DeFi cryptocurrency space opens up vast opportunities for passive income.
Some of the methods are more complex; while some are still very simple and accessible for crypto newbies.
In addition, the entry threshold is usually minimal, and the income is many times higher than all your expectations.
In this guide, we will look at the young Baked Beans crypto DApp, and how to buy it with BNB to receive lucrative rewards.
How to buy Baked Beans crypto
Before trying to buy Baked Beans crypto, make sure that your have sufficient amount of BNB tokens in your wallet.
You cannot buy Baked Beans token just like other cryptocurrencies, so you must have to swap BNB to Beans on bakedbeans.io.
Once you confirm that you have enough Binance native coin for the transaction, you can follow the steps below:
- Visit the official Baked Beans miner website
- Connect your wallet to the contract
- Bake Beans with the BNB token.
How to connect your wallet
To work with the platform, we will need a wallet that supports operations with DeFi, and we will use MetaMask for the presentation.
In the upper right corner, you will see a ‘Connect’ button, click on it to connect your Metamask wallet.
Remember MetaMask uses Ethereum network by default, so we need to switch to Binance Smart Contract in the wallet settings.
Follow the steps below to make the navigation quickly:
- Go to the ‘Networks’ section
- Click on ‘Add a network’
- Enter the BSC network data
- Confirm and save the details.
Here are the required details to enter in the fields for adding the BSC network in your MetaMask wallet;
- Network Name: Smart Chain
- New RPC URL: https://bsc-dataseed.binance.org/
- ChainID: 56
- Symbol: BNB
- Block Explorer URL: https://bscscan.com
Once you enter these information, click ‘Save’ and go back to our Beans protocol platform on the official website.
How To Bake Beans
Once you’ve connected your crypto wallet, the page will start displaying your details as follows:
- Contract – Total amount of BNB locked in the contract
- Wallet – Your total wallet balance (BNB)
- Your Beans – Beans acquired
Now to acquire some Beans, enter the amount of BNB coin you wish to deposit into the contract and click on Bake Beans.
This will generate a walletconnect transaction that you need to confirm on your cryptocurrency wallet.
Once the transaction is done, you will get some Baked Beans crypto.
How to use Baked Beans app
Once you have your workplace ready, you can start baking beans, and how much BNB you have in your wallet can be seen in the tab.
Enter the amount you want to add to the staking pool, but you must leave some BNB for payment of fees, which is around 3%.
Click ‘Bake Beans’ and confirm the transaction in your cryptocurrency wallet.
Once that is done, your BNB tokens will be locked in the contract, and you’ll start receiving Beans in return.
As already mentioned, participants receive up to 8% daily, but this figure may vary depending on the total value of BNBs locked.
Just below, you are presented with some tools and features, so let me explain what each of them does:
1: Your Beans
A generic term used for Beans smart contract miners, which indicates the amount that users have acquired after BNB deposited into the protocol.
These Beans do not have any fixed price.
The Baked Beans price against BNB fluctuates, and it depends upon the TVL locked in the contract pool.
2: Baked Beans
It’s a process of depositing Binance core token, which users need to pay the gas charges, and a 3% dev fee upon deposit and withdrawal.
This is a designated tool that you can use to increase the number of your Beans you have invested in the pool.
In simple words, you reinvest the reward received in BNB to earn more Beans, and this is whenever you wish and as often as you want.
The only thing is that the minimum re-bake amount is 0.01 BNB, which aside the network fees.
4: Eat Beans
The principle of eating beans works best according to ‘intermittent fasting’ scheme 6/1, an that is when you want to withdraw rewards to your wallet.
It means you have to fast for 6 days (accumulate your beans), and then eat for a 1 day, and in order to eat beans, you need to pay a dev fee.
Eating Beans too often is bad for the health of your wallet, so if you withdraw your rewards often, your daily income will drop to 0.5%.
This anti-whale mechanism has been implemented to maintain the stability and prosperity of the entire protocol.
There’s also a ‘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 users who registered with link.
What is Baked Beans crypto?
Baked Beans is a decentralized application built on the Binance Smart Chain which 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 certain crypto risks, so make sure that you do not invest your whole savings.
How does Baked Beans crypto work?
8% ROI is currently the maximum income you can earn by staking your BNB; it may also be less if the total amount of BNB locked in the protocol decreases.
Is Baked Beans crypto legit?
Baked Beans seem to be legitimate as at the time of writing this article, but it’s a high-risk project.
As a result, be very cautious and only invest the amount that you can afford to lose.
Can I convert Baked Beans to BNB?
Yes you can swap Beans to BNB, but it can only be done on the bakedbeans.io platform.
Can access Baked Beans crypto whitepaper?
The project team has ambitious plans with the intention to provide a full-fledged Whitepaper and undergo a CERTIK audit.
Currently, Baked Beans crypto strategy is working on promotion, marketing, and funding primarily.
Over to you
The Baked Beans miner is a locked reward pool, and that’s to say, the initial BNB amount deposited by users is locked in the smart contract forever.
However, you may recover that amount (or even more) over time by harvesting your rewards.
The average daily return is between 5-6% (i.e. up-to 8%), and it depends upon various factors like eating habits, TVL fluctuation, deposits and re-baking time.
The project has recommended following a 6:1 rule (i.e. you re-bake for 6 days and eat 1 day in a week).
Therefore, this method will compound your investment, and will help in getting back your initial investment in 6-8 weeks.
Users can re-bake as many times in a day as they wish, as there are no restrictions, but a network fee is paid every time they re-bake.
Lastly, Baked Beans miner project is a high-risk investment, so be cautious to invest the amount that won’t affect you.