Adjustment of BAKE rewarding mechanism to build a sustainable Bakery Ecosystem
In the past six months, BakerySwap has experienced the process from nothing to prosperity. In addition to Swap, Bakery has launched Liquidity Farming，IDO Launchpad, NFT marketplace and the gamification of NFT+DeFi. Up to now, the total TVL of BakerySwap has reached 104M, $89.3M in AMM and $14.7M in Gamification respectively. We have 5344 minted NFT artworks with 15,785 transactions. And the price of BAKE has increased by more than 7370% since December 2020.
Bakeryswap can’t grow without BAKE Token
It can be said that BAKE token has empowered the circulation and value of the entire Bakery ecosystem. During the past 180 days, more than 130 million BAKE tokens were released. According to our previous token issue mechanism, the BAKE token release will end in 6 months, which would undoubtedly limit the long-term development of BakerySwap. Also, we received many concerns from the community about what will happen to bake if the token emissions end. We have been thinking about it and discussing it with some of our early supporters, and now we have designed a new strategy to evolve BAKE token economy.
Adjustment of BAKE rewarding mechanism
In the past 6 months, the monthly rewards of BAKE were 2.25m on average. From now on, we will adjust the monthly rewards of BAKE to 7.5m-9m per month for the next 9 months, depending on the addition of new farming pools, and then halve the number every 9 months by adjusting the reward multipliers of the pools and creating a reserving pool for the farming after BAKE emissions stop in the initial contract. This means that, after approximately 24 years of emissions, the Total Supply in circulation will be 270M-300M.
Building a sustainable Bakery ecosystem
As the first AMM+NFT exchange on Binance Smart Chain, we want to keep iterating it for the long run and attract more and more liquidity providers, traders, innovative DeFi projects, artists, collectors, and “bakers” to cultivate a stronger, fun and solid Bakery ecosystem and maximize the value of BAKE. For non-BAKE stakeholders, we hope that through Bakery’s intrinsic value and unique innovation, we will continue to attract more participants outside the system into our Bakery “delicious” world!