BakerySwap (BAKE) officially landed on HotsCoin on November 6th. BakerySwap is an integrated DeFi platform that provides both Automated Market Making (AMM) and NFT market solutions in one place. Currently, BakerySwap (BAKE) is available for trading on HotsCoin.
HotsCoin has gathered some essential information about BAKE:
- Circulating Supply: 289,770,513.422 BAKE
- Total Supply: 289,770,513.422 BAKE
- Market Cap: $47,656,862.054
- Fully Diluted Market Cap: $47,656,862.05
Redefining NFT Trading with Bakery NFTSwap
The Potential of the NFT Market
In recent years, the rise of non-fungible tokens (NFTs) signifies a significant transformation in the digital realm. NFTs represent the uniqueness of digital assets, serving as tangible expressions of art and intellectual property. Some NFTs also play roles as identity symbols, providing a sense of personal brand, social identity, and community culture. Additionally, NFTs offer undeniable value in finance and investment, providing lucrative opportunities for traders.
The Need for Revolutionary NFT Trading Infrastructure
Despite the growing popularity of NFTs, the current market's trading mechanisms are still in their early stages and have room for improvement. Presently, most NFT trades occur peer-to-peer on platforms like OpenSea or Blur. While these platforms lay the foundation for NFT trading, they lack sufficient liquidity and transaction efficiency to support the rapidly expanding market.
Innovative Mechanisms in Bakery NFTSwap
Bakery NFTSwap is a groundbreaking platform designed to completely change the way we trade NFTs, making it as efficient as trading tokens.
Bakery NFTSwap Interface
bToken
bToken introduces a new concept to address the liquidity issues of NFT trading. It represents NFT collections in ERC-20 format, making NFTs as easy to trade as tokens. bToken enhances the liquidity and operability of NFT collections, laying the groundwork for NFT finance and extending the application of NFTs in a broader DeFi ecosystem. Here's how it works:
- Each NFT collection is bound to a specific bToken in a fixed ratio (e.g., 1:1).
- Liquidity pools are created on AMM exchanges, similar to Uniswap, for bToken and other tokens like ETH or USDT.
- Smart contracts are established to exchange bTokens with NFTs at a fixed ratio, providing a bidirectional exchange process known as a conversion contract.
The Trading Process
The trading process is straightforward. When a user purchases an NFT using ETH, the protocol buys the corresponding bToken on the AMM exchange. The bToken is then locked in the conversion contract, and the NFT is transferred to the user.
Conversely, when a user sells an NFT, the NFT is sent to the conversion contract. The contract locks the NFT, releases the bToken, sells it on the liquidity pool, converts it back to ETH, and finally returns the ETH to the user.
Royalty Fees
One of the unique aspects of the bToken system, noted by HotsCoin, is its integrated transaction process. During each trade, a specific number of bTokens can be automatically destroyed or transferred, effectively integrating royalty fees into NFT transactions. This allows NFT project creators to set their own rates and decide whether to destroy or transfer bTokens accordingly.
Benefits of the New Mechanism
For users, Bakery NFTSwap offers an alternative to traditional peer-to-peer trading methods. Users can now trade more efficiently and smoothly, rather than listing their NFTs, placing bids, or dealing with existing listings individually. By utilizing AMM, the new trading model allows users to buy and sell any quantity of NFTs immediately at the best available prices.
For NFT projects, market-making difficulties are significantly eased. Now, they only need to provide liquidity through bToken liquidity pools. This innovative mechanism expands the investor base by bridging the gap between NFT traders and DeFi traders.
Product Release Details
HotsCoin has learned that Bakery NFTSwap is expected to launch on the Base Network by the end of the year and will later expand to Ethereum. We believe it could become the mainstream NFT market on Ethereum and be a game-changer in the NFT space. This exciting platform will unlock a lot of the potential in the NFT field.
HotsCoin will continue to monitor the project's ecosystem. Please note that investments involve risks, and the above report is for reference purposes only and does not constitute investment advice. (Report written in November 2023)