Comparison of THORChain vs Bakeryswap [ 2025 ]

The best cryptocurrency exchanges compared by their commissions, products offered, security and much more. Here is the THORChain vs Bakeryswap comparison!

Your expert: Alejandro Borja

THORChain

  • Threenvest valuation: 4,4/5
  • Network: THORChain
  • Security: High 4,7/5
  • Earns: Yes
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Your expert: Xavier Tarrasó

bakeryswap

Bakeryswap

  • Threenvest valuation: 4,2/5
  • Network: BSC
  • Security: High 4,4/5
  • Earns: Yes
Go exchange

Main points

Fees

fluctuates
NFTs
No

Native token

Token RUNE
0,30%

Fees

Yes
NFTs
Token BAKE
Native token

Recommended for

Beginners

No

Trading

Yes

Passive income

Yes

Buy and hold

Yes
Yes

Beginners

Yes

Trading

Yes

Passive income

Yes

Buy and hold


Comparison of fees

Rating

4.0 – Fees are competitive for cross-chain swaps, but can vary depending on the asset and network conditions.
4.2 – Generally low fees on the Binance Smart Chain, making it affordable for most users.

Level

fluctuates
0,30%

Brief explanation

THORChain employs a distinct fee structure aimed at ensuring network security and providing economic incentives for its participants. The platform charges several types of fees: a fixed outbound fee, a dynamic liquidity fee, and a slip-based fee. Outbound Fee: This is a fixed fee applied to transactions leaving the THORChain network. It covers the cost of sending assets from the network to an external blockchain, ensuring the network remains sustainable. Liquidity Fee: This dynamic fee varies based on the liquidity of the pool involved in the transaction. It serves to reward liquidity providers, who are essential for the functioning of the protocol. This fee is crucial in maintaining the balance and availability of assets across the network. Slip-Based Fee: Designed to mitigate the risk of market manipulation by large traders (whales), this fee is calculated based on the impact of the trade on the pool’s price. Larger trades that significantly alter the pool’s balance incur higher fees. These fees are distributed to liquidity providers as compensation for the potential price impact of large trades . This multi-faceted fee structure not only ensures the economic viability of the THORChain network but also promotes fair trading practices and rewards participants who contribute to the ecosystem’s liquidity.
BakerySwap’s fee structure is quite competitive and user-friendly. Trading on BakerySwap incurs relatively low fees, a common feature among exchanges on the Binance Smart Chain (BSC). The platform charges a 0.30% fee for each swap transaction, which is comparable to other decentralized exchanges. Of this, 0.25% is returned to liquidity providers as a reward, while the remaining 0.05% is used to buy back and burn BAKE tokens, which can help increase the token’s value over time. There are no deposit fees on BakerySwap, but users should be aware of the standard network fees associated with transferring assets on the BSC. Withdrawal fees are similarly low, reflecting the efficient nature of the BSC network. Overall, BakerySwap’s fee structure is designed to be cost-effective, making it an attractive option for traders looking to minimize their transaction costs while benefiting from the added utility of BAKE token incentives.

THORChain

Read THORChain review
  • Security Methods: THORChain has implemented robust security measures, including a multi-chain testnet called "Chaosnet" which allows for rigorous testing of its protocols under real economic conditions. This proactive approach to security helps safeguard users' assets.
  • Reputation and Reviews: Despite facing security breaches, THORChain's response to these incidents has bolstered its reputation. The community has positively reviewed how the platform handled the incidents, quickly working to secure the network and compensate affected users.
  • Transparency: THORChain maintains a high level of transparency in its operations. The open-source nature of its codebase allows for community inspection and contribution, fostering trust and collaboration among its users.
  • Trading Volume and Liquidity: THORChain supports high trading volume and liquidity, making it an efficient marketplace for cross-chain swaps. This capacity ensures that users can execute trades swiftly and at reasonable prices, even during periods of high market volatility.
  • Withdrawal and Deposit Policies: THORChain provides clear and user-friendly withdrawal and deposit policies. By enabling direct control over funds and facilitating seamless transactions across different blockchains, the platform ensures that users can manage their assets flexibly and securely.
  • Pros
  • Cross-chain swaps without wrapped tokens.
  • Earn yields via liquidity provision.
  • No custody of user assets required.
  • Cons
  • History of smart contract vulnerabilities.
  • Complex for cryptocurrency beginners.

