Baked Beans is a fun and simple platform on the Binance Smart Chain network that pays up to eight percent daily in BNB. Since I participate on a number of different projects on the network, I was looking for a way to continuously grow my BNB to pay for gas fees making Baked Beans a perfect compliment for me. Fees on the network are low, typically coming in around $.15, but the more projects you are in collecting daily rewards the more in fees you pay out. Watching my BNB slowly dwindle day-by-day, I wanted to get a return on the coin that would be greater than what I'm paying in fees.
Baked Beans is a very simple protocol set up as a BNB miner, simply connect to your Metamask wallet and add some BNB (minimum = .01 BNB). The returns include up to 8% daily rewards (2,290% annually) with a 3% developer fee which is pretty low. Once invested, you can't get your initial stake back and can only take the profits generated. Everyday you can either "Re-Bake" (reinvest) or "Eat Beans" (take profits). If you do take profits your daily rewards will begin to reduce so the general consensus is you Re-Bake six days a week and take a profit on the seventh day.
I don't expect Baked Beans to last too long, however it is set up to last awhile, and am simply hoping that I got in early enough to get my profits back using this strategy and build from there. I will be keeping an eye on the Total Value Locked (TVL) which has been climbing steadily ever since I first started watching this project. When the TVL starts to drop dramatically, you know it is time to start getting out.
The Baked Beans community is very passionate and growing. They adhere to the 6:1 compound to take profits strategy religiously and peer pressure exists for others to do the same. The community pushes this agenda to help ensure the platform can be sustainable as long as possible. For me personally, every Friday is payday and when I eat my beans growing the BNB in my MetaMask wallet.
The average daily return looks to be a tasty 5-6%, but depends on how you interact with the site, meaning your eating habits or how often you take profits versus compounding. Other factors impacting return include the TVL fluctuation and deposits on the platform.
The smart contract used by the platform is verified, open source, immutable and can be seen on BscScan. Once the contract was set, the developer was no longer needed and it cannot be stopped or changed by anyone, including the developer. This makes the contract trustworthy and allows anyone to read or audit it and come up with the strategy they think is best used to interact with it.
The platform requires minimal daily interaction which takes less than a minute, not bad to build your passive income. There are plenty of users interacting with the verified smart contract on a daily basis and according to DAPP Radar in the last 24 hours there have been 31.06k users with 57.68k transactions adding up to more than $1M in volume and a balance around $15M.
Tokenomics (via tax structure on 12% slippage on buys and sells)
- 5% of sales to Baked Beans Contract (adding liquidity and TVL stability)
- 5% of sales to Reward Pool
- 4% to marketing and development
- 3% to locked liquidity
Imitation is the sincerest form of flattery! If you believe this proverb than it is a good idea to look at Baked Beans. Copycats are starting left and right on just about every network out there (Rubyine, LuckyCats, CookedRice, TheFarmHouse, GoldGrinder, CropsFarmer, RoastBeef, etc.) They are all pretty much taking the exact same code and implementing a few small changes to adapt to their platforms. They are not hard to spot as many look almost exactly the same. In this case, I prefer to stay with the original especially with the strong community behind it. Baked Beans is the main project of the BakeHouse ecosystem so I expect other projects to come along and work with the platform.
Please keep in mind this is not financial advice, do your own research and I consider this project high risk. If you are considering getting into Baked Beans, please also consider using my referral link to help out this starving writer (referrals earn 12% of the BNB used to bake beans). OK, maybe not starving since I'm getting in a nice daily diet of baked beans.