Want to jump straight to the answer? You can buy BABY on Gate.io.
BabySwap (BABY) is a cryptocurrency that powers the BabySwap decentralized exchange (DEX). BabySwap is a DEX that looks to make non-fungible tokens (NFTs) easier to use as well as offering an automated market-maker system. Among the project’s many plans for the future are initial DEX offerings (IDOs), governance system and initial liquidity offerings (ILO). In September, the token soared above $1, surpassing many people’s expectations.
What is BABY?
BABY is a governance token that powers the BabySwap DEX. It runs on the Binance smart chain allowing for lower fees than other chains. Its main goal is to aid small projects in gaining traction and attention. The projects can range from games to NFT minting. Apart from project assistance, it also offers yield farming, staking and a voting system. However, most of these are pretty standard in the DEX space. Additionally, most of their larger plans are still very vague and require much more development.
Brief History of BabySwap
The origins of BabySwap are widely unknown. The developers have not made much information public, and their background is very uncertain. It began trading in June, and prices quickly took off. While it was initially listed for a few cents, it surpassed $1 in early September. The developer team has a large presence on Twitter (NYSE: TWTR), perhaps explaining the colossal jumps in price.
How to Buy BABY.
Now that you understand the basics of BabySwap, you may be interested in purchasing the coin. Doing so is a bit more complicated than traditional tokens but still fairly simple.
- Open an online account.
One way to purchase BABY is through an online exchange. Because the project is very new, it is only offered on a select number of exchanges. Gate.io is the easiest to navigate and offers the quickest route to BABY ownership. Gate.io offers thousands of cryptocurrencies, one of which is BABY. To purchase BABY, you first must create an account on gate.io. Doing so is easy and just requires an email and password. Next, you must fund your account.
Gate.io does not allow for fiat (U.S. dollar) transfers, so you must send cryptocurrency from another exchange account. For U.S investors, Coinbase, Gemini and Crypto.com are great choices.
- Buy a wallet (optional).
Wallets differ from exchanges in that they let you hold custody of your digital assets, whereas a crypto exchange holds your private keys. You can choose from multiple forms of virtual wallets. Having a wallet is a necessity to purchasing BABY.
- Make your purchase.
Once you have USDT in your MetaMask account, you can link the wallet to the Gate.io exchange. On Gate.io, navigate to the BABY/USDT pair. To purchase the BABY, you will have to swap the token with USDT. Choose the amount of USDT you would like to swap for BABY and execute the trade. Afterwards, you should have BABY in your Gate.io account.
Best Hardware Wallet: Ledger
Ledger is a hardware wallet that is extremely easy to use and supports the sending and receiving of Tether (USDT), which you will need later on. Once you have purchased a Ledger hardware wallet, you simply download its software onto your computer and create an account.
You’ll be assigned a wallet address (typically a long string of letters and numbers), and then you can send and receive USDT through the wallet. Hardware wallets offer an extra level of security as opposed to software wallets, but they cost money while software wallets are typically free.
Best Software Wallet: MetaMask
MetaMask is a wallet that allows you to store, send and buy cryptocurrencies. When you open a MetaMask account, you will be assigned an Ethereum wallet address, and you can add other tokens via the wallet’s interface. In this instance, you’ll need to add USDT. This will be the address you will send your USDT to.
You must open and fund an account on a centralized exchange like Coinbase (NASDAQ: COIN) and purchase USDT there. On your exchange, navigate to your USDT position. From there, you should see an option to send your USDT. Click on this and enter the address from your wallet. Hit send, and your USDT should be in your wallet within a few minutes.
Keep an eye out for NFT projects that arise from the BabySwap platform. Hype from these projects could fuel a price moonshot.
Trade, Sell or Convert Your BabySwap (BABY)
To trade or convert your BABY, navigate to the pair of BABY and the desired token. The list is very short, however, so there is a high likelihood you will not find the pair you are looking for. The list is currently restricted to 3 tokens: Tether (USDT), Wrapped BNB (WBNB) and Buff coin (BUFF.)
Once you have located the pair, you can do the same process you used to swap for BABY. Enter the desired amount and execute the trade. Your position will then be in the other token. To sell, you can take the other token, such as USDT, and send it back to your centralized exchange. USDT is the most widely supported and therefore the easiest to use. Once the USDT is in your centralized exchange, you can convert it to USD and deposit it in your bank account.
Current Crypto Prices
September showed a great deal of volatility in the cryptocurrency world. Currencies such as Ethereum (ETH) and Cardano (ADA) have approached all-time highs but also saw drops of more that 30%. Prices change every day, and nobody knows where prices will go.
While some say crypto may be entering a bear market, others view the drop as a minor setback. Either way, the increased volatility is defining the current market. Volatility provides opportunities to profit but can also lead to severe losses. Make trades with a calculated approach to mitigate risk.
Is BABY a Good Investment?
BabySwap is a mostly speculative project, with loose plans and investors. However, the developers have huge ambitions for the project. If they can execute these ambitions, BABY has the potential to be a force in the crypto world. The deciding factor will be how well BabySwap can deliver on its huge promises.
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