Bakeryswap

bakeryswap
Read bakeryswap review
  • Year Founded: BakerySwap was launched in 2020, during a significant rise in DeFi platforms, quickly establishing itself as a pioneer by integrating NFT capabilities on the Binance Smart Chain.
  • Number of Users: As of the last update, BakerySwap boasts a substantial user base with over 100,000 holders of its native BAKE token, demonstrating strong community support and utilization.
  • Security Methods: BakerySwap employs the Automated Market Maker (AMM) model, which enhances security by allowing users to trade directly from their wallets without the need for an intermediary, reducing the risk of hacks associated with traditional exchanges.
  • Reputation and Reviews: Gaining traction for its innovative approach and user-friendly interface, BakerySwap has garnered positive feedback from the community. Its integration of DeFi and NFT features on a less costly network has been particularly well-received.
  • Transparency: Despite the anonymity of its founders, BakerySwap operates under a decentralized autonomous organization (DAO) structure, which allows for community governance and decision-making, promoting transparency and user involvement in the platform's development and policy settings.
  • Pros
  • Low transaction fees, quick processing.
  • Innovative NFT and DeFi integration.
  • User-friendly, intuitive platform design.
  • Cons
  • Limited selection of tradable tokens.
  • Anonymity of founders raises concerns.

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Product selection

Native token

Yes, the native token is RUNE.
Yes, the native token is BAKE.

Earns

Yes, THORChain offers EARN opportunities by providing liquidity in native assets to liquidity pools, and staking RUNE tokens for network participation and rewards.
Yes, BakerySwap provides EARN opportunities through staking BAKE tokens, yield farming, and earning rewards from participating in NFT staking.

NFT marketplace

No, THORChain does not have an NFT marketplace.
Yes, BakerySwap has an NFT marketplace where users can buy, sell, and stake NFTs.

Cripto/debit card

No, THORChain does not offer a debit card.
No, BakerySwap does not offer a debit card.

Company information

Full name

THORChain
BakerySwap

Regulation

No, THORChain is not regulated by any specific financial regulatory authority.
No, BakerySwap is not regulated by any specific financial regulatory authority.

Year founded

2018
2020

Founder

The founding team is pseudonymous, known collectively as the THORChain team.
The founding team remains anonymous, typical of many decentralized projects on the Binance Smart Chain.

Payment methods

Transfers

Deposits: Cryptocurrency transfers; Withdrawals: Cryptocurrency transfers.
Deposits: Cryptocurrency transfers; Withdrawals: Cryptocurrency transfers.

Mastercard

No, THORChain does not support direct deposits via Mastercard. It only allows transactions through wallet connections.
No, BakerySwap does not support direct deposits via Mastercard. It only allows transactions through wallet connections.

Wire transfer

No, THORChain does not support direct deposits via wire transfer. It only allows transactions through wallet connections.
No, BakerySwap does not support direct deposits via wire transfer. It only allows transactions through wallet connections.

Card

No, THORChain does not support direct deposits via credit card. It only allows transactions through wallet connections.
No, BakerySwap does not support direct deposits via credit card. It only allows transactions through wallet connections.

