BakeryToken, known by its ticker symbol $BAKE, is the native cryptocurrency of BakerySwap, a decentralized exchange (DEX) built on the BNB Chain. It's a BEP-20 token, meaning it adheres to the standard for tokens on the BNB Chain. BAKE is primarily used for governance within the BakerySwap ecosystem, allowing token holders to vote on platform proposals and participate in fee sharing.
Here's a more detailed look:
Decentralized Exchange (DEX):
BakerySwap is a DEX, meaning it allows users to trade cryptocurrencies directly with each other without relying on a central intermediary.
Automated Market Maker (AMM):
It utilizes an AMM model, where liquidity pools are used to facilitate trades.
Governance Token:
BAKE is a governance token, which means it gives holders the right to participate in decisions about the platform's future.
Incentivizing Liquidity:
BAKE tokens are also used to reward users who provide liquidity to the platform's pools, encouraging participation in the trading ecosystem.
BEP-20 Standard:
BAKE is a BEP-20 token, which means it's compatible with the BNB Chain and its ecosystem.
Real-World Use:
Beyond its core function within BakerySwap, BAKE can also be used for purchasing NFTs on the platform, according to Kriptomat.
