Bakedbeans.io BNB miner Review | Last edited: 4/17/2022
At DefiDescribed.com, we’ve been bombarded with questions about this new project since it’s been exploding in popularity. In this post, we’re going to review the safety of the project, as well as the community.
Baked beans is a very interesting BNB miner hosted on BSC. It’s a simple yet powerful smart contract which functions as a reward pool that dispenses BNB. The reward pool returns up to 8% on a daily basis, however this fluctuates depending on project growth. As of today, the contract has over 30,000 BNB (Over $12 million USD) locked inside and it’s really picking up speed in the last few weeks.
It’s massive growth can be attributed to the unique locked staking rewards pool mechanism. The funds that you deposit are locked and cannot be withdrawn — so please keep this in mind! When you deposit, you’re given ‘Beans’. These act as miners via the smart contract. It essentially ‘mines’ and then converts these rewards into BNB for the pay out. Users of the Baked Beans miner can ‘re-bake’ (compound) or ‘eat beans’ (take profit).
As mentioned previously, Baked Beans is a locked staking rewards pool. Therefore, it’s definitely a high risk project. Also, the miner promises 4-8% daily ROI, which is very high. What I will say is, this smart contract has been running since December 2021 and the contract TVL has been steadily increasing.
Additionally, the baked beans miner contract is verified, open source and immutable. This means that after the contract deployed in December, the dev no longer has control over the contract, even though the contract will still continue to operate.
Even if the bakedbean website went off-line, the contract will still run on-chain. The contract cannot be stopped or modified by anyone, not even the development team. Additionally, the dev team regularly hold AMA’s and are active on Twitter.
Visit the bakedbeans.io website. Please consider using my referral link, it doesn’t cost anything to do so, and helps support us! If you don’t want to, just type bakedbeans.io into your search bar.
Make sure you have a browser/mobile wallet downloaded. Click the “Connect” button on the top right. This will allow you to make your BNB deposit.
Decide how much BNB you wish to lock and then select the ‘Baked Beans’ button. Keep in mind that your deposit is locked and you can only withdraw the principle.
You will need to confirm the corresponding wallet transaction. Once you do this you will see your ‘beans’ have been awarded.
Should you rebake or eat your beans? This is entirely up to you. My strategy will be to rebake for a number of weeks and then I will switch to eating beans / taking out!
I’m very excited for the future of this project. The potential seems unlimited and the community is very welcoming. Keep in mind though, this is risky. Some things I will be watching are the TVL. Be aware if the TVL of the contract is dropping the reward percentage can also drop to 2–3%. To date the TVL of the contract is only increasing and the reward is stable at 8% per day. As always, remember to check us out at https://www.DefiDescribed.com/ if you want to read more since we don’t always publish to medium!
Please keep in mind that Cryptoassets are a highly volatile unregulated investment product.