BakeryToken (BAKE) is an essential part of the BakerySwap ecosystem. BakerySwap is an automated market making (AMM) protocol, which is built on the Binance Smart Chain (BSC). BakerySwap offers liquidity pools for several altcoins, such as DOT, LINK, and others.
BAKE tokens have two main functions. First, they allow holders to earn a share of trading fees. BakerySwap charges a 0.30% fee on all trades and swaps, of which 0.25% is awarded to liquidity providers. Second, they function as a governance token, which allows holders to vote on new proposals and upgrades to the BakerySwap network. BAKE tokens can either be bought from an exchange or earned by being a liquidity provider (LP) on the BakerySwap platform.
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