BakerySwap (Base) Crypto Exchange Review: NFTs, Fees, and Real Performance in 2025

If you're looking for a crypto exchange that does more than just swap tokens, BakerySwap (Base) might catch your eye. It’s not just another decentralized exchange. It’s built to let you trade, mint NFTs, stake them, and even jump on new token launches-all in one place. But does it actually work well in 2025? Or is it just another project clinging to past hype?

What Is BakerySwap (Base)?

BakerySwap started on Binance Smart Chain (BSC) in 2020 as a DeFi platform with a twist: it added an NFT marketplace when most DEXs were still focused only on trading. Now, it’s expanded to the Base blockchain, making it one of the few DEXs operating on two major EVM chains at once. The platform uses an automated market maker (AMM) model, meaning there are no order books-just liquidity pools where users trade directly against pooled assets.

The native token, $BAKE, powers everything. It’s used for fees, staking, governance, and rewards. As of December 2025, 38.2 million BAKE tokens are in circulation out of a max supply of 70 million. The token burns 5% of trading fees quarterly, which theoretically reduces supply over time. But with BAKE down 98% from its all-time high of $0.56 to $0.0102, most users aren’t buying it for speculation anymore-they’re using it to access features.

How Does It Compare to Other DEXs?

On paper, BakerySwap looks like a jack-of-all-trades. But in practice, it’s not the cheapest or the fastest. Here’s how it stacks up against the big players:

The biggest advantage? NFTs. If you want to create, buy, or stake NFTs while swapping tokens, BakerySwap is one of the few places that lets you do it without switching apps. PancakeSwap has NFTs too, but its marketplace is smaller and less integrated. Uniswap doesn’t offer NFTs at all.

Trading on BakerySwap: Pros and Cons

Trading on BakerySwap is straightforward. You connect your wallet-MetaMask, Coinbase Wallet, or Trust Wallet work fine-and pick a pair. The interface shows you the price, slippage tolerance, and estimated fees upfront.

Pros:

• Fast transactions thanks to BSC and Base’s low-latency networks
• Integrated NFT marketplace with over 87,000 listed items
• NFT staking lets you earn BAKE without locking up tokens
• No KYC required-perfect for privacy-focused users
• Low fees compared to Ethereum (often under $0.10 per trade)

Cons:

• 0.30% trading fee is higher than most DEXs
• Slippage is bad on low-liquidity pairs-some users report 5%+ on small altcoins
• Mobile app is clunky; the web version is better
• Hard to navigate between AMM and NFT sections
• BAKE token price has crashed, reducing incentive to hold

One user on Reddit summed it up: “I use BakerySwap to mint my NFTs and stake them. But when I need to swap ETH for USDC? I go to Uniswap. It’s just smoother.”

Liquidity and Trading Pairs

As of December 2025, BakerySwap has 87 liquidity pools. The biggest by far is BUSD/BAKE, which holds $22.4 million-nearly 40% of all liquidity. WETH/BAKE is second at $12.9 million. That means if you’re trading BAKE, you’ll get decent prices. But if you want to swap, say, SHIB for DOGE? Good luck. Average order depth on non-BAKE pairs is only $18,500.

That’s why slippage is a real problem. For a $5,000 trade on a low-volume pair, you’re looking at an average 2.3% price impact. On PancakeSwap, that same trade would cost you less than 0.8%. If you’re trading large amounts, you’ll get better rates elsewhere.

The NFT Side: Where BakerySwap Shines

This is where BakerySwap stands out. Most DEXs treat NFTs as an afterthought. BakerySwap built its whole identity around them.

You can:

• Mint NFTs directly on the platform with no coding
• List them for sale with royalty settings
• Stake your NFTs to earn BAKE rewards (up to 8% APY on top collections)
• Buy and sell NFTs without leaving the site

Over 12,450 collections are live, and 28% of users say the NFT features are why they stick around. One artist on Trustpilot wrote: “I minted my first NFT here in 8 minutes. No gas wars, no confusion. I didn’t need a tutorial.”

But the NFT marketplace isn’t perfect. Listings can be slow to update, and the search filters are basic. If you’re a serious collector, you’ll still use OpenSea or Blur. But for casual users who want to dip their toes into NFTs while trading crypto? BakerySwap is one of the easiest places to start.

Launchpad and IDOs

BakerySwap’s Launchpad has hosted 28 token launches since 2021. That’s not as many as PancakeSwap’s 100+, but it’s solid. Projects raised an average of $1.7 million each, and 64% are still alive after six months.

That’s better than most DEX launchpads. Many projects fail within weeks. But BakerySwap’s selection process is tight. They don’t just take any project with a whitepaper-they look at team history, tokenomics, and community traction.

If you’re looking for early-stage gems, this is one of the few places still vetting projects seriously. But be warned: IDO spots are competitive. You need to hold BAKE and stake it to qualify. And even then, you might not get in.

Security and Trust

BakerySwap has never been hacked. Its smart contracts were last audited in November 2025 by SmartState, and no critical vulnerabilities were found. That’s a good sign.

But here’s the catch: the team is anonymous. No names, no LinkedIn profiles, no public interviews. That’s common in DeFi, but it’s still a red flag for some. Of the 34 Trustpilot reviews, 68% mention “unknown team” as a reason for distrust.

On the plus side, it’s a true DEX. You never give up custody of your funds. No one holds your keys. That makes it safer than centralized exchanges like Binance or Coinbase, which can freeze accounts or get shut down by regulators.

Future Plans: BakerySwap 3.0

The team has a roadmap. And unlike many crypto projects, this one seems real.

Q2 2026 brings:

• Concentrated liquidity (like Uniswap V3)-letting you set custom price ranges for your liquidity
• Cross-chain NFT bridging between BSC and Base
• Quadratic voting for governance-giving smaller holders more say
• Privacy mode via Manta Network integration (already live, processing 12K+ private swaps)

If they deliver, BakerySwap could regain momentum. Concentrated liquidity alone could pull back liquidity providers who left for Uniswap or Camelot. Cross-chain NFTs could make it the go-to platform for multi-chain collectors.

Who Is This For?

BakerySwap isn’t for everyone.

Best for:

• NFT creators who want to trade crypto and mint in one place
• Users who want to stake NFTs for passive income
• People who dislike KYC and want full control
• Those already using BSC or Base and want a single hub

Avoid if:

• You trade large amounts on low-liquidity tokens
• You want the lowest possible trading fees
• You prefer a clean, simple interface
• You’re new to crypto and need hand-holding

The learning curve is real. New users take an average of 27 minutes to complete their first trade-8 minutes longer than the industry average. If you’re not comfortable with wallets, gas fees, and slippage, start with a centralized exchange first.

Final Verdict

BakerySwap (Base) is not the best DEX for trading. PancakeSwap is faster, cheaper, and has more liquidity. Uniswap is more reliable and cross-chain.

But if you care about NFTs-creating them, buying them, staking them-BakerySwap is one of the few platforms that makes it seamless. It’s the only DEX that turns your NFTs into income-generating assets while letting you swap tokens without switching tabs.

It’s not growing. Its user base is down 58% from last year. Its token is in the dumps. But it’s still here. And it’s still innovating.

For NFT-focused users? It’s worth a try. For pure traders? Look elsewhere.