BakerySwap is a decentralized automated market maker protocol that helps to achieve a permissionless transaction based on Binance-Smart-Chain. It is also based on the Liquidity mining concept, where you have to provide liquidity in the crypto market and under its incentive program you will be able to earn the Bake Token, which is also its native token rewarded to its liquidity providers.
This Bake Token, like other crypto governance tokens, promises you to have the power of voting, modification and suggestion in the working mechanism of the project’s protocol.
What is Bakery Token Crypto?
Bake token is a BEP-20 crypto governance token, BEP means Binance Chain Evolution Proposal which is kind of a hallmark for Binance token standard, making it legal to create more governance tokens. If you are looking to invest in bitcoins then you can start trading through BitIQ
The BEP 20 also acts as a blueprint for a single blockchain network facilitated through smart contracts, according to a report there is a 34 BEP-20 pegged governance token, and Bake token is one of them. It is a swappable token with other existing cryptocurrencies for using Binance smart chain platform.
When did Bakery Token Launch?
Bakery token was launched in September 2020 at the time of the pandemic, linking it as a component of the BakerySwap ecosystem, Bakery swap runs on a Binance project which has got a high user traffic volume making it the biggest and most popular cryptocurrency.
It uses an unknown validator for processing larger transactional activities that are calculated as 21 in number but with an enclosed identity. Its token is controlled by the Binance actors and Binance smart chain network under low transactional fees.
It provides a better opportunity for the users who are not able to participate in the consensus mechanism due to delayed transactions and higher transactional fees.
What are the features of Bakery Token?
Now, what are the features of the Bakery Token that makes it great to use and popular? There are lots of factors that contribute to its popularity among the users:
Combined effect of three trending features of cryptocurrency
It is discovered that BakerySwap uses the three trending features of cryptocurrency which involve non-fungible tokens (NFT), Yield farming and Liquidity mining for better performances.
Uses the Cloned version of DApps
It works under the Binance smart-chain network, which uses a cloned version of DApps to increase the efficiency of the consensus mechanism, which was largely affected due to high traffic volume and delayed transaction time.
High transaction processing time
BakerySwap is a UniSwap cloned protocol that ensures the processing period of transactions at a higher serviceability rate within a specified period. It not only denotes the efficiency but also the rate of workability of the decentralized protocol.
Lower transaction cost
Many users were unable to participate in a decentralized system due to its higher transaction rates, therefore the Binance smart chain adopted many BEP governance tokens like BakreySwap which can operate under low fees.
Faster Confirmation time
As it is based on a cloned version of DApps, therefore the confirmation of transactions done is quick and faster than those at earlier DApps protocol.
Staking with liquidity
It provides its users with the staking of cryptocurrencies and higher liquidity rates under its autonomous financing system, also it facilitates the incentivized program for its participants to encourage a community-based protocol.
BakerySwap is a food theme-based UniSwap cloned protocol that offers Bake as its native token under the incentivized programs, there are a total of 731.745 Bake tokens supplied among its users and helps to join the average users who were unable to enjoy their crypto trading experience due to long confirmation time and higher fees.