What is BAKE? Detailed introduction to the trading platform and total amount of BAKE coins

BAKE, the governance token of the Balancer protocol, grants holders the ability to participate in decision-making, access exclusive community perks, and earn staking rewards.

Oct 23, 2024 at 03:44 pm

What is BAKE?

BAKE is the native token of the decentralized autonomous organization (DAO) that governs the Balancer protocol, a non-custodial liquidity protocol on the Ethereum blockchain. It plays an essential role in the governance and functionality of the protocol.

Trading Platforms for BAKE

BAKE is currently listed for trading on the following crypto exchanges:

Rank	Exchange	Trading Pair
1	OKX	BAKE/USDT
2	Coinbase Exchange	BAKE/USD
3	Binance	BAKE/BUSD
4	Huobi Global	BAKE/USDT
5	KuCoin	BAKE/USDT

Total Supply of BAKE

The total supply of BAKE is 1,000,000 tokens.

Use Cases for BAKE

BAKE token holders have the following privileges and responsibilities within the Balancer protocol:

1. Governance: BAKE holders can participate in on-chain voting to propose and decide on protocol upgrades, fee distribution, and other critical changes.
2. BalDAO Membership: Holders of a minimum amount of BAKE become members of the BalDAO, which provides access to exclusive community channels and additional governance perks.
3. Staking: BAKE can be staked to earn rewards from the protocol's fees and other incentives.

How to Acquire BAKE

You can acquire BAKE through the following methods:

1. Trading on Crypto Exchanges: As mentioned earlier, BAKE is listed on several cryptocurrency exchanges. You can create an account with one of these exchanges, deposit funds, and purchase BAKE using your chosen trading pair.
2. Liquidity Provision on Balancer Protocol: You can provide liquidity to pools on the Balancer protocol and earn BAKE rewards as a liquidity provider.