Comparative table

THORChain FEATURES Bakeryswap
THORChain allows users to trade with relatively low minimums, accommodating small-scale traders but requiring enough to maintain liquidity integrity.
Minimum Trade
BakerySwap’s minimum trade size is very accommodating, allowing users to trade small amounts, which is ideal for newcomers testing the waters.
Fees on THORChain are competitive within the DeFi space, ensuring affordability while supporting network and liquidity providers.
Trading and Transaction Fees
BakerySwap offers competitive low fees at 0.3% per transaction, with a portion going back to liquidity providers, making it cost-effective for frequent traders.
THORChain supports a moderate range of cryptocurrencies focused primarily on major assets, limiting variety but enhancing quality.
Number of Cryptocurrencies
While BakerySwap supports a variety of BEP-20 tokens, its range is limited compared to larger exchanges, focusing primarily on tokens within the Binance Smart Chain ecosystem.
The platform excels in offering cross-chain trading pairs, enabling direct swaps between significant cryptocurrencies without intermediaries.
Crypto-to-Crypto Trading Pairs
The platform offers a decent selection of crypto-to-crypto trading pairs, but it’s primarily limited to BEP-20 tokens, restricting broader crypto market access.
THORChain provides detailed documentation and open-source code, fostering trust through transparency in operations and development.
Website Transparency
Although BakerySwap operates under a DAO and offers some level of operational transparency, the anonymity of its founders and sparse project documentation deduct points.
Primarily operates on its own network with bridges to major chains like Bitcoin and Ethereum, somewhat limiting compared to multi-network DEXs.
Credit/Debit Card
BakerySwap is available exclusively on the Binance Smart Chain, benefiting from its speed and low costs, though this limits users to BSC’s infrastructure.
As a decentralized platform, THORChain does not offer custodial storage, relying on users to manage their own wallet security.
Storage Offering
As a decentralized exchange, BakerySwap does not offer custodial storage services; users must manage their own wallets and private keys.
Offers excellent staking rewards and incentives for liquidity providers, making it attractive for users looking to earn through participation.
Staking and Rewards
BakerySwap provides attractive staking and liquidity provider rewards through its DeFi mechanisms, offering users additional avenues to earn from their holdings.
The THORChain website is user-friendly, providing essential information clearly but could improve in navigational aspects and user interface design.
Mobile App and Desktop
The BakerySwap website is user-friendly and well-designed, providing easy navigation and accessibility for all levels of users, with integrated features for trading and staking.
Customer support is available through community channels, providing adequate but not real-time support; could benefit from more direct customer service options.
Customer Service
Customer support is limited; while the platform offers basic support channels, it lacks the robust support services found on more established exchanges.
THORChain supports straightforward deposit and withdrawal mechanisms that are inherently secure through decentralized operation, though subject to typical blockchain network delays.
Deposit and Withdraw
Deposits and withdrawals are handled directly through user wallets with no need for intermediary handling, providing a seamless process but with reliance on BSC for all transactions.

Key features

Analysis tools

Cross-chain swap analytics, liquidity pool performance data, node metrics, and slippage calculators.
Basic charts, liquidity pool analytics, farming yield calculators, and token statistics.

Mobile APP

No, THORChain does not have a dedicated mobile app, but it can be accessed via mobile browsers.
No, BakerySwap does not have a dedicated mobile app, but it can be accessed via mobile browsers.

Security

THORChain focuses on cross-chain security, using a unique design that minimizes the need for wrapped assets. The platform employs rigorous security audits and has a robust bug bounty program to identify and mitigate vulnerabilities.
BakerySwap benefits from the security features of the Binance Smart Chain, including regular audits and a strong focus on community-driven governance. However, users should remain cautious of potential risks inherent in DeFi protocols.

Additional features

THORChain supports non-custodial cross-chain swaps, node bonding for running network nodes, a strong focus on decentralization, and the ability to earn yield through providing liquidity in native assets.
BakerySwap integrates NFTs, providing an NFT marketplace and NFT staking options. It also has gamified features like BakeryGallery for art, and BakerySwap Launchpad for new token launches.

Anonymity

Yes, THORChain enables anonymous trading through the use of connected wallets without requiring personal information.
Yes, BakerySwap allows anonymous usage as it operates purely on the Binance Smart Chain through wallet connections, without requiring personal information.

Key points

Available cryptocurrencies

Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Litecoin (LTC), THORChain (RUNE), and various cross-chain assets.
Binance Coin (BNB), BakeryToken (BAKE), Ethereum (ETH), Bitcoin (BTC), Tether (USDT), and various BEP-20 tokens.

User-friendliness

THORChain’s cross-chain liquidity protocol is powerful but can be complex for beginners. The interface is user-friendly, but the underlying technology and the concept of cross-chain swaps might require some learning for those new to the space.
BakerySwap offers an easy-to-navigate interface that caters well to beginners. It integrates various DeFi functionalities, including NFTs and staking, into a single platform. However, its wide range of features can be a bit confusing for new users who are only looking to trade cryptocurrencies.

Value for money

THORChain offers good value for money by enabling cross-chain swaps without the need for wrapped tokens, which can save users on additional fees. Its native token, RUNE, also provides various incentives and liquidity rewards, adding to its overall value.
BakerySwap is cost-effective, particularly for users looking to participate in DeFi beyond just trading, such as staking and NFTs. Its low transaction fees on the Binance Smart Chain (BSC) make it a budget-friendly option for diverse activities.

Countries of operation

Available globally, no specific country restrictions.
Available globally, primarily used in regions supporting Binance Smart Chain.

