About Bakery Token (BAKE)

Introduced in September 2020, BakeryToken (BAKE) constitutes a component of the BakerySwap ecosystem. Those contributing liquidity are compensated with BAKE tokens, enabling them to access a portion of BakerySwap’s trading fees and engage in voting for BakerySwap’s governance procedures.

BakerySwap stands as a decentralised automated market-making (AMM) protocol operating on the Binance Smart Chain (BSC). The BAKE token serves as an inherent BEP-20 governance token within the platform.

What is BakeryToken (BAKE)?

BakeryToken, also known as BAKE, operates as a BSC-20 token adhering to the standards of BakerySwap. Serving as the native asset of BakerySwap, BAKE shares similarities with prevalent Decentralised Exchanges. It empowers users with control over their funds, facilitates seamless trading experiences, and operates without an order book. 

BakerySwap, following a food-themed DeFi protocol, adopts an Automated Market Maker Model akin to the one utilised by Uniswap in Ethereum. This model allows users to deposit their assets into liquidity pools and earn token rewards in return.

Participants who contribute liquidity to pool smart contracts receive a corresponding amount of LP tokens proportional to their contribution. For instance, when depositing BNB-BAKE token pairs into the liquidity pool, users obtain an equivalent amount of BNB-BAKE LP tokens. 

They receive a portion of trading fees for providing liquidity and can reclaim their original assets by converting LP tokens. The BAKE token grants holders governance rights within the protocol, empowering them to propose and vote on various changes or initiatives.

Who are the creators behind BakeryToken?

BakerySwap, the foundational protocol for the BAKE token, emerged in 2020, positioning itself as an early decentralized exchange utilising Binance Smart Chain's scalability and low transaction fees. An anonymous team of developers birthed BakerySwap, operating under the governance of a Decentralised Autonomous Organization.

How does BakeryToken (BAKE) function?

Beyond merely operating as a decentralised exchange, BakerySwap offers an NFT Marketplace, fostering significant liquidity and efficient trading mechanisms for users to mint and trade NFTs akin to crypto tokens.

Bakery NFTSwap allows users to stake their assets and earn NFTs as rewards, which can subsequently be traded for funds. Its infrastructure incorporates an intrinsic transaction mechanism empowering creators to establish their fees and a bTokens burning system, integrating royalty fees within NFT transactions.

The protocol showcases the Bakery Gallery, designed to compete vigorously with Ethereum-based NFT platforms. Bakery Gallery serves as a platform for talented artists and creators to showcase their works and orchestrate exclusive NFT Airdrops.

What sets BAKE apart in terms of utility?