BSC Month Series: CoinTiger AMA Recap with BAKE(BakerySwap)
CoinTiger has hosted the AMA session together with BakerySwap, the 1st AMM+NFT exchange on Binance Smart Chain. BakerySwap is a decentralized automated market-making (AMM) protocol on Binance Smart Chain. BAKE token is the native BEP-20 governance token of the platform. Users can earn BAKE tokens by providing liquidity on BakerySwap. BAKE holders can use their tokens for governance voting as well as for receiving transaction fee dividends.
Session1: QA with the Project representative
Q1. Welcome to CoinTiger BSC Month 🔥🔥🔥 First simple question — who are you?
Hi everyone! This is Nam. It’s nice to meet you all friends of the CoinTiger community. I am the Operations Manager at BakerySwap.org. I have been responsible for promoting BakerySwap’s community and products to occupy the forefront of the Defi world and move it forward.
Q2. Could you please introduce BAKE briefly, sir?
BakerySwap is the 1st AMM+NFT exchange on Binance Smart Chain. At present, BakerySwap not only has automatic market maker(AMM) trading, staking, liquid farming (also often called Yield Farming) and other functions. BakerySwap also provides an NFT trading market, as well as Launchpad. Provide IDO services to some decentralized projects which are with unique planning and innovative awareness. If you want to find more information about Bakery Please visit:
Q3. What makes BAKE different from other BSC projects?
BakerySwap has the following innovations and advantages. Different from other swaps, BakerySwap is a comprehensive decentralized exchange including swaps，liquidity farming，NFT+DeFi，NFT marketplace，launchpad，gamification，and much more…And we are now the largest NFT trading market in BSC. There are about 5000 NFT listed on our NFT supermarket. BakerySwap is one of the first four projects supported by the Binance Ecological Development Fund. Bakeryswap has been selected as one of the projects funded by the US $100 million seed fund of Binance.
Q4. What role does BAKE token play in the Bakery ecosystem?
Since BAKE had too much selling pressure at the beginning, we adopted the suggestion from our community to reduce the amount of BAKE released. BAKE releasing has been halved several times by putting most of the new tokens into the destruction pool. In this way, the additional released BAKE is reduced, and the price is stabilized. We have also added Launchpad, NFT markets, and launched BAKE staking pools to earn BAKE and other tokens, all of which consume BAKE. In the future, we will continue to increase the use and consumption of BAKE, so that BAKE has better value support. With the continuous development of the BakerySwap ecosystem in the future, the business layout and user base will gradually develop and the scope of use will become wider, and the intrinsic value of BAKE will become higher and higher. Let’s look forward to the next performance of BAKE.
Q5. What is BAKE market plan in 2021?
The 2021 market plan is very important to the BakerySwap team and community. The following points are what our team will do in 2021.
- In the SWAP section, we will continue to attract high-quality project and LP pools to join our yield farming plan.
- We will continue to leverage our advantages in product and focus on developing the NFT market on BSC. We are developing more advanced DeFi financial products, such as margins and derivatives. In addition, Gamification combines NFT with DeFi. We are also trying to develop new NFT products, such as bond pool concepts, auctions, NFT mystery boxes gameplay, and so on.
- In 2021, our Launchpad will usher in more changes. At present, we have some innovative gameplays waiting for real implementation.
- BakerySwap may also combine the “liquidity protection” Liquidity Protection mechanism to maintain a balanced and restrictive relationship between traders and projects.
- We will simplify the process of token creators and communities issuing and launching new projects as much as possible, and create a series of smart contracts including mining, custody and other processes for non-technical founders.
- BakerySwap will also enhance the experience of the user board interface, such as adding a personal data board, optimizing data display and so on.Through continuous iteration of new project issuance methods, the value of the project is maximized infinitely, while reducing liquidity costs and bringing fairness to traders.
Session 2: Open Questions by the Community
Q1. As far as we know, BakerySwap has conducted several rounds of IDO.What kind of projects will we choose to participate in IDO? How will users get involved?
Up to now, a total of more than 30 projects have submitted IDO applications to us. And at present, we have reached preliminary intentions with more than 10 projects in the Defi world with innovative mechanisms.
