It was created as a fork of Uniswap, just like SushiSwap. The project was developed by an unknown team of developers that are enthusiastic about the potential of the decentralized autonomous organization paradigm.
The BakerySwap team disagrees with token pre-sales, initial coin offers, and holding back tokens for the development team, unlike some other projects. As a result, the team does not possess any of the available BAKE inventory. The team receives 1% of all BAKE tokens that are farmed via the farming feature. The development team thus receives 1 BAKE token for every 100 BAKE tokens harvested.