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Baked Bean Fork Season is Here

Baked Bean Fork Season is Here
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Last updated: 4/18/2022

So it appears that latest rage in Defi are Baked Beans forks. Following on Titano Forks season (which is still running but is losing steam with literally a new fork added every hour) Baked Beans forks appear to be the latest rage in the Degen Defi space.

With daily APR’s of over 8% and people in Baked Beans making upwards of 6 (yes 6) figures on claim days there’s a reason why these forks are getting a ton of press as of late.

 

So how on earth do these work?

 

And in what world are we living that we can get 8% on your investment daily?

Well in case you don’t know these forks function by having a variable yield which increases or decreases daily based on whether or not the contract is increasing or decreasing in value.  It also factors in how frequently you have claimed your crypto. Yes these are Ponzi schemes (but isn’t most of crypto some sort of Ponzi?) that are designed to be sustainable for as long as possible.

For example if the contract is increasing in value you will get slightly increased yield for the day, conversely if it’s decreasing your daily rewards will decrease.  Simple enough right?

Another important factor is how often you claim your rewards.  The protocols all suggest that the optimal timeframe to maintain equilibrium in the contract is a 6/1 –  that means 6 days you redistribute your rewards to the protocol and then 1 day you spend claiming your rewards.  If you try claiming more frequently then 6/1 your daily yield will slow down a LOT.  Thus  it’s in your best interests to stick with the 6/1 (and most people do) which in turn prolongs the life of the protocol. This means that for 6 days you would “re-stake” your rewards into the protocol and for one day you would claim those rewards (the protocols have different terms for this however it’s essentially re-inputting your rewards into the protocol in order to further your compounding).

One other interesting detail with these protocols is that the more times you claim/restake daily the more your yield increases, if only mildly. We’ve found the optimal # of claims/restakes daily is roughly 4 and after that the returns tend to be diminishing (however if you are on a cheap gas chain and have the time you can increase your yield slightly by doing up to 10+ claims/restakes a day).

Lastly all of these forks typically have a dev fee of anywhere from 2-8% (and potentially other minimal fees of 1-2% for marketing etc)  on every buy and sell so there is a major incentive for the team to try to keep the protocol running as long as possible.

Soooooo……..now that you are somewhat educated what factors should you consider when deciding what Baked Beans fork to invest in?

 

3 Easy Ways to Evaluate Baked Beans Forks

 

  1. YouTube – how many influencers are currently pushing this project? There is a MASSIVE incentive for influencers to promote the better forks.   With 12% of every dollar for a new contributor to the protocol getting credited to the referrers accounts the incentive for influencers to promote the better forks is massive.  It’s typically a very good sign if you go and research the fork on Youtube and find a large amount of influencer videos as they will continually want to promote and drive new money to the project.
  2. Contract Balance – how much money is locked in the contract?A really good gauge of how well a project is doing is finding out how much money is locked in the protocol in order to support future rewards.  Unless brand new anything less than a million is on shaky ground. The more money in a protocol the more trust in a protocol and the more likely they have crushed marketing (and will continue to do so).
  3. Community – how active are their communities? How active and engaged is the community? The more active a community the more likely they are to support and champion the protocol. You want a community that is actively promoting the project and thus bringing in new investors to the protocol.

Based on the above criteria let’s take a look at what are most likely the best miners on each chain.


Binance Smart Chain:

It’s hard to even consider anything other than the God Father of them all – Baked Beans.  Started without much fan fair in November of last year Baked Beans has fast become the God Father for a new genre (much like Titano did back in Nov. of last year as well).  With over 13 million (yes 13 million) locked in the protocol and an extremely fervernet community Baked Beans shows no signs of slowing down thanks in large part to the incredible number of influencers actively promoting the protocol.  Baked Beans has been a MASSIVE winner for a lot of people.

Invest in Baked Beans

Baked Beans Telegram

AVAX: 

If you are looking for a true Baked Bean clone that recently got off to a great start and has AN ABSOLUTE TON of Youtubers promoting it check out Ruby Mine. Launched on April 8 it has had an impressive start with over 22 thousand AVAX (and growing steadily) already locked in the protocol.  While it  would be nice if they had more tools on their UI (V2 apparently addresses that) they have a very experienced marketing team running the show and a community full of ardent supporters Ruby Mine has the makings of the next big Baked Beans winner.

Invest in Ruby Mine

Ruby Mine Discord

FTM:

We are somewhat hesitant to include Spooked Beans on this list due to it’s age (it’s 6 days old) and the amount locked in the protocol (just shy of 700k FTM at the time of this writing) as it doesn’t quite meet our 1 million minimum. However it has gotten a fair amount of traction with a decