NFTs meet DeFi on Binance Smart Chain
Token swapping, NFT marketplace BakerySwap is enjoying a surge in users and transactions this week as finance dapps on Binance Smart Chain continue to impress. Furthermore, BakerySwap continues to display why it has become a hub for the majority of NFT activity on the Binance Smart Chain.
In the last 7 days, the number of active wallets interacting with the platform has grown to almost 24,000. These user wallets are responsible for over 141,000 transactions, generating over $623 million in transaction volume. Interestingly we see that the average transaction has a value of around $4,400. In comparison, PancakeSwap, a leading finance dapp on BSC currently has an average transaction of around $1100 over the past 7 days. That’s four times lower!
As mentioned, what sets BakerySwap aside from competitors is its NFT mechanics. Since the inception of the platform, BakerySwap has recorded well over $28 million in NFT trading volume and minted over 80,000 NFTs. Some 3D artworks sell for $20,000.
Looking at historical data from Coingecko we see that the platform just smashed its highest market cap, a record of over $1 billion on May 3rd, 2021. Causing the platform’s token, BAKE, to trade at an all-time high of nearly $9 recently.
What is BakerySwap?
BakerySwap is a DeFi application built on the Binance Smart Chain that works as a decentralized exchange (DEX) and utilizes the automated market maker (AMM) model. There have been several food-themed DeFi dapps arriving over the last 12 months which can be difficult to tell apart. Importantly, all of them work from a simple premise: users provide liquidity and earn tokens in exchange.
A key ingredient to the success of the platform has been the NFT marketplace where users can purchase non-fungible tokens. Moreover, the BakerySwap launchpad is a place where users can get access to newly launched projects on BSC. But, unlike Binance Launchpad, these aren’t regular tokens, but instead, they are NFTs. The first Initial DEX Offering (IDO) was for Battle Pets, a blockchain-based pet battle game where players can breed, exchange, and battle NFT pets on the Binance Smart Chain.