Below are step-by-step instructions detailing how to bake BREAD- the digital local currency and core funding mechanism of Breadchain- and use it to begin crowdstaking on behalf of the network by converting xDai into sDai which generates yield to the cooperative. With BREAD you are then able to vote on how the yield is distributed among the projects in the network. You can find a video version of an explanation on our YouTube channel.
How to Bake Your xDai into BREAD
1. Get some xDai to pay for Gnosis Chain transaction fees and to bake into BREAD. You could also create a Safe wallet to get your Gnosis Chain transaction fees covered, be sure to consult the FAQs on the application page.
2. Connect your wallet to the Bread Crowdstaking App on Gnosis Chain. You can quickly get your wallet to connect to Gnosis Chain on Chainlist.
3. Input the amount of xDai you would like to bake into BREAD. The amount of BREAD you receive will be exactly equivalent to the amount of xDai you give.
4. Click “Bake BREAD” to receive the equivalent amount of BREAD for your xDai (1:1).
5. If you do not see your BREAD balance in your wallet, open the drop down at the top right and click on “Add token to wallet” Or manually import the token by using this token address: 0xa555d5344f6fb6c65da19e403cb4c1ec4a1a5ee3
Congratulations, you have baked BREAD and are helping fund post-capitalism! You will now be able to take part in the governance of the yield distribution.
How to Burn BREAD and Get Your xDai Back
1. Click the arrow in the middle of the app. You should now see “Burn” written on the button rather than “Bake”.
2. Input the amount of BREAD you would like to burn back into the equivalent amount in xDai.
3. Click “Burn” and receive your xDai. Now you are no longer funding post-capitalism. You can also choose to swap your BREAD for other tokens on decentralized exchanges like Curve and CoW Swap in order to ensure that the BREAD is still in existence to fund the cooperative.
As a holder of BREAD, you can also help the project by providing liquidity on Curve. If you’re looking for another way to support post-capitalist projects, you can do so by giving to our Open Collective, purchase the NFT associated with this piece. If you really want to look under the hood or contribute some development, you can check out our Github page. If you’re working on something that you think fits with the ethos of Breadchain, apply to have you project a part of the network. Be sure to also join the discord server and the Breadchain Guild.
Now that you understand how the application works, go bake some BREAD!