We mainly choose projects based on the following requirements:
1. Whether there are unique concepts and high-quality products in the DEFI field
2. Whether it has good market potentials and sustainabilities
3. Whether there is a strong team
4. Whether there is an active community
Q2. Will staking be available for bake in the future?
Sure It’s available now.BakerySwap makes NFT+DeFi possible. On BakerySwap, you can stake token earn NFT，the more token you stake, the quicker you will earn an NFT.
We have reached cooperation with many DeFi project in Liquidity Farming, Staking (including Stake BAKE to earn token and Stake token to earn NFT) and Marketplace.
Users can participate in the NFT pool and get project NFTs in rewards! And there will be a brand new BAKE exclusive NFT, which users can trade or bid in the NFT supermarket.
Q3. Why did BakerySwap choose BSC (Binance Smart Chain) instead of Ethereum?
The key point is the low fees and the fast speed. compared with Ethereum, BSC makes the smart contract function more friendly to developers and BSC can be compatible with the Ethereum ecosystem completely. Secondly, BSC reduces the migration cost of mature dapps on Ethereum. BSC supports EVM, which means that the code of public projects on Ethereum can be quickly deployed on BSC. At the same time, BSC natively supports cross-chain interoperability, users can easily complete transfers and information exchange. Assets in both blockchains can be traded on Binance DEX.
Q4. Could you give me 2 or 3 key points to convince me and other angel investors invest in project for the long-term?
I will list some achievements that BAKE has made in past months.
- BAKE is constantly optimizing IDO products. The team scores projects through various dimensions, and the goal is to screen out the most potential and influential BSC projects. Bakery has completed multiple IDO projects. The latest IDO was completed within 12 seconds. Fundraising For 800,000$, there are 500+ addresses participating. Currently, 30+ projects are applying to become Bakeyswap’s IDO projects. Looking forward to our next IDO!
- Bakeryswap is not only the DEX platform on BSC, but also Bakeryswap is the largest NFT trading market on BSC. We have cooperated with many NFT project parties and artists to produce high-quality works. At present, there are nearly 10,000 kinds of BSC NFT artworks traded on Bakeryswap. We also designed bidding and combo games based on market and user needs, pay attention to bakeryswap!
- Bakery has reached strategic cooperation with a number of BSC projects. At the same time, Bakery and Binance official community continue to jointly organize activities. Currently, AMA activities have been held in the Binance Decentralized Community, French Community, and Russian Community; and Bakery has cooperated with 10+LP pool DEX reached a cooperative relationship and launched BSC mining pools with different tokens. I believe that the development of Bakery in the future will receive further support from Binance and other BSC projects.
Session 3: Multiple-Choice-Questions
The correct answers will be bolded
- What regions are BAKE currently focused on?
A.Europe and Southeast Asia
C.Africa and Asia
D.All of above
2. What trading pair is available on CoinTiger?
D.All of above
3. What are the main BAKE community hashtag and cashtag?
4. On which blokchain is BAKE based?
B.Binance Smart Chain
5. Which one is the official twitter of BAKE?
CoinTiger platform has an ecosystem that includes web, iOS, Android, and exchange service system (e.g Cryptocurrency, FIAT, Future, and Leveraged Tokens Trading, Ticker Capital, Lab, Security Alliance, Tiger Knights, IEO, Tiger Forum), and is now one of the most popular exchanges in the world, which formed sub-branches in countries such as Korea, Japan, Russia, Italy and more. CoinTiger is founded in November 2017 and has exceeded 4 million users today. CoinTiger also provides trading and investing services for 158 countries with over 100 quality assets. CoinTiger is also the first crypto exchange to implement a 100 % equity mechanism for its native TigerCash (TCH) coin. The first thing CoinTiger has done is to serve its users well and deliver secure, efficient, and reliable services with the highest level of global ecosystems, banking security, efficient and best possible product experience, easy and fast transaction services, and a 7X24 customer support team.
Social Media Handles
CoinTiger APP Links
Official Link: https://www.cointiger.com/en-us/#/app_download