The Overview of BakerySwap Ecosystem
BakerySwap is a decentralized financial protocol built on Binance smart chains. It is the first DeFi exchange platform that provides both non-fungible token (NFT) marketplace and automated market maker (AMM) on the BSC.
|Price Change 24H||+7.98%|
|Price Change 7D||+23.98%|
|Circulating Supply||193,529,458 BAKE|
|All Time High||$8.48|
|All Time Low||$0.007567|
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BakerySwap has mainly three services, the first is an automated market maker in which users can stake tokens, exchange coins, and do liquidity farming. The second one is the IDO launchpad which provides an initial coin offering from the selected best company to provide early access to investors. The last one is the non-fungible token (NFT) marketplace in which participants or artists can mint or trade their artwork or gamified NFT items.
The decentralized automated market-making protocol of BakerySwap provides good rewards to users. Binance Smart Chain is famous for its high-speed data transmission and interoperability, along with its smart contract functionality it facilitates services with comparatively fewer transaction fees.
BakerySwap Automated Market Maker
The network uses constant product formulae to manage the price between two assets. It is the same as the formulae used in the Uniswap platform. It actually maintains the balance between assets in token reserves platforms. There is no intermediary between the AMM trade, and it occurs in a trustless environment. Automated Market Maker runs on Binance smart chain. AMM has no order book instead of that it works on a liquidity pool. The assets in the pool are provided by supporters and users of BakerySwap. Liquidity pools are crowdsourced cryptocurrencies or tokens locked in smart contracts.
There are two types of liquidity pools in BakerySwap with BAKE rewards and without BAKE rewards, in with BAKE rewards, those who add liquidity will get a liquidity token in exchange based on their contribution. This LP token can be converted into an original token. users can stake to farm BakeryToken cryptocurrency and users can purchase or mint NFTs.
BakerySwap’s website has a separate tab for the NFT marketplace. Users can browse for best-selling NFTs, artists, and their art. Game assets and gamification are also available on the website. The launchpad facility in BakerySwap is a place where the user can access newly launched projects of the Binance smart chain. Bakeryswap allows the user to select NFT combos i.e. a group of audio-video images or art. Since BakerySwap is a decentralized exchange (DEX), it issues NFTs way initial dex offering mechanism. The first IDO that happened in BakerySwap was Battle Pets. It is a blockchain-based game that allows the user to breed, exchange, battle their NFT pets on BSC.
The Bakery Gallery
BakerySwap Gallery is an NFT issuance platform and this is meant to compete with top-quality Ethereum based projects. Unlike the marketplace which is open, the BakerySwap gallery is closed. It consists of three main things an ‘upcoming drops’ tab which includes the information of upcoming NFT drops, featured artist which includes information and details of the artist and the artwork. An artist can have more exposure way Bakery Gallery.
Bakeryswap is partnered with Dogemongo the first AR NFT game where gamers can earn DOGE coins. The first and largest marketplace on BSC is tied up with many companies to improve the business. BakerySwap has partnered with Levyathan, the first decentralized finance index on the Binance smart chain. They have also partnered with alchemy toys to improve and introduce new NFT services. Both the DeFi platforms decided to combine their resources and technology to provide the most transparent services to users which can create an efficient investment mechanism. They introduce and promote young new artists on the platform, make youngsters busy on NFT with standalone retro video games.
BakeryToken took his position within the top ten in Lunar crush social ranking. The network has more than 14 lakh transactions and 5 lac minting so far which is increasing day by day. Along with creating the best NFT projects and upgrading NFT to NFT 2.0, BakerySwap tried to manage multi-coin payment, advanced filtering and searching, as well as creating their own collection.
What is BakeryToken and How Does It Work?
The native cryptocurrency of BakeryToken is called BAKE. This BEP-20 governance token allows the holder for voting decisions. This is specific for the Binance smart chains. Farming of BAKE token is a two-step process that provides liquidity to any one of the pools to get back the BLP token, stake the resulting token to get the BAKE token. BakeryToken is released in September 2020.
On the website of BakerySwap, you can see different kinds of food items and snacks named under the earn BAKE tab, which includes waffles, doughnuts, rolls, latte, croissants, etc. Each snack specifies a different kind of earn BAKE method. It is arranged with a theme if you are hungry take something to earn BAKE, which is a very peculiar method and idea to attract the user. If you are selecting bread you can stake BAKE to earn BAKE. If you are selecting waffles you can stake BAKE-BUSD BLP to earn BAKE, each case ROI will be different.
All these features and services of the network are available on the BakerySwap website, but the user has to connect a wallet with the website to avail services. A Metamask Ethereum wallet supports BSC and Dapps with ease. Users will be able to add liquidity to the pool by selecting the tokens, for this first need to add liquidity to the DEX and supply both tokens, then they can take part in the specific liquidity pool. Once liquidity is provided then the user can start farming BAKE. For example, if a user provides liquidity to the DOT-BNB pool he will get DOT-BNB BLP tokens, the user can stake this BLP token to farm BAKE.
Once the staking transaction is completed the user can later check the number of BAKEs earned. There is no premise, pre-sale, and team allocation for BAKE. The BakerySwap team will get only 1% of the total BAKE farmed. A 0.3% transaction fee is applicable for every trade, in which 0.25% is for liquidity providers and the rest is converted into BakeToken and credited to users as rewards. Instead of farming user is allowed to simply buy the BAKE tokens also. Bakery tokens are gradually released into the pools based on reward multiplayer. They claim that the BAKE-BNB pool will earn 10x more rewards compared to others.