Best for

Best for investors who need cross-chain liquidity and want to trade assets across different blockchains without using wrapped tokens. It’s particularly useful for those who value decentralized, trustless trading environments.
Best suited for beginners and hobbyist investors interested in a variety of DeFi services, including staking, NFTs, and yield farming. Its low fees and gamified features make it attractive to users who want to explore more than just trading.

Account

Trading

THORChain enables cross-chain trading, allowing users to swap tokens from different blockchains without wrapping. This functionality is unique and highly beneficial for diversified portfolios. However, the platform’s complexity and security incidents in the past may concern new users.
BakerySwap operates on the Binance Smart Chain and combines DeFi with NFTs, offering a unique trading experience. It provides lower transaction fees compared to Ethereum-based DEXes. Nonetheless, the liquidity can be lower for some trading pairs, affecting trade execution speed and price stability.

Deposit and withdrawal

THORChain allows cross-chain deposits and withdrawals, enabling users to trade assets across different blockchains without wrapping tokens. This feature provides flexibility and security, as users control their funds via compatible wallets. However, the complexity of cross-chain transactions can be daunting for beginners, and users must pay attention to network fees and security.
BakerySwap on the Binance Smart Chain offers seamless wallet integration for deposits and withdrawals, with low transaction fees compared to Ethereum-based platforms. Users need to connect a BSC-compatible wallet, such as MetaMask or Trust Wallet, to trade. The process is user-friendly but depends on the user’s ability to manage their private keys.

Account opening process

THORChain enables cross-chain trading by connecting users’ wallets from various blockchains. There is no traditional account setup, as users manage their funds through wallets compatible with THORChain. This decentralized model offers flexibility and security but can be complex for those unfamiliar with managing multiple blockchain wallets.
BakerySwap, built on the Binance Smart Chain, allows users to trade by connecting their BSC-compatible wallets like MetaMask or Trust Wallet. There is no need for account registration, making the process quick and straightforward. Users must ensure they have BNB for transaction fees and be comfortable managing their wallet’s private keys.

KYC required?

No, KYC is not mandatory for using the platform.
No, KYC is not mandatory for using the platform.

Customer Service

THORChain provides support through its active community on Discord and Twitter, along with detailed documentation and FAQs on their website. While these resources are beneficial for self-help, the lack of direct customer service may pose challenges for users who need immediate assistance or personalized support.
BakerySwap provides customer support primarily through its community channels on social media platforms like Twitter, Telegram, and Discord. Additionally, users can find help via the documentation and FAQs on the BakerySwap website. This community-driven support can be quick and helpful but lacks the direct assistance some users might need.

Security

THORChain focuses on cross-chain security, using a unique design that minimizes the need for wrapped assets. The platform employs rigorous security audits and has a robust bug bounty program to identify and mitigate vulnerabilities.
BakerySwap benefits from the security features of the Binance Smart Chain, including regular audits and a strong focus on community-driven governance. However, users should remain cautious of potential risks inherent in DeFi protocols.

Which of these exchanges is for you?

alejandro-borja-analista-de-brokers.webp

Alejandro Borja

As a seasoned observer of the DeFi landscape, I highly recommend THORChain for users seeking a robust platform for cross-chain trading. Its innovative approach to enabling direct swaps between disparate cryptocurrencies sets it apart. However, prospective users should acquaint themselves with its security history and the inherent complexities of operating within a multi-chain environment to fully leverage its offerings.
Xavier-tarraso-mascarell.jpg

Xavier Tarrasó

As an expert on our website, I highly recommend BakerySwap for those interested in exploring the innovative world of decentralized finance, particularly within the Binance Smart Chain ecosystem. Its user-friendly interface, combined with low trading fees and unique offerings like NFT trading, make it an appealing option for both beginners and experienced users. However, potential users should consider the limited range of cryptocurrencies and the platform’s transparency before fully committing.

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We collect data directly from exchanges through detailed questionnaires and conduct first-hand testing and observations during crypto exchange demonstrations. Questionnaire responses, combined with demonstrations and hands-on research from our experts, feed into our proprietary evaluation process that scores each provider’s performance on more than 15 factors. The end result produces star ratings ranging from poor (one star) to excellent (five stars).


For more details on the categories considered when rating brokers and our process, read our full methodology.

Risk Disclaimer

Investing in cryptocurrencies is very risky, you should only invest the money you are willing to lose. Also you should not expect to be protected if something goes wrong, any exchange can have problems.

Neither Threenvest, nor the author, are recommending you to invest with this article.

More comparatives THORChain and Bakeryswap