What is BakeryToken (BAKE)? How to Buy BAKE Tokens in India?

What is BakeryToken (BAKE)?

BakeryToken or BAKE is a BSC-20 token standard-based, the native asset of BakerySwap. With characteristics similar to existing Decentralized Exchanges- giving users control over their funds, a smooth trading experience, and no order book, Bakery Swap is another food-themed DeFi protocol. It adopts a similar Automated Market Maker Model that we have already seen in Ethereum-based Uniswap, where users deposit their assets in liquidity pools and earn token rewards in return.

Users adding liquidity into pool smart contracts receive an equivalent number of LP tokens as per their share. For example, If you’re depositing BNB-BAKE token pairs into the liquidity pool, you’ll get an equivalent of BNB-BAKE LP tokens. Users earn a part of trading fees for contributing liquidity and can retrieve their original assets back by converting LP tokens. BAKE token entrusts holders with protocol governance rights, enabling them to submit and vote on proposals.

Who are the Founders of BakeryToken?

BAKE token’s parent protocol- BakerySwap, was launched back in 2020. It claims to be one of the very first decentralized exchanges that leverage the scalability and low fees of Binance Smart Chain (BSC). BakerySwap was created by an anonymous team of developers, and it is ruled by the Decentralized Autonomous Organization.

How does BakeryToken (BAKE) work?

BakerySwap does not limit its services to decentralized exchange. It has also built an NFT Marketplace that provides enormous liquidity and trading efficiency for users to mint and trade their NFTs just like they trade crypto tokens. 

Bakery NFTSwap also lets users stake their assets and earn NFTs as rewards- which can be sold for funds. Its infrastructure is backed by a built-in transaction mechanism that enables creators to set their own fees and bTokens burning system- integrating royalty fees in NFT transactions. 

The protocol features Bakery Gallery, which aims to give tough competition to Ethereum-based NFT platforms. Bakery Gallery provides exposure and a launchpad for talented artists and creators to publish their works and organize exclusive NFT Airdrops.  

What makes BAKE Unique Use Cases?

• BakerySwap is aiming to expand its ecosystem with multi-chain integration to popular networks like Arbitrum, Polygon, BASE, and other chains.
• Its NFT Marketplace provides a one-stop solution for minting, launching, token mapping, and trading NFTs.
• It has also integrated AI technology into the AIGC platform that facilitates AI-driven pieces, image creation to PFP generation, and other content based on IP characters.

BakeryToken (BAKE) Price Analysis

Source: Tradingview

• BAKE price today is trading at $0.09217, with a 24-hour trading volume of $27.37 million. In the last 24 hours, The BAKE price has dropped by 0.62%, and its market cap is $26.71 million as of August 22, 2023.
• BAKE price has been following a downtrend since the second quarter and has moved to a sideways market after touching a YTD low of $0.08259.
• The current market outlook indicates a bearish trend in the near future, and a strong support level for BAKE’s price is residing at $0.082. If the price manages to bounce back and recover, it might touch new highs by the end of the year.

How to Buy BAKE Tokens in India?

To buy BAKE Token in India, just follow the below mentioned steps:

• Download the Crypto Investment App
• Enter the details for registration.
• Complete KYC
• Once your profile is verified, add funds and buy BAKE Tokens