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The past few weeks or so have been crazy for DeFi. Several DeFi yield farming look-alikes have stormed the markets, some still surviving and others getting caught in the act. There have been newcomers like BakerSwap who have pulled themselves away or rather pushed Ethereum to take advantage of the newly-launched Binance Smart Chain.
It is a known fact that despite having genuine and innovation-focused DeFi projects lined up, there are many doppelgangers existing in the market confounding users to reason out its genuineness. The latest in the list to add is BakerySwap which is now claiming to make yield farming both cheaper and easy-to-use even for the least technical. Cream Finance was one of the first projects to come out of Ethereum and joined hands with Binance’s Smart chain. BurgerSwap was yet another addition to set in motion activity on the network in the past weekend. And now, since ETH fees are a pressing concern in the DeFi side, BakerySwap also has followed suit.
BakerySwap very much on the lines of SushiSwap is another fork of Uniswap. So, from the appearance, it appears as another DeFi clone that is using the known token farming and distribution models as those clones which appeared before it. So, there is no pre-mining activity or a pre-sale activity which usually is the case. Only 1% of the new BAKE tokens farmed would get distributed back to the team. It also claims to be the first Binance smart chain AMM that offers altcoins liquidity pools. It also proffered in its announcement that the project is indeed taking full advantage of the massive Binance community. They are giving the community arbitrage opportunity among BEP2 and BEP20 tokens that are hosted on Binance or on its decentralized exchange (DEX).
Source: Twitter
As of now, there will be two kinds of liquidity pools for those earning BAKE token rewards and for those who are earning a measly 0.25% share of the trading fees. The BAKE/BNB pool is touted to be the highest earner but other liquidity pools also will be present like BUSD/BNB, ETH/BNB, BTC/BNB, DOT/BNB, and LINK/BNB. BakerySwap is also planning to launch new pools for projects Binance promotes through its Launchpad platform. The foremost 30k Binance Smart chain blocks will enable a yield of 400 BAKE per block which will take a day to the product. The next month will produce 300,000 BAKE which will be reduced every passing day for the rest of the year.
With Binance Smart Chain already being helmed as successful, it is slowly eating away Ethereum’s market share. Transactions on the Binance Smart Chain spurred to 139,279 yesterday. Ethereum had a total of 1,042,047 total transactions on the same day. BNB has also increased to levels showing its highest in 2020 by being over $32 this weekend, an addition of around 30% in the last week. This has taken its market cap to $4.3 bullion overtaking the biggies.