What is BakeryToken? BakeryToken, also known as BakerySwap, is a DeFi-focused AMM platform built on Binance Smart Chain (BSC). cryptocoin.com In this article, you can find answers to frequently asked questions such as what is BakeryToken, what it offers, what is BAKE coin, what is it for and how to get it. Let’s examine together this Blockchain platform that works as an automatic market maker (AMM) on BSC.
What is BakeryToken?
BakeryToken (BAKE) is the native cryptocurrency of the BakerySwap platform. BakerySwap is a Blockchain platform that leverages the automated market maker (AMM) protocol. It is basically a decentralized exchange that uses AMM and runs on Binance Smart Chain. The main item on the BakerySwap exchange is liquidity pools. Accordingly, users can borrow and lend various altcoins within the platform.
However, BakeryToken’s platform supports trading and financial transactions of many other assets. For example, users can sell NFT items consisting of images, videos and audios on BakerySwap. The platform has built an in-house NFT marketplace for this. Additionally, Bakery has a launchpad for newly released cryptocurrencies. These token projects can raise money by performing their ICOs with launchpad.
What does BakeryToken offer?
BakerySwap completes all DeFi and Blockchain transactions it offers with BakeryToken (BAKE). For example, users who provide assets to various liquidity pools are rewarded with BAKE. According to CoinMarketCap, BAKE’s pools include ETH, LINK, BTC, DOT, BUSD and BNB pairs. Liquidity pool with BAKE and BNB provides more rewards compared to others. Accordingly, liquidity providers in the aforementioned pools can earn rewards up to 10 times.
Additionally, BakerySwap funds these rewards with a 0.30% fee for all trades and transactions. Most of this fee goes to liquidity providers. However, not all pools allow for BAKE rewards. The platform has two types of liquidity pools. These are those with and without the BAKE award. BakeryToken (BAKE), a BEP-20 token, also shows itself as a payment method in NFT and crypto trades within the network.
Past price performance of the BAKE token
BakeryToken started its journey in September 2020 with a price tag of $0.10. The token spent the year 2020 at this price level. However, it was listed by Binance on February 18, 2021. Right after Binance, another major exchange called Gate.io also announced that it supports the token. The ecosystem soon reached 286,000 transactions in the NFT market and more than $400 million in liquidity on its exchange. Thus, it made ATH at $8.48 on May 2, 2021. However, the token later dropped and is trading at $0.25 at the time of writing.
What is BakeryToken? How to take BAKE?
BakeryToken is currently listed on many cryptocurrency exchanges. It is currently traded on BAKE, Binance, Bybit, MEXC and Gate.io. Interested investors should follow the steps to become a member by entering one of these exchanges. Next, they must place a buy order for the token by depositing an asset in their wallet that matches the BAKE pairs. Investors can purchase the token by following these transaction steps.
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