Over the last 24 hours, BAKE, the native cryptocurrency for the decentralized finance (DeFi) project BakerySwap, has soared by a whopping 100%. The price jump comes after the protocol announced its launchpad project on BRC-20.
BakerySwap is a DeFi project that operates as a decentralized exchange (DEX). It also functions as an automated market maker (AMM) and an NFT marketplace. The protocol was launched on BNB Chain.
BakerySwap Deploys Launchpad Project on BRC-20
BRC-20 is a token standard that enables the creation (minting) and transfer of tokens on the Bitcoin blockchain. The mechanism, introduced in March by anonymous developer Domo, is similar to Ethereum’s popular ERC-20 token standard.
The BRC-20 token standard is powered by the Ordinal protocol, a system allowing non-fungible tokens (NFTs) and other tokens to be hosted on the Bitcoin mainnet. The first BRC-20 to launch in the crypto market was the ORDI memecoin.
Crypto launchpads are gateways connecting crypto projects with investors. Protocols secure funding for their projects while investors benefit from the services offered by the project.
By launching a launchpad project on the BRC-20 network, BakerySwap seeks to onboard more crypto protocols into the leading blockchain network – Bitcoin. Notably, this will be BakerySwap’s first foray into the Bitcoin network.
BAKE Records 100% Profit in 24 Hours
Following BakerySwap’s announcement, BAKE pumped rapidly by 100% to a trading price of $0.345. At the time of writing, BAKE traded at $0.29, representing a 67% increase in the past 24 hours.
Source: CoinStats
Interestingly, the BAKE price increase was accompanied by an increase in the project’s total value locked (TVL). Presently, the project holds a TVL of $4.34 million, as revealed on the blockchain analytics platform DeFiLlama. The metric represents a mild 7% increase in the last 24 hours alone.
As BAKE’s price soared, a crypto whale holding the third-largest BAKE portfolio deposited $1.4 million worth of tokens into the cryptocurrency exchange Gate.io. The whale currently holds 19.48 million BAKE tokens (worth $6.25 million).
