It was a Twitter meme competition that made me enter in the Bakery and try some banana bread. This tweet was announcing a collaboration between Ape Swap and Bakery Swap, and was sharing some lovely prizes to the best meme entries! PVM ... Meme Competition ... Challenge accepted! I assumed that Ape and Bakery will do the best banana bread in town!
The first step was to see what's all about and join the HYPE. Bakery Swap is another platform on the Binance Smart Chain platform offering "smarter farming experience". To quote from the creators, Bakery Swap is like Uniswap but faster, cheaper and tastier. I had to find the synergy between calm baking and going ape!
BAKE is the native token that has multiple use in the Bakery ecosystem. Rewards can be earned by staking BAKE or by creating LPs. The fee applied is 0.30% of all trades and swaps, from which 0.05% will be converted to BAKE reward for holders and 0.25% will be distributed to Liquidity Providers.
Bakery Swap went live on the 14th of September 2020, with full Binance support and a completed CertiK audit. What makes it different than other AMM is the NFT Market, where users can create, mint and trade NFTs. I minted two Gorilla Baker NFTs for the Ape Swap + Bakery Swap collaboration and added them to the market.
To my surprise, I sold one for 6 BAKE almost instantly after listing. I was amazed that I actually sold a NFT for over $6 and decided to stake the earnings. I received 5.7 CAKE after the market fees where applied and I moved to the earning section for the BAKE staking. The pool is called BREAD and will generate BAKE when staking BAKE. I am happy with BSC fees every time I stake assets, thinking that this is impossible on Ethereum.
The next day I sold the second Gorilla Baker NFT and I staked those earnings on top of the previous ones. I now have 11.4 BAKE tokens staked in the Bread Pool. As usual, I plan to hold them and let them grow.
The farming rate is not the best, is not the worst either. I farmed 0.124 BAKE in a week, which is about $0.15, and hopefully in time will get more valuable as the BAKE token has potential to grow.
My entry into the Bakery started as a joke (I meant as a meme), but now I am baking some fresh bread. Is not much, but is honest work, and is another source of residual income that will add the the existing ones. I didn't won any prizes or made any banana bread but I definitely learned some new staff!
If you are into NFTs .. and if you are into ugly creatures NFTs even better, because I minted Milky - The Devilish Cat! Now available as a drop on Atomic Hub or on sale as low mints. Support the artist (obviously me) to have wax for CryptomonKeys and Alpacas!
Resources:
Residual Income:
DeFi bounty at CakeDeFi with $30 DFI for new users
The fountains: PipeFlare ZCash, GlobalHive ZCash & Get.ZEN
Bake apy is smaller though so I stake some at beefy instead.