BakerySwap Review: Is it legit, safe and trustworthy for UAE citizens and residents?
BakerySwap allows users to trade goods and services without
the need for a central authority. It was developed on the Binance Smart Chain in
order to circumvent the problems that have been plaguing the Ethereum network.
It provides users with a wide range of services, including trading, yield
farming, and an NFT marketplace. This website will give you with an overview of
the BakerySwap project as well as the information you need to get started with
the initiative. Visit BakerySwap Website.
BakerySwap is a decentralized exchange (DEX) that follows the trend of food-themed exchanges with gamification elements, such as ApeSwap, BurgerSwap, SushiSwap, and PancakeSwap. Specifically, BakerySwap is a continuation of the pattern begun by ApeSwap. Instead of operating on the Ethereum network, BakerySwap is founded on the Binance Smart Chain (BSC), which is designed to facilitate transactions for decentralized applications (DApps) and decentralized finance (DeFi) initiatives that are both quicker and cheaper.
Tweets by bakery_swap Traditional exchanges employ order books to facilitate transactions, but decentralized exchanges rely on liquidity pools to achieve the same goal. Instead of trading against smart contracts, users engage in transactions on decentralized exchanges. BakerySwap uses an automated market maker model (AMM) that use algorithms to control these liquidity pools to carry out orders that users desire to execute. These liquidity pools are used to buy and sell digital assets.
BakerySwap was the first decentralized exchange (DeFi) platform on the BSC to provide a marketplace for non-fungible tokens (NFTs). This marketplace gave users the ability to manufacture and mint their own NFTs, which could then be exchanged for the native token of the exchange, known as BAKE, or utilized for yield farming. The identity of BakerySwap's originator has never been revealed, despite the fact that the website first went up in September of 2020.
BakerySwap just just launched its very own retail store, where customers can purchase items such as clothing, accessories, and drinkware that are branded with the BakerySwap emblem.
Due to the fact that a decentralized autonomous organization (DAO) owns and controls BakerySwap, there was neither a pre-sale nor a pre-farm during which tokens were reserved. Instead, the developers get a portion of the BAKE cryptocurrency based on a ratio of 100 to 1, which indicates that for every 100 BAKE that is mined, the developers get one BAKE. This is believed to be modest in comparison to other DeFi initiatives, and it enables a more equitable distribution of the token. [Citation needed]
Because of the incentives placed on liquidity providers by AMM model DEXs to bring in a large user base and more liquidity, one of the most significant issues that these exchanges face is rampant inflation. BakerySwap is working on a solution to this problem by "burning" BAKE tokens in order to lower the total quantity of BAKE and raise the price of the token.
The market capitalization of BakerySwap (BAKE) has been very volatile over the past year when it was first established, reaching a high point of $1.17 billion in May 2021. Visit either CoinGecko, CoinMarketCap, or BscScan to view the current market capitalization of BakerySwap as well as price data and graphs for a BAKE coin denominated in USD.
On the BakerySwap website, there is a diverse selection of opportunities available for traders to accumulate wealth.
Users who are seeking for a straightforward way to trade between a variety of currencies may take advantage of the BakerySwap exchange. In this section, you will pick the two currencies that you desire to trade (in this example, the coins USDT and XDITTO), as well as the quantity of a currency that you wish to trade from or to. The coin price forecast for the exchange is then displayed to you by BakerySwap, together with the slippage limit, the difference between the current market price and the anticipated price, and the costs associated with the transaction.
Traders also have the opportunity to build their wealth by contributing liquidity to a pool and profiting from the fees associated with each transaction. In addition, liquidity providers (LPs) will get special BakerySwap LP (BLP) tokens for each pair that they provide to a pool. These tokens may later be staked in order to generate further cash. There are two distinct kinds of pools: ones that award BAKE points, and others that do not. There are fewer BAKE pools since they need extremely particular pairs of BAKE and another currency. However, these pools give traders with the potential to make more cash in comparison to other choices that do not include BAKE by increasing the BAKE payouts. Take, for instance, the fact that the BAKE BNB-LP pool, often known as the Doughnut pool, applies a multiplier of ten to the stake payouts for BAKE.
