By December 2025, BakerySwap (Base) isn’t the hot new thing it was in 2021. But it’s not dead either. If you’re wondering whether this DEX still has value - especially with its NFT marketplace and low fees on Base - here’s the real breakdown, no fluff.
What Is BakerySwap (Base)?
BakerySwap started as a decentralized exchange on Binance Smart Chain (BSC), but now it also runs on Base, Coinbase’s Ethereum layer-2 network. That’s why you see it listed as "BakerySwap (Base)" on CoinGecko. It’s not two platforms - it’s one platform running on two chains. That matters because Base offers faster, cheaper transactions than Ethereum, and BakerySwap leans into that.
What makes BakerySwap different isn’t just trading. It’s the full package: swap tokens, trade NFTs, stake NFTs to earn $BAKE, and even launch new tokens through its IDO platform. It’s one of the few DEXs that truly combines DeFi and NFTs under one roof. You won’t find that kind of integration on PancakeSwap or Uniswap.
The $BAKE Token: Deflationary, But Bleeding Value
The $BAKE token is the engine of BakerySwap. It’s used for trading fees, staking rewards, governance, and even NFT minting discounts. As of December 2025, there are 38.2 million $BAKE in circulation, with a max supply of 70 million. Tokens are burned quarterly based on platform revenue - that’s a good sign.
But here’s the harsh truth: $BAKE is down 98.2% from its all-time high of $0.56. It’s trading at $0.0102. Technical indicators are screaming "sell." 13 out of 17 show bearish signals. That’s not just market-wide crypto weakness - it’s a loss of confidence in BakerySwap’s growth.
Why? Because user numbers have collapsed. Monthly active users dropped from 341,000 in early 2024 to just 142,000. Liquidity has followed. The total value locked (TVL) on BSC is now $58.3 million - down from $177 million. That’s a 67% drop. When liquidity shrinks, slippage goes up. And when slippage goes up, traders leave.
Fees: Higher Than Average, But Still Cheaper Than Ethereum
BakerySwap charges a flat 0.30% fee on every trade. That’s 0.10% higher than the DEX industry average of 0.20%. PancakeSwap, its biggest rival on BSC, charges 0.25%. So why would anyone pay more?
Because Ethereum is still expensive. On Base and BSC, a swap costs around $0.15 in gas. On Ethereum, it’s often $5-$15 during peak times. So even with the higher fee, BakerySwap (Base) is still cheaper than most Ethereum-based DEXs. If you’re trading altcoins or NFTs, you’re saving money - just not as much as you could on PancakeSwap.
And here’s the kicker: those 0.30% fees go straight to liquidity providers. So if you’re staking in a pool, you’re still earning. It’s not a fee you’re paying to a company - it’s a reward system for the network.
NFT Marketplace: The Real Reason People Still Use It
If you’re looking at BakerySwap just to swap tokens, you’re missing the point. The NFT marketplace is where it shines.
As of December 2025, it hosts 12,450 NFT collections and 87,300 listed NFTs. That’s not OpenSea-level, but it’s bigger than most niche DEX NFT platforms. What makes it unique is NFT staking. You can lock your NFTs - like a BakerySwap-themed avatar or a limited-edition collectible - and earn $BAKE rewards. No other major DEX offers that.
Users say the minting process is easy. One Reddit user wrote: "I created my first NFT in 8 minutes. No code. No wallet headaches." That’s a big deal for newcomers. And the platform integrates with MetaMask, Coinbase Wallet, and Trust Wallet. Mobile works. No need for a desktop.
But the interface? Messy. Users complain it’s hard to switch between trading and NFT sections. It feels like two apps glued together. PancakeSwap’s UI is cleaner. If you’re not used to DeFi, you’ll spend 27 minutes on your first trade - 8 minutes longer than the industry average.
Security and Trust: Anonymous Team, No Exploits
No major hacks. No exploits. Smart contracts were last audited in November 2025 and passed. That’s good.
But here’s the problem: no one knows who built it. The team is anonymous. That’s common in DeFi, but it’s still a red flag for 68% of Trustpilot reviewers. When things go wrong - like a bug in the staking contract or a delayed withdrawal - there’s no customer service team to call. You get a Telegram link. That’s it.
That’s why Trustpilot ratings are stuck at 3.2/5. People like the features, but they don’t trust the team. And when you’re dealing with your crypto, trust matters more than features.
Competition: PancakeSwap Still Dominates
BakerySwap is the fourth-largest AMM on BSC. Behind PancakeSwap, ApeSwap, and Ellipsis Finance. PancakeSwap has over 20 times the TVL. It’s faster, cheaper, and has a better UI. So why does BakerySwap still exist?
