The BakeryToken is an element of the BakerySwap ecosystem that facilitates the provision of liquidity by rewarding participants who inject liquidity into the network. The network pays these individuals with BAKE tokens, these tokens can in turn be used to earn a portion of the trading fees paid by network users on BakerySwap and also gives them access to the voting powers as being part of its governance system. The BakerySwap network is a decentralized automated market-making platform that is operated on the Binance smart chain, with BAKE being its native cryptocurrency token.
Just like several other cryptocurrency platforms that operate through a liquidity pool that is open for everyone to contribute. After these contributions have been made, other people have access to these resources and for the providers, they are paid dividends to incentivize their provisions. This liquidity pool is a container of a vast number of cryptocurrencies such as BTC, BUSD, and BAKE.
Who are the Founders of BakeryToken (BAKE)?
The operation of BakeryToken deals with a large collection of liquidity and funds. As such, the founding team remains an anonymous group of developers who share the same belief in the extensive applications of decentralized autonomous organizations (DAOs).
This founding pattern of remaining anonymous was the same path that was followed by the earliest generation of cryptocurrency in the world, Bitcoin. Shortly after, several other cryptocurrencies followed the same pattern to shield their creators from the world, and in the case of Bitcoin, it was a contributing factor to it becoming the biggest cryptocurrency in the world.
What is BakeryToken (BAKE) used for?
The BakeryTokens serve as an integral part of the network as it is used to facilitate the operations being executed on the BakerySwap network. As such, all transactions being executed via the BakerySwap ecosystem require the application of BakeryTokens.
The tokens used on the network offer several advantages to the liquidity providers who earn then and other participants of the network because of the tokens value. As such, while these tokens can be used to transact and exchange within the network, they can also be used outside the network.
What Is the Unique Point of BakeryToken (BAKE) ?
The BakeryToken is a subset of the parent platform, Bakery Swap which is run on the Binance smart chain. According to the system’s whitepaper, expectations from the system are for it to provide over ten times the reward amounts paid in other liquidity pool platforms. As a Binance Smart Chain-based liquidity platform, the system provides altcoins with a plethora of liquidity pulls. This is facilitated via an initial liquidity pool which consists of two types. These are the pools with BAKE rewards and the pools without them. This protocol was put in place to help the network create new liquidity pools within the community. Additionally, the pools that provide the users with BAKE rewards are specially designated. As such, the rewards earned on the network will be dependent on the value of tokens. However, in general, the BakeSwap network charges swap transactions at a fee of 0.30% and of this amount, 0.25% is assigned to liquidity providers.
Upon providing liquidity on the platform, the participants are given pool tokens from the network as a representation of the liquidity share provided. With these tokens, the participants are able to earn a percentage of the fees imposed by the system on users taking out of the liquidity. These liquidity providers, upon receiving their Bakery tokens can then stake those tokens to earn rewards in the form of BAKE tokens.
How many BakeryToken (BAKE) coins are in circulation?
While BakeryToken is similar to the Bitcoin network in the anonymity of its founders, the system has the opposite in its number of tokens available. When the system was created, there was no specific number of tokens pegged as the maximum. This implies that more BAKE tokens can be created later in the future if the need arises.
Presently, the total number of BAKE tokens in circulation is pegged at 193,529,487 BAKE, equating to a live market cap of USD 221,657,465.
Is the BakeryToken (BAKE) Network secured?
The BAKE token is different from most of the other cryptocurrencies available in many different ways and one of these is in its security mechanism. The Bake token does not operate with a regular consensus mechanism as most of the other platforms, instead, the token is secured by an intelligent security system that monitors transactions in real-time and also by the users through its governance protocol.
Additionally, the system also has an on-chain monitoring protocol and has passed several audits and security checks over the years.
How do I buy BakeryToken (BAKE)?
The BakeryToken system was provided by its creators to serve as a facilitator for transactions on its network, while also doubling as a store of value that participants can hold to earn profits or can be exchanged with other types such as NEO. The vision of the vast application of blockchain technology seen by the starters of this platform has gained global recognition. As such, several people are transitioning into the BakerySwap network through Bake tokens because they are easily accessible and largely available across several exchanges. These tokens can be easily bought through the procedures below.
- create an account with the crypto trading platform.
- Then transfer a specific amount of fiat money to your crypto account through the funding options.
- Upon confirmation of the transaction, BAKE tokens can then be purchased.
Which Cryptocurrency Wallet Supports BakeryToken (BAKE)?
The PTPWallet platform has been in the business of delivering several crypto exchange-based services to the general public for quite some time. The platform supports a large number of crypto wallets, one of which includes the BAKE wallet among a plethora of others. There are also a few other distinctive advantages provided by the platform and one of them is its top-tier interface and easy navigation. This navigation advantage opens the users of the platform to other cryptocurrencies which could be good investment engines.