Baked Beans DeFi Update
I wrote an article a couple of weeks ago raving about how well my little Baked Beans investment was doing. Things have changed since then, so it’s time for an update.
Baked Beans is a BNB miner pool, with a simple proposition; put BNB in, get BNB out at the heslthy rate of up to 8% per day.
I say ‘up to’ because it rewards conscientious compounders, but penalises greedy claimers. The recommended way to play is to Bake (compound) 6 days a week and just like God, take a break and Eat (claim) your Beans, on the seventh day.
Beans are the tokens that represent your share of the pool, but they are not tradeable. All your rewards will come out as BNB and they do mount up pretty quickly. Or at least they did.
So how have I been doing?
Part of my excitement was due to that fact that I got lucky with referrals at the beginning. A big thank you to whoever followed my lead and invested through my link. You helped me massively.
That meant that my initial returns were super high, in the 50, 60 and 70% range, in a day! But that has calmed down now.
For the first two weeks I stuck to the mantra, Bake 6, Eat 1, like a good disciple. Then, in week three I got a bit greedy and I Ate 3, Baked 4.
As predicted, this had a negative effect on my returns and they dropped below 4%. That was a wet slap on the face and made me sober up and start behaving. So I got back on the righteous path and I thought the daily percent would recover.
But it hasn’t. I’m averaging just 3–4% a day, now, versus the hoped for 8%.
Where did the TVL go?
And there’s another worrying sign. The TVL, which had risen to 35k BNB two weeks ago, has slipped down to below 18k BNB today. That equates to just over $7m, which for a miner like this is a healthy amount, but the trend is worrying.
The fallback is no doubt due to some of the more recent investors, like me, getting a bit greedy and taking some of that lovely cash out.
What are they doing about it?
Last week the team began an ambitious marketing program in South East Asia, targeting a population of 100m.
As BakeHouseKing, the Chief Dev stated on Telegram, they are planning:
“Professional videos across Tik Tok, Instagram and other major, social media apps. There will be active teams of people working on promoting Bake House and all of the Ecosystem, When we say we only just started we mean it.”
And the verdict?
So, right now the jury is out. I’m hopeful that BB will recover. I like the protocol and the devs seem to genuinely want it to work out. They’re spending money to attrract new investors and they’re doing their best to hold the ones they have.
I’m going to keep the faith and Bake 6, Eat 1 for a while longer. Watch this space.
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