BakeryToken Technical Analysis
The enthusiasm of people for investing in tokens, fear of global inflation, change in investing behavior coupled with economic disruptions in global markets drives the volatility.
Technical analysis on the daily chart indicates the current price of BakeryToken (BAKE) is around $0.7222, with a 24-hour trading volume of $78,722,475.28. The highest price at which BakeryToken traded is $8.5 on May 2, 2021. Total market capitalization is $149,177,641.88, with a circulating supply of 193,529,485 BAKE.
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The highest volume traded was from April 27, 2021, to May 02, 2021. A continuous price fall has been visible on the daily chart from an all-time high. Though, slight recovery is observed since February 2022, hoping for more increase in BakeryToken price in the short term.
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The immediate resistance level is placed at $1.001, the next resistance level is $1.265 and the major resistance level is $1.700. The immediate support is placed at $0.605 and the major support of BakeryToken is $0.4606, any price falling below this range will be a strong signal to sell BakeryToken.
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Reading major technical indicators, the Relative Strength Index is around 70.74. MACD line crossed the signal line but both are moreover in the same range, trying hard to push an uptrend. As of now, the MACD indicator is also indicating a neutral trend. Volume oscillator is moreover in a stable range avoiding minute variations.
Analyzing more technical indicators: According to Fib Retracement, the immediate resistance level is $0.735, while the immediate support level is $0.622. Based on Average Directional Index indicator reflects slight recovery for the coin. None of the technical indicators has given a confirmatory buy signal for BakeryToken. BakeryToken price predictions stipulate investors and traders to wait for a clear trend confirmation towards upside for an entry which has now started to rise.
The BAKE predictions for the year ending are bullish and conclude that the current disapproval in the movement for a clear trend confirmation is due to the fear of global cues and slightly fell in total market capital of crypto. Based on cryptocurrency projections, once the major coins gain momentum altcoins will also confirm their trajectories.
BakeryToken Price Predictions: 2022-2026
The cryptocurrency market is exaggerated and creates confusion, fear in normal traders, but still, moneymakers are accepting the truth, digital coins will be the next generation transaction system. The entry of people into crypto and the number of altcoins are increasing regularly. The common man is looking into global markets and global inflation rates rather than thinking only about the economic scenario of their nation. The new technology service, reward system, ease of use, increasing privacy setup, reduction of intermediaries as well as transaction time, transaction cost together crypto creating a huge acceptance base globally.
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BakeryToken cryptocurrency’s future predictions believe that it will have a moderate price increase in the future when the business grows.
BakeryToken Forecast 2022
Based on BAKE/USD predictions, BakeryToken cryptocurrency traded at a minimum price of $1.22 at the beginning of 2022. The price then fell down, hence, the current price of BakeryToken is $0.722. As per the BakeryToken price forecast for the middle of 2022 might rise to $1.05. The price prediction for 2022 anticipates that the BakeryToken price may again go down to $1.04 by end of the year. The average price for the year is forecasted at $0.95.
BakeryToken Price Prediction 2023
BakeryToken price forecast for 2023 shows BakeryToken prophesy. During the mid-2023, the BakeryToken price is anticipated to trade around $1.08. The maximum value of BAKE/USD predictions by the end of December 2023 is $1.14. The average BAKE/USD predictions for 2023 are $1.05.
BakeryToken (BAKE) Price Prediction 2024
Like every other altcoin forecast, the BakeryToken price prediction is also hoping green signal in 2024. The real-world possibilities of blockchain and crypto technology already started towering. The growing popularity and increasing credibility are expected to reach a global acceptance of crypto space same as fiat currencies. The BAKE predictions show a moderate move since the beginning of 2024. BakeryToken BAKE will be trading with a start at $0.88, the average BAKE predictions for 2024 are around $1.04. The maximum predicted price for BAKE is $1.29, which is contemplated by the last quarter of 2024.
BakeryToken Price Prediction 2025
BakeryToken price forecast for 2025 shows that the year will be starting with a minimum of $1.25. The middle of the year speculates price change to $1.37 as per the BAKE forecast. And the coin will reach a maximum price of $1.50. BAKE/USD predictions are anticipating bakery tokens to trade at an $1.37 average price level throughout the year.
BakeryToken Price Prediction 2026
As compared to 2025, the price might fall in the year 2026. According to our BakeryToken price prediction, the price of BAKE is estimated to be at around a minimum price of $1.17. The BakeryToken price value might be maximum of $1.35 with an average trading value of $1.28.
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Frequently Asked Questions
Is BakeryToken a good investment?
Crypto investments are always subject to risks according to its volatile nature. BakeryToken price forecast shows the future of the crypto is quite optimistic. As the trend is moving upwards since the last three months, if it continues to rise then, the coin can turn into a profitable investment in the long term.
Should I buy BakeryToken at the current price for the short term?
As per the price rise observed in the last one month, yes, you can invest in BAKE to earn considerable money in the short term. However, unlike the money market, the nature of cryptocurrency involves massive volatility. BAKE, because the incentivization of the liquidity provider is highly volatile in nature. Invest wisely. Do your own research, track future price forecasts, and proper investment advice are necessary before investing.
Where to buy Bakerytoken BAKE?
BakeryToken is available on major cryptocurrency exchanges such as Binance, Gate.io, Pancakeswap, Hotbit, Anyswap, etc.
Source link: https://www.cryptonewsz.com/forecast/bakerytoken-price-prediction/