User activity up 142% thanks to BARK token launch
The launch of a new dog meme token has given BakerySwap a significant boost in user activity. In the past 24 hours, the number of active user wallets for BakerySwap has increased 142% to more than 19,470.
Yesterday BakerySwap launched the BARK token through an Initial Liquidity Offering. This basically means that the BARK token was made available through a liquidity pool. Judging by the increase of users, the event attracted quite some users.
Users need these BARK tokens to buy one of the 10,000 bark NFTs. Each of these has a unique barking sound, while a drawn dog provides a visual element. These NFTs can be combined with the Cryptodoggies NFTs, adding an extra layer to the doggy meme ecosystem.
In the same way, users can use the BARK tokens to acquire the Barking NFTs, DOGGY tokens are used to buy pixelated Cryptodoggies NFTs. BakerySwap is very serious about riding the dog meme hype train, powered by the Dogecoin and Shiba Inu tokens. Last week they announced to integrate the DOGGY token into their ecosystem.
DeFi recovery
After last week’s price dump, many expected the crypto market to have some difficulty. However, BakerySwap is doing quite well. A week ago the BAKE token was $6,75 before it dropped together with the rest of the crypto market. BAKE found its bottom at $2,00 and is now moving upwards. In the past 24 hours, the projects increased 9% in value to $3,19.
The DeFi market as a whole also seems to be moving upwards. DappRadar noted $58,4 billion in total value locked (TVL) on May 24th. At this moment we’re already $10 billion higher at $68,4 billion TVL. The biggest impact is the increase of token values, as prominent projects like Aave, Uniswap, PancakeSwap, Venus, and Yearn Finance all noted 15% up to 40% in token price increases in the past 24 hours.
While the DeFi market is maturing, BakerySwap takes that trend a bit too literally. On Twitter, they announced a new initial token offering for a Japanese project called Tokau. This NFT-powered product describes itself as an ‘NFT gal game for you and idols’. Supposedly the project will combine NFTs with gamification and Japanese adult influencers. As always, do your own research.
