The Beginner’s Guide to BakerySwap
Interested in NFTs? You would love BakerySwap! Read on to learn how you can use it and profit from it!
BakerySwap is one of the leading AMMs (automated market makers) on the Binance Smart Chain (BSC).
While the number of AMM DEXes (Decentralized Exchanges) is on a rise on the BSC right now, BakerySwap is actually one of the first ones. It has also been one of the very few DeFi projects operating on the BSC that have altcoin liquidity pools to offer.
But what’s really interesting about the platform is what it’s doing with NFTs.
If you've ever used Uniswap on the Ethereum blockchain or PancakeSwap on the Binance Smart Chain (BSC), you may have some idea how AMMs work. If not, don’t worry, we have explained it all. Here’s a quick look at everything you’ll find in the article:
What is BakerySwap?
- What is the BAKE Token?
- How to Farm the BAKEToken?
- What is the NFT Marketplace on BakerySwap?
- What is the Bakery Gallery on BakerySwap?
- What is the Gamification section on BakerySwap all About?
- Poker Blindbox
- Barking Shop
- Crypto Doggy Shop
- Rare Car Collection
- Game Box
With that out of the way, let’s jump right into it!
What is BakerySwap?
BakerySwap is a decentralized exchange built on the automated market maker (AMM) model.
As an automated market maker, BakerySwap does not use an order book to match the buyers with the sellers and vice versa. Instead, it allows the users to trade against reserves known as liquidity pools.
These liquidity pools contain specific assets that are provided by the users. Against their contribution to the liquidity pools, the users are awarded some tokens. These tokens are called Liquidity Pool tokens or simply LP tokens. you can use these tokens to get the original tokens you contributed back into your wallet.
Here's the thing about getting your tokens back, though. Since you've provided liquidity to a liquidity pool, you get a share of the trading fees for all the trades done on it. And you get that along with your original contribution. So, the more people trade against the liquidity pool you contributed to, the more you get back.
What is the BAKE Token?
BAKE is the governance token of BakerySwap. Much like any other governance token, you can use the BAKE token to take part in decision-making. You've seen such tokens on every platform so we're not going into much depth about it. Instead, let’s talk about how you can get some BAKE tokens.
How to Earn BAKE Tokens?
To earn some BAKE tokens, you need to head over to the "Earning" section on the left. Oh, and a quick note, just in case you haven't already, now would be a good time to connect your wallet with the platform.
Out here, you need to head over to the Earn BAKE tab. Doing so would allow you to see a list of opportunities for you to earn BAKE tokens. As you can see in the screenshot below, regardless of what you intend to stake, you will end up earning BAKE.
Pick the one you’d like to go for and you’re ready to earn some BAKE tokens.
How to Farm BAKE Tokens?
Farming BAKE is pretty simple if you've ever done farming before. To start with, you would need some BAKE tokens that you're willing to farm. If you don't have any already, you can always head over to the platform and exchange some of your BNB tokens for it.
Once you've procured some BAKE tokens, you can simply stake it. And how do you do that? Let's talk about that!
So, if you intend to stake your BAKE tokens to get some more BAKE tokens, you need to head over to the "Earning" section on the left.
By default, the "Hot" tab would be selected and you would be able to see the pools that are in demand. But we're interested in staking our BAKE tokens, so we're simply going to head over to the BAKE Staking tab.
Once you're there, you'll see a couple of options. But we're interested in the one that says BREAD. If you read this sometime in the future and you can't find one that says BREAD, try to find the one that lets you earn BAKE by staking BAKE.
All you need to do now is stake some of your BAKE tokens and you're good to go.
What is the NFT Marketplace on BakerySwap?
When it comes to NFTs, BakerySwap has quite a huge range to offer. Don’t believe me? Just take a look at the screenshot below. It shows the categories and filters you can choose from. I’ve seen quite a few NFT marketplaces and I must say this one is pretty much up there with the top dogs.
The artworks on the platform are pretty good too. As you might have noticed in the screenshot, I was going through the Barking NFT section and I totally loved it. They have an entire section dedicated just for dog NFTs.
This is actually a part of the “Barking Shop” area of the Gamification section which we’ll cover in a short while. So, I’ll keep the description brief.
It feels like they have an NFT for just about anything and everything. So far, I’m sold.
They even have their own line of NFTs similar to CryptoPunks. They call it BakeryPunks and they’re up for grabs at an average price of 40 BAKE.
As an artist, you can put up your creations on the platform as well. All you need to do is click on the Mint Artworks button shown in the screenshot below, fill out the necessary details in the form that appears, and upload your image.
That’s it, that’s all you need to do to have an NFT of your own featured on the website’s listing.
If you’re a collector, on the other hand, you can buy any NFT that you like. Though, if you’re really a collector, I think the Gamification section is something you should really check out. That, in my opinion, would stimulate you better. But before that, let’s talk about the Bakery Gallery.
