What is Bakery Swap (BAKE)? Could this coin reach 1USD in 2024?

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What is Bake Coin?

Bake Coin, also known as Bake Swap, is a decentralized exchange (DEX) specializing in automated market-making (AMM) features based on the Binance Smart Chain (BSC). Derived from the concept of UniSwap, Bake Coin operates similarly to Uniswap but with lower fees and faster transaction speeds.

Bake Coin is stored on the Binance Smart Chain, providing numerous advantages to the Binance community. It introduces features like price differentials for tokens supplied by Binance DEX or its centralized partners. Additionally, Binance Smart Chain (BSC) offers higher scalability than Ethereum, enabling Bake Coin to achieve faster transaction speeds while still reducing costs.

Key Information:

• Blockchain: Binance Smart Chain.
• Token Standard: BEP-20.
• Token Type: Governance token.
• Total Supply: N/A
• Circulating Supply: 289,770,513 BAKE.

Bake Token Release and Allocation:

The Bake Token is gradually released to liquidity pools with corresponding reward ratios (e.g., 1x, 3x, …). Early participants receive substantial rewards from the initial “BAKE per block” issuance.

Initial Release Schedule:

• First 30,000 Binance Smart Chain (BSC) blocks (approximately 1 day) – 400 BAKE per block.
• Blocks 30,001-900,000 (Binance Smart Chain) (approximately 29 days) – decreasing by 300,000 BAKE per day, averaging 255 BAKE per block.
• Block 900,001 until supply exhaustion (approximately 11 months) – decreasing by 300,000 BAKE monthly, averaging 73 BAKE per block.

BAKE Token Storage:

Users can store BAKE Tokens using common wallets such as Metamask, Trust Wallet, and also directly on exchanges for convenience in buying and selling.

BakerySwap Development Timeline:

• September 2020: BakerySwap protocol registered and launched on the Binance Smart Chain (BSC).
• October 2020: BakerySwap introduced the BAKE token.
• February 2021: BUSD/BAKE trading pair appeared on the Binance exchange, and BAKE was listed on MXC Exchange.
• March 2021: BakerySwap (BAKE) listed on CoinBene, and BAKE/USDT trading pair introduced on BakerySwap.
• April 2021: BakerySwap ranked among the top 10 liquidity protocols and set a record with 200,000 NFT transactions.
• May 2021: BakerySwap launched Crypto Doggies and introduced the Bakery Gallery feature.
• September 2021: BakerySwap announced its collaboration with DogemonGoApp.

Features of Bake Coin:

Bake Coin boasts several outstanding features such as Trade (support for Exchange transactions and Liquidity), Earning (earning through Yield farming), NFT Marketplace (NFT market), Bakery Gallery (selling 3D NFTs), Gamification (Game Box application and NFT games), and Launchpad (token launch).

How Bake Coin Operates:

• Initial Liquidity Pools (LP): BakerySwap has two types of liquidity pools with and without BAKE rewards to incentivize the community to create new LPs.
• Transaction Fees and Reward Distribution: BakerySwap applies a 0.3% fee to all transactions, with 0.25% transferred to liquidity providers and 0.05% converted to BAKE tokens as rewards for BAKE holders. Liquidity providers can then stake Bakery LP tokens to farm additional BAKE tokens.