Because of Base. And because of NFTs.
PancakeSwap doesn’t have an NFT marketplace with staking. Uniswap doesn’t have a launchpad for IDOs. BakerySwap’s edge isn’t volume - it’s versatility. If you’re into NFTs and want to trade them on a low-fee chain, BakerySwap (Base) is one of the few places that lets you do it all in one place.
What’s Coming: BakerySwap 3.0 in Q2 2026
The roadmap is promising. The next upgrade, BakerySwap 3.0, will introduce:
- Concentrated liquidity (like Uniswap V3) - meaning you can set price ranges for your LP positions and earn more efficiently
- Cross-chain NFT bridging between BSC and Base - so you can move your NFTs without paying Ethereum gas
- Quadratic voting for governance - giving smaller holders more influence
If they deliver this, BakerySwap could regain momentum. Concentrated liquidity is a game-changer for liquidity providers. And cross-chain NFT bridging could make it the go-to platform for NFT traders on EVM chains.
But it’s a big "if." The team has been quiet since 2024. No major marketing. No partnerships. No media buzz. They’re betting on tech, not hype.
Who Should Use BakerySwap (Base)?
Use it if:
- You trade NFTs and want to stake them for $BAKE
- You’re on Base or BSC and want to avoid Ethereum gas fees
- You’re interested in IDOs and want to back early-stage projects
- You don’t mind a clunky interface for more features
Avoid it if:
- You want the lowest possible trading fees (go with PancakeSwap)
- You need high liquidity for large trades (slippage is too high on altcoin pairs)
- You’re uncomfortable with anonymous teams
- You’re looking for a beginner-friendly DEX
Final Verdict: Still Alive, But Not Thriving
BakerySwap (Base) isn’t dead. It’s holding on. Its NFT integration is unique. Its fee structure is fair for the chains it runs on. And its upcoming upgrades could bring it back.
But it’s not the DEX you choose because it’s the best. You choose it because it’s the only one that does what you need. If you’re an NFT trader, a DeFi hobbyist, or someone who likes experimenting with new features - it’s worth a look.
If you’re serious about trading volume, low fees, and reliability - stick with PancakeSwap. It’s the safe bet.
BakerySwap is the risky bet. And right now, risky bets are hard to justify when the market is down.
Is BakerySwap (Base) safe to use?
Yes, technically. No major exploits have occurred since launch, and smart contracts were last audited in November 2025. But the team is anonymous, and customer support is limited to Telegram. You’re trusting code, not a company. Use only what you can afford to lose.
Can I use BakerySwap (Base) if I’m in the US?
Yes. BakerySwap is a decentralized exchange, so it doesn’t hold your funds or require KYC. It’s classified as "allowing US investors" by Cryptowisser because users retain control of their wallets. That’s different from centralized exchanges like Coinbase or Binance.
What wallets work with BakerySwap (Base)?
MetaMask, Coinbase Wallet, and Trust Wallet all work on both desktop and mobile. It supports BSC and Base networks. Just make sure your wallet is set to the right chain before trading. Switching chains manually is a common mistake for new users.
How does NFT staking work on BakerySwap?
Go to the NFT marketplace, select any NFT you own, and click "Stake." You lock it for a set period (usually 30-90 days), and you earn $BAKE rewards daily. The amount depends on the NFT’s rarity and the pool’s total staked value. Rewards are automatic - no need to claim them manually.
Why is my trade slippage so high on BakerySwap?
Low liquidity. Most trading pairs on BakerySwap - especially altcoins - have shallow order books. The average depth is $18,500, compared to $142,000 on PancakeSwap. For a $5,000 trade, expect 2-3% slippage. Always set your slippage tolerance to 3-5% for altcoins. For major pairs like BAKE/USDT, 1% is usually fine.
Is BakerySwap better than BaseSwap?
They’re built on the same infrastructure and share the same wallet integrations. But BakerySwap has a full NFT marketplace, IDO launchpad, and staking - BaseSwap doesn’t. BaseSwap is just a simple DEX. If you want NFTs, BakerySwap wins. If you just want to swap tokens fast, BaseSwap is cleaner.
Will BakerySwap survive past 2026?
It depends on the 3.0 upgrade. If concentrated liquidity and cross-chain NFT bridging work as promised, it could regain users. But if the team stays quiet and competition from PancakeSwap and Uniswap keeps growing, it’ll fade into obscurity. Right now, the odds are 45% it stays in the top 20 DEXs - according to Messari. That’s not great, but it’s not zero.
