What Is Baked Beans Crypto?
May 04, 20224 min read
DeFi sphere opens up vast opportunities for passive income. Some of the methods are more complex; some, on the contrary, are very simple and accessible even for crypto newbies. In addition, the entry threshold is usually minimal, and the income is many times higher than all expectations. This article will look at the young Baked Beans dapp, which allows users to receive lucrative rewards in BNB tokens.
What Is Baked Beans?
Baked Beans is a decentralized application built on the Binance Smart Chain that allows users to receive passive income. This is an interactive and intuitive platform with which you can lock your BNB tokens and receive up to 8% daily income. Such a high percentage of income is naturally associated with risks, so if you still decide to taste the Beans, make sure that you do not give away the last money.
In addition, before telling you about how the platform works, you need to consider one point. 8% ROI is currently the maximum income; it may also be less if the amount of BNB locked in the protocol decreases. So far, the platform has no problems with this. The number of users and, consequently, the number of BNB deposited is increasing and, to date, has already reached 24174.933 BNB. Well, now in order.
How To Connect My Wallet?
Having opened the official website of Baked Beans, you will see a laconically designed page where users can immediately get down to business. To work with the platform, we will need a wallet that supports operations with DeFi. In this guide, we will use MetaMask since it is the most famous representative. So, in the upper right corner, you will see a large "Connect" button, click on it, connect your Metamask wallet, and ... see the "Wrong network" pop-up window. Remember that MetaMask uses the Ethereum network by default, so we need to navigate to the wallet settings. Go to the "Networks" section → "Add a network." Now we will need to enter the BSC network data:
Network Name: Smart Chain
New RPC URL: https://bsc-dataseed.binance.org/
Block Explorer URL: https://bscscan.com
Click "Save" and go back to our Beans.
How To Use Baked Beans App?
Having prepared the workplace, we can start baking beans. You can see how much BNB you have in your wallet in the tab. Enter the amount you want to add to the pool, but leave some BNB for the payment of the fee — 3%.
Click "Bake Beans" and confirm the transaction in your wallet.
Done! Your BNBs are locked in the contract, and you received Beans in return.
As already mentioned, participants receive up to 8% daily, but this figure may vary depending on the BNB total value of the locked, and the user's eating habits.
Just below, you are presented with two tools, "Re-bake" and "Eat Beans":
- Re-bake is a tool with which you can increase the number of your Beans. In simple words, you reinvest the reward received in BNB to earn more Beans. You can do this whenever you wish and as often as you wish. The only thing is that the minimum re-bake amount is 0.01 BNB. Also, remember about network fees.
- When you decide to "Eat Beans," it means that you wish to withdraw your BNB reward. There is one recommendation here. The principle of eating beans works best according to the "intermittent fasting" scheme 6/1. That is, 6 days you fast (accumulate your beans) and 1 day you eat. Also, remember that in order to eat beans, you need to pay a dev fee.
Remember! Eating Beans too often is bad for the health of your wallet. So, if you often withdraw your rewards, your daily income drops to 0.5%. This anti-whale mechanism has been implemented to ensure the stability and prosperity of the protocol.
You can also see the "Referral Link" section at the very bottom of the page. This is a referral program of the service, with which participants can generate a link and send it to other users. As a reward for referring a friend, the user receives 12% of the BNB used to bake beans from those who use the link.
What Is The Future Of Baked Beans?
It would be strange to say that any user can start earning up to 8% of daily income without taking any risks. However, in the case of Baked Beans, the developers themselves warn that such large rewards entail high risks. Therefore, DYOR before investing your funds.
As for the project's future, at this stage, it looks brilliant. Baked Beans is rapidly gaining popularity and is striving to become one of the most prominent players on the Binance Smart Chain. In addition, the project already has an extensive community whose representatives are scattered around the world.
The project team has ambitious plans for 2022. They intend to provide a full-fledged Whitepaper and undergo a CERTIK audit. Now, Baked Beans is primarily working on promotion, marketing, and funding.
Follow us on various social media to get more fruitful information and be always updated! We'll be happy to meet you here, on our blog, and also on Twitter, Reddit, Telegram, Pinterest, Instagram, and YouTube!
You're more than welcome to visit our website and set up a SimpleHold wallet as an extension on your favorite browser Brave, Opera, Firefox, or Chrome, and also a mobile app on iOS and Android. 💚