Author: Andrey Sergeenkov

 

Résumé

BakerySwap is a DeFi protocol based on the Binance Smart Chain, which offers delicious rewards. It operates as a decentralized exchange (DEX) using the automated market-maker model.

This guide will show you how to stake, cook, mint NFTs, and even buy your own NFT pets.


Introduction

You have probably already seen many food-themed DeFi projects. All of these protocols have one thing in common: users provide liquidity and earn tokens in exchange.

Even though most people associate DeFi with the Ethereum blockchain, more and more projects are launching on Binance Smart Chain (BSC) due to its lower fees and speed.

In this article, we will see in detail BakerySwap – a decentralized exchange based on the Binance Smart Chain.


What is BakerySwap?

BakerySwap is a decentralized exchange using the automated market-maker model, which is also that of Uniswap.


L'exchange BakerySwap

BakerySwap is one of AMM's first projects on the BSC. It is also one of the few DeFi projects on the BSC to offer altcoin liquidity pools.

As with other AMMs, there is no order book to connect buyers and sellers. Instead, traders use liquidity from pools. Assets in the pools are contributed by BakerySwap users.

Users who add liquidity to these pools receive LP tokens. They can then convert these LPs to get back the tokens they provided. The amount received also depends on their position in the pool. To thank them for providing liquidity, they receive part of the trade fees.


Farmer you BAKE

Unsurprisingly, BakerySwap’s native token is BAKE. How to get it? Well, simply by staking BAKE or providing liquidity.

For example, if you provide liquidity on the DOT-BNB pair, you will receive LP DOT-BNB tokens. You can then stake these BLP tokens to farm BAKE. You can also buy BAKE directly. Let's see this in detail.


BakerySwap Liquidity Pools

On BakerySwap, BAKE stakers can discover many bakery-themed treats. If you selected Bread, you can stake BAKE to get more BAKE. You can also stake BLP in the Donut, Waffle, Rolls, Croissant, etc. pools to earn BAKE. Note that the ROI is different for each pool.

Pools de liquidité de BakerySwap

Are you already salivating?

 

As of November 2020, the supported BEP20 pools are:

  • Bread: Stake BAKE to earn BAKE

  • Donut: Stake BLP BAKE-BNB to earn BAKE

  • Waffle: Stake BLP BAKE-BUSD to earn BAKE

  • Rolls: Stake BLP BUSD-BNB to earn BAKE

  • Croissants: Stake BLP BAKE-DOT to earn BAKE

  • Latte: Stake BLP USDT-BUSD to earn BAKE

  • Toast: Stake BLP ETH-BNB to earn BAKE

  • Cake: Stake BLP BTC-BNB to earn BAKE

 

How to use BakerySwap

Once on the BakerySwap website, you will need to connect your wallet to be able to use all the features. We recommend using Metamask or WalletConnect. Although MetaMask is an Ethereum wallet, it also supports Binance Smart Chain DApps.

If you choose to use Metamask, feel free to read our How to Use Metamask guide to properly configure Binance Smart Chain.

Once everything is set up correctly, you can unlock your wallet.

L'interface de BakerySwap

L'interface de BakerySwap.


Add liquidity

Adding liquidity on BakerySwap is similar to adding liquidity on Uniswap and other DEXs. You must first add liquidity to the DEX by providing both tokens to a pool. Once liquidity is added, you can start farming BAKE.

To add liquidity, click on Exchange then select the “Pool” tab. Then click on the “Add Liquidity” button.

Ajout de liquidité à BakerySwap

Added liquidity to BakerySwap.


Then select the token pair for which you wish to add liquidity. In our example, we had selected BAKE and BNB, so we will receive BAKE-BNB BLP tokens.

Ajouter de liquidité à BakerySwap

Choose the token pair you want to add liquidity to.


Once you have received your BLP tokens, go to the “Earning” menu and select the option corresponding to your BLP tokens. In our case, it is “Doughnut”.

Staking sur BakerySwap

Stake BAKE-BNB BLP tokens to earn BAKE.


Enter the number of tokens you wish to stake and confirm the transaction. You can then leave the page. You can come back to this whenever you want to see how many BAKEs you have earned. Earned BAKEs are automatically collected when you stake or withdraw your BLP tokens. Of course, you can also collect these manually by clicking on the “Harvest” button.


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Other important features

We just talked about the basic features of BakerySwap. But of course, there are others! Other unique features are available.

The NFT Supermarket where you can obtain non-fungible tokens. Think of them as your pets on the blockchain.

BakerySwap also offers a Launchpad. You will then be able to access projects recently launched on the BSC. Be careful however, unlike the Binance Launchpad, these are not tokens but NFTs!

The first Initial DEX Offering (IDO) was for Battle Pets, a fighting game with pets that players can breed, trade, and have to fight. Stay tuned so you don't miss anything!


La NFT Combo Pool de BakerySwap

BakerySwap also allows you to mint meals: NFT Combos. To do this you must lock in BAKE before leaving it to chance. The more BAKE you stake, the more powerful the NFT will be. These NFTs grant you more staking power, allowing you to earn even more BAKE with your BLP tokens. To find out more, do not hesitate to read the Guide.

You can break these down at any time to recover 90% of the BAKE used to create them. As of this writing, all NFT Combos are sold out, it appears that pastry chefs are using them.

NFT Combo de BakerySwap

Interface de Bakery Combo.


There are four types of NFT Combos, each requiring a different amount of BAKE.

  • Basics: 10,000 – 20,000 BAKE

  • Standard : 20 000 – 50 000 BAKE

  • Luxe : 50 000 – 100 000 BAKE

  • Ultimate: over 100,000 BAKE


Remember that the staking power of each NFT is different. It is based on the number of BAKEs you have committed and a random multiplier. So, the more BAKE you lock, the greater its staking power will be.


Is BakerySwap safe?

Till date, there have been no reported issues regarding BakerySwap. An audit of BakerySwap's smart contract was carried out, to view the report, go here.

However, zero risk does not exist and it is always risky to deposit funds into a smart contract. Never deposit more money than you can afford to lose.


To conclude

BakerySwap is a complete DeFi ecosystem of the Binance Smart Chain (BSC). The team behind the BakerySwap project believes that their service is fast, honest and delicious!

Whether you want to trade BEP-20 tokens, earn passive income by staking BAKE or create NFT Combos, BakerySwap will satisfy you.

Do you still have questions about Bakeryswap or cryptocurrencies? Check out our Q&A platform, Ask Academy, where the Binance community will answer your questions.