In our commitment to broaden our offerings continually, we are introducing a new project addition - BakerySwap. A decentralized multichain trading platform that facilitates cryptocurrency trading, NFT trading and provides a marketplace for trading NFTs on BNB, Ethereum and Base chains.
In this article, you will learn about BakerySwap decentralized exchange, understand how it works, and what makes it unique. We will explore the BAKE token, learning about its utilities and statistics. We will also examine the features of BakerySwap and conclude with a concise guide on how to purchase or trade BAKE tokens on CoinEx.
What Is BakerySwap?
BakerySwap is a decentralized trading platform that combines an Automated Market Maker (AMM) system with a marketplace for Non-Fungible Tokens (NFTs). The BakerySwap platform offers a variety of services, including token exchange, staking, liquidity farming, NFT minting, NFT trading, and an Initial DEX Offering (IDO) launchpad for new tokens.
BakerySwap uses an Automated Market Maker (AMM) to enable direct token trading with a liquidity pool, thereby removing conventional order books and intermediaries. It uniquely combines DeFi services with an NFT marketplace, offering liquidity farming, NFT trading and minting, and early access to new coins via its IDO Launchpad.
BakerySwap's integration with Ethereum represents a significant step toward interoperability across blockchains, integrating DeFi and NFTs. BakerySwap decentralized exchange now functions as an aggregator for Ethereum, integrating Uniswap V2 and V3 protocols. This integration makes NFT trading more efficient and allows the trading between BEP20 and ERC20 tokens.
The vision of BakerySwap is to achieve flexible multichain integration and interoperability on BakerySwap platform. They have taken a step towards this vision with BakerySwap integration with Base chain. BakerySwap's adoption of Base Chain expands its service scope and attracts new community members. The initial phase includes launching an AMM exchange, a Launchpad, and the innovative NFTSwap on Base Chain, signifying new opportunities for BakerySwap.
How to Use BakerySwap?
BakerySwap is used to trade varieties of BEP-20 tokens and ERC-20 as well as NFTs. BakerySwap is also used for staking to earn rewards for holding certain cryptocurrencies which is known as yield farming. BAKE is the native cryptocurrency of BakerySwap. Users can stake BAKE to earn rewards, use it to buy NFTs, and earn BakerySwap Liquidity Pool token (BLP) for their participation in farming. Users can also use BakerySwap to provide liquidity to pools and earn incentives based on their token shares.
If you want to use the BakerySwap platform you will need to choose the chain (BNB chain, Ethereum chain, or Base chain) suitable for your trade and connect a wallet that supports the chain. MetaMask wallet is an example of a decentralized wallet that supports BNB, Ethereum, and Base chain. You can buy and trade BAKE tokens on exchanges such as CoinEx. In the final section of this article, you'll find precise instructions on how to buy and trade BAKE tokens on CoinEx.
What Is the BAKE Token?
BAKE is the native token of the BakerySwap decentralized exchange used for facilitating trades, participating in BakerySwap's decentralized governance, and engaging in DeFi farming. DeFi Farming on BakerySwap involves staking BAKE to earn more BAKE tokens. Users can deposit BAKE tokens in liquidity pools to enhance liquidity and facilitate decentralized token exchanges. Rewards in BAKE are offered in several liquidity pools.
Liquidity providers are given BLP tokens representing their share of the pool. They can profit from a fraction of the fees collected in the pools when liquidity is provided. Then, liquidity providers can farm for BAKE token rewards by staking their BLP tokens. BAKE holders can also use their tokens to participate in governance voting and receive transaction fee dividends.
BAKE Token Statistics
Token Symbol: BAKE
Token Supply: 289,770,513 BAKE
Market Capitalization: $90 Million
Trading Price: $0.3123
Cryptocurrency Rank: #361
*Data source: The table above is real-time data from Coinmarketcap as of January 25, 2024
Features of BakerySwap
Below are some of the features of BakerySwap:
- Automated Market Maker (AMM) System: BakerySwap utilizes an AMM system for direct token trading, eliminating the need for conventional order books and intermediaries, thereby streamlining the trading process.
- NFT Marketplace Integration: It merges DeFi services with an NFT marketplace, offering functionalities like NFT trading and minting, making it a comprehensive platform for both cryptocurrency and NFT enthusiasts.
- Multichain Interoperability: BakerySwap has integrated with multiple chains like Ethereum and Base chain, enhancing its interoperability. This allows users to trade a variety of BEP-20 and ERC-20 tokens, as well as NFTs across different blockchains.
- DeFi Services: It offers various DeFi services such as staking, liquidity farming, and an Initial DEX Offering (IDO) launchpad for new tokens. This provides users with opportunities for yield farming and early access to new cryptocurrencies.
How to Buy and Trade BAKE Tokens?
CoinEx is a global cryptocurrency exchange, trusted by 5+ millions of users worldwide with 100% reserve. With its 700+ tokens supported, including BAKE, users can now trade easily and seamlessly. To purchase BAKE tokens on CoinEx, follow the steps below.
- Create an Account: Start by signing up for a CoinEx account.
- Deposit Funds: After logging in, deposit funds into your CoinEx account using any supported cryptocurrencies or deposit methods available on the exchange. Having funds in your account enables you to execute trades seamlessly.
- Navigate to BAKE Trading Page: Once your account is funded, navigate to the dedicated BAKE trading page on CoinEx. You can locate BAKE trading pairs on the spot trading page using a search box and enter the term "BAKE" to find the associated pairs.
- Choose a Trading Pair: Select the trading pair BAKE/USDT to trade BAKE against USDT (Tether).
- Specify the Purchase Amount: The next step is to specify the number of BAKE you wish to buy. You have the option to either buy them at the current market price or set a limit for your desired buying price on the trading page.
- Execute the Trade: With the specified amount, proceed to execute the trade. Confirm the details, and if you are satisfied, submit the order.
By following these comprehensive steps, you can easily trade BAKE tokens on CoinEx, taking advantage of the available trading pairs.
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