BakeryToken
Crypto Overview
Project Overview
BakeryToken (BAKE) is the native token of BakerySwap, a decentralized exchange (DEX) platform launched on Binance Smart Chain (BSC) in September 2020. The platform was designed to facilitate decentralized trading, NFT creation and trading, and yield farming opportunities.
Intended Utility
BAKE token's primary intended utilities include: governance rights for the BakerySwap platform, incentivizing liquidity providers through yield farming, NFT marketplace participation, and serving as a medium of exchange within the BakerySwap ecosystem.
Actual Utility and Usage
Current usage data shows that BakerySwap has experienced a significant decline in activity since its peak in 2021. On-chain metrics indicate relatively low trading volumes and reduced participation in yield farming programs. The NFT marketplace functionality remains operational but shows limited activity.
Token Distribution and Governance
The initial token distribution included a fair launch model without pre-mine allocation to founders. However, detailed information about current token distribution and treasury management is not readily available, which raises transparency concerns. The project's development activity has notably decreased since 2022.
Revenue Model Analysis
The platform generates revenue through trading fees (0.3% per trade) and NFT marketplace fees. While the fee structure itself is compliant with Islamic principles as it represents payment for services, the yield farming mechanisms involve elements that require careful scrutiny from a Shariah perspective.
Crypto Impact
To assign a comfort level investing in BakeryToken from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to BakeryToken.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
You only have one vote per asset so use it wisely.
You can change your vote if you change your mind.