BakerySwap is well-known for its NFT trading services, which have given up-and-coming artists possibilities to earn wealth by minting their artwork. These opportunities have helped BakerySwap achieve its reputation. The artist is responsible for providing information about the artwork, including the file type, artist name, and royalties, making the minting process quite straightforward. After then, it is in limbo as it waits for the vote to ratify and then finally approve it. Users have the option of purchasing non-fungible tokens (NFTs) from a variety of categories like "Musk & DOGE," "BSC Artists," and "KAKA One Piece" from either the v1 or the more up-to-date v2 marketplace.
To make the marketplace function, users cast votes for artwork by staking BAKE in NFTs. This acts as a sort of promotion for the artwork and moves it up the main marketplace page. After then, the entire amount of BAKE that has been voted on is divided between the platform and the NFT owner.
There is also the Bakery Gallery, which is a place where only artwork from established artists is displayed. Users have the ability to explore through the gallery by filtering for certain categories of NFT as well as individual artists. Users have the option of either buying at the price that is given on the artwork's page or putting a bid on the auction to acquire an NFT. The price of an NFT is displayed in BAKE on the page for the artwork.
The BakeySwap NFT marketplace also provides gamification NFTs like Weapons, Poker NFTs, and the Bark NFT for its customers to purchase. The'meme' ecosystem was further developed with the release of the Bark NFT, which took place at an ILO (Initial Liquidity Offering) event on May 24, 2021 and had a launch date of the same month.
The launchpad is the location where any fresh listings are discovered. BakerySwap gives its customers the possibility to establish their own ERC-20 or BEP-20 based tokens by means of initial DEX offerings (IDOs), therefore increasing their chances of successfully raising funding. Users are needed to have BAKE tokens in their possession before they may participate. Examples of BakerySwap IDOs that have been released recently include the DEFI100, Crypto Doggy, WAR token, and Bakery Soccer Ball. Keep an eye out on the launchpad for information on the upcoming IDO, which is very much like an IFO.
Users were given the ability to make NFT "combo meals" at the introduction of BakerySwap. These NFT "combo meals" may then be staked for more BAKE or exchanged for a profit. There are four different levels of combos: Basic (10,000 – 20,000 BAKE), Regular (20,000 – 50,000 BAKE), Luxury (50,000 – 100,000 BAKE), and Supreme (100,000+ BAKE). These levels correlate to the amount of BAKE that is originally provided as well as a random multiplier. Every tier possesses a unique amount of staking power, with Supreme combinations possessing the greatest and Basic combos possessing the least. As soon as the game was released, the option to mint new combinations was disabled. However, this resulted in fewer trades being carried out, so the creators reactivated the minting feature between the 20th of February and the 12th of March 2021 in order to boost their return on investment.
Users of BakerySwap are given the opportunity to take part in the ETH 2.0 launch that took place in December 2020 by using the cross-chain token BETH. BETH is a freshly packaged coin that is pegged 1:1 to ETH. It was issued by Binance on the BSC blockchain. In order for traders to acquire BETH coins, they are need to initially stake ETH on the Binance exchange.
BakerySwap deducts a charge equal to 0.3 percent of the value of each transaction that takes place on its platform. This cost is collected from both buyers and sellers. The remainder of the charge is distributed to BAKE holders, who are individuals who possess the native token. Liquidity providers receive 83 percent of the cost. When compared to other Ethereum-based DEXs, where gas prices are much higher, BakerySwap stands out as a viable option due to the cheap expenses involved with using the platform. Gas fees are a type of network tax that are used to pay the expenses of crypto mining. Due to the congestion on the Ethereum network, gas fees tend to be extremely high.
Because BakerySwap does not permit the trading of fiat currencies, in order to engage in trading, you will first need to create a digital wallet. This is the location where you will keep any cryptocurrency that you have acquired. BakerySwap suggests that you make use of either Trust Wallet or MetaMask, and the company's website features step-by-step instructions for connecting your wallet to the DEX. You are not need to create a profile in order to trade on the exchange; hence, when you have connected your wallet and determined whether or not you have an enough amount of cryptocurrency, you may start trading.
Although there is not a specific BakerySwap app for trading on mobile devices available for either iOS or Android, the exchange may be accessed through the DApp store.
