What Is BakeryToken (BAKE)?
BAKE is the native token of the BakerySwap, which is an AMM-based decentralized crypto exchange (DEX) that runs on the Binance Smart Chain. If you’re interested in the current BAKE price, check out the BakeryToken price chart above.
Talking about the BakerySwipe, it’s more than just a DEX. It also provides users with an NFT marketplace and the possibilities of yield farming and staking. Therefore, aside from swapping crypto assets, BakerySwipe allows users to buy and sell NFTs, as well as generate passive income.
Talking about NFTs, BakerySwap also offers the NFT Combo creation feature. It allows users to create Combos (non-fungible assets) using BAKE tokens. The Combos essentially are custom meals. However, apart from being collectibles, they are also BAKE token farming tools. By staking Combos, users can farm new BAKE tokens. Besides, Combos can be broken down into smaller component parts in order to recover 90% of the BAKE tokens used to make them.
Another unique feature related to NFTs is the Bakery Gallery. It provides a space for recognized artists where they can mint NFTs from their artworks and sell them for BAKE tokens.
The Founders of BakeryToken
The founders of the BakeryToken crypto project and the core development team are anonymous.
The Purpose of BAKE Tokens
BAKE is the driving force behind BakerySwap. It comes in the form of the BEP-20 token. Primarily, BakeryToken is a governance token that allows holders to vote on various decisions considering the future development of the BakeryToken crypto project. However, apart from that, BAKE tokens can be staked, rewarded for providing liquidity, used for receiving transaction fee dividends, and as a payment method within the BakerySwap ecosystem.
Besides, don't forget to analyze the BakeryToken price chart to see how the BAKE price fluctuates over time.
How to Earn BAKE Tokens?
There are four ways to earn BAKE tokens:
- Providing liquidity to BakerySwap
- Staking in BakerySwap’s liquidity pools
- Staking BAKE tokens or Bakery LP (BLP) tokens
- Staking Combos
A liquidity pool refers to a pool of tokens that are locked in smart contracts and facilitate trading on DEXs. They are employed in order to provide liquidity. BakerySwipe has two types of liquidity pools – the ones that reward liquidity providers with BAKE coins and the ones that don’t. Liquidity providers receive BLP tokens that represent the amount of liquidity they provide. The pool that provides the biggest amount of rewards is the BAKE-BNB pool.
Tokenomics of BAKE
BAKE tokens were not pre-mined or pre-sold. Initially, the total supply was 731,745,000. However, 75% of the total supply was burned in 2020.
The BakeryToken doesn’t have a max supply set, thus, it’s inflationary. New BakeryTokens are created through daily BAKE rewards. After the token's launch, BAKE rewards were set to be 720,000 tokens a day. 99% of the newly created tokens go to stakers, while only 1% goes to the core BakeryToken team.
However, in order to prevent the BAKE price from falling due to extensive circulating supply, BakeryToken employs halving. It splits BAKE rewards by half every 9 months. It’s planned to do that until around 2044. After that, no new BAKE tokens will be minted.
Besides, using a percentage from trading fees, BakerySwap employs a buyback mechanism. How does it work? In essence, BakerySwap buys a portion of BAKE tokens and distributes them to BakeryToken holders as additional rewards.