What is the Bakery Gallery on BakerySwap?
As BakerySwap puts it, Bakery Gallery is a curated NFT platform for top emerging artists. While you can fool around in the NFT marketplace as much as you want and make random purchases, this is where you get serious. Unless you have a heavy wallet, making random purchases here is simply unaffordable. Sure, there are certain artworks out there that are listed for as low as 40 BAKE, there are artworks that go all the way up to 100,000 BAKE as well.
What makes this space exciting is the fact that the artworks that you see out here are actually handpicked and curated. So only the best of the artists make it out here. I, for one, can spot a lot of artworks out there that I can add to my wishlist.
But that’s all there is to this section of BakerySwap. Let’s move on to the section that excites me the most—the Gamification section.
What is the Gamification Section on BakerySwap all About?
The Gamification section of BakerySwap is where the fun is—or at least it is for me. It has several tabs to go through, so let’s talk about each and try to understand them.
1. Poker Blindbox
Poker Blindbox is quite an interesting concept. How it works is that you can open a Blind Box NFT and find a random PET Poker Card NFT in it. Now, what do you do with this PET Poker Card NFT? You can use this NFT to farm BAKE tokens or even trade them on the NFT Marketplace present on the platform.
But that isn’t all there is to it. Each PET Poker Card can, should you choose to do so, be converted into a real-world limited edition of the Standard 52-card deck! You can then choose to get it delivered straight to your place. So, what’s the catch?
The catch is that you would have to burn the PET Poker Card in order to convert it into its physical form. But if you’re good with that, there’s nothing holding you back from getting a physical version of your NFT.
2. Barking Shop
Next up, we have the Barking Shop. Being a dog lover, this immediately caught my attention - and held it for quite a long while.
So, what is it? Basically, Barking NFTs are 10,000 unique barking sounds recorded specially for the platform. But you’re not paying just for the sounds. You’re paying for the entire experience that is completed with a cartoon dog barking animation video unique to the NFT. These videos have been created by a top artist from BakerySwap’s NFT art community.
What makes these NFTs special is the fact that they’re the first of their kind in the world of NFTs. These NFTs are building the meme 3.0 world and are adding value to the Crypto Doggies’ ecosystem.
This tab is the only place where you buy a fresh Barking NFT. Oh, and you can only buy it using the BARK tokens. If you want to go for a previously purchased Barking NFT, you can always head over to the NFT Marketplace and get yourself one.
A point to be noted here is that whatever BARK tokens you spend here are directly burned. The total supply of the BARK tokens is 10 billion, so there’s enough to go around.
In the future, the platform intends to add a minor cost you would have to pay in BARK when you play the sound. For now, it is completely free, but I figured you should know about it. Oh, and this fee that you pay is actually not going back into the ecosystem. The team plans to donate 80% of this to animal care organizations while the rest would just get burned.
3. Crypto Doggy Shop
The folks at BakerySwap really seem to be into dogs—and I’m loving every bit of it. So without wasting any time, let’s talk about the Crypto Doggy NFTs.
To start with, there are 10,000 unique and animated Doggy NFTs that are available. All of these NFTs are generated cryptographically using a host of different characteristics.
So, each NFT has unique Dog types, color scheme, tongue stretch, and eye blinks. Even the accessories including glasses, scarf & hat on each NFT are different from the others.
To spice things up, each characteristic has a fixed probability of occurrence. This makes certain characteristics pretty rare, which, in turn, makes the probability of getting certain dogs pretty low.
To buy the Doggie NFTs, you need to have DOGGY tokens. These tokens have a total supply of 5 billion coins and all the tokens spent on purchasing Doggie NFTs are burned.
4. Rare Car Collection
For car lovers, this NFT would be an absolute treat!
CAR tokens are the currency of choice here. These tokens can be minted into Blind-Box NFTs in a 1:1 ratio. Once you have the Blind-Box NFT, you can open it to win a CAR NFT. There are only ten designs out there, making it quite a rare collection.
5. Game Box
A Game Box is a collection of top NFT game tokens. To get one, you need to either burn 0.25 SOCCER tokens or 0.25 POKER tokens on the Game Box page.
When you open a Game Box, you immediately receive 1500 TLM + 20 ALICE + 20 PET tokens, the total value of which is upwards of 1 BNB. Wondering what these tokens are? They’re the utility tokens for the NFT game projects of Alien Worlds / My Neighbor Alice / Battle Pets, respectively.
Soccer fans would have a great time with these NFTs.
Every Soccer NFT has a corresponding Limited Edition of Bakery Exclusive Soccer Ball. What makes it special is the fact that these are physical soccer balls we’re talking about. You can redeem your Soccer NFTs to get some real-world soccer balls whenever you want. This costs a Soccer token which is directly burned.
Before You Go…
BakerySwap, without a doubt, is one of the most exciting DeFi platforms in the industry. It has shown great promise so far, but the future could actually be even better. We’re all eager to see that happen.