CertiK conducted an investigation of BakerySwap and determined that it has good governance and autonomy, an average level of safety, and an overall security score of 88 out of 100. On the CertiK website, which is also where one may get information such as the router address, the entire report is available to be viewed online. In addition, given that it is the digital wallet and not BakerySwap that stores your cryptocurrency, the possibility of hackers stealing your money in the event that BakerySwap's website is compromised is eliminated. This does mean that BakerySwap is considered to be relatively safe; nonetheless, smart contracts are dangerous and there is always the possibility that a flaw can develop, therefore you should never deposit more money than you are willing to lose.
There is no customer support offered on the BakerySwap website; consequently, if you are experiencing any issues or error messages such as "insufficient liquidity for this trade" or "wrong network," you should get in touch with the BakerySwap team through their social media channels such as Twitter, Instagram, or Telegram or the contact email address listed on their website. BakerySwap does not provide customer support. You might also ask for assistance from the community on Reddit or Discord, or you could view instructional videos on YouTube. It is also highly recommended that you follow the BakerySwap Medium blog as well as LinkedIn to stay up to date on any breaking news.
Trading on BakerySwap comes with a lot of advantages, including the following:
A comprehensive set of functions that enable consumers to generate financial gain
Fees that are lower than those charged by other DEXs on the Ethereum network.
Raise money for new DeFi projects and help give them a lift by doing so on their launchpad.
There is no pre-sale or pre-mining activity, therefore there is a fair distribution system for coins in the NFT marketplace. This provides artists with opportunity to sell a diverse selection of artwork.
Because there is no specialized customer service, businesses have to rely on social media networks for any assistance they need.
The possibility of software defects and faults, which may result in traders suffering losses of capital through no fault of their own
At the now, there is only a select number of market pairings that may be used for staking pools; however, it is anticipated that this will expand in the near future.
If you are a trader looking to capitalize on the unpredictable cryptocurrency market, BakerySwap is a fantastic alternative to consider. Because decentralized exchanges (DEXs) with automated multi-currency management (AMM) systems like BakerySwap are still relatively new in comparison to traditional trading and exchanges, traders should begin by trading smaller amounts in order to gain some experience and learn how to use the platform. When you reach the point where you feel comfortable making larger and riskier transactions, there are many of methods to gain wealth. However, it is important to remember to use caution and to never deposit more money than you are willing to lose.
The difference in exchange price that occurs between the time that a user places an order for a transaction and the time that the deal is actually carried out is referred to as slippage. Users should be less vulnerable to slippage as a result of the BSC's ability to facilitate quick transactions. Users of BakerySwap have the ability to define a slippage tolerance, which serves as a hard limit on the amount of total slippage that can occur during a trade. In the event that the slippage during a trade is more than the tolerance, then the transaction will be instantly reversed.
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You will need to come to your own conclusion on this matter by conducting independent study into the capabilities of the platform in question. Because BakerySwap does not include its own staking ROI calculator, you will need to calculate the APY on your own in order to determine whether or not a specific transaction is beneficial.
On their website, BakerySwap provides a link to their Github account. Clone scripts of BakerySwap have been developed with this information.
On their Medium blog, BakerySwap offers users with a roadmap that describes any planned events, including airdrops, new features, and the release dates for those features.
Because BakerySwap is operated by an anonymous group, the identities of its CEO and founder are not known. Big Baker and Tommy are the only two members of the crew that have been identified through the BakerySwap Telegram channel.
On the Testnet network, the applications Etherscan and BscScan may be utilized to retrieve data pertaining to the BakerySwap native coin. This data includes the maximum supply, token address, factory contract address, and transaction history. BAKE is not included on yieldwatch at this time.
BakerySwap welcomes traders from most countries, including the United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, and Qatar, as well as Australia, Thailand, Canada, the United States of America, the United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, and most other nations.
Reviewed by Arpita Singh
Arpita Singh is the main writer at ForexBroker.ae. As a senior investment professional with 10+ years of experience working at top-tier Private Equity and Sovereign Wealth Fund; she is also responsible for fact-checking concepts, reviews, and related details about brokers and exchanges listed on this website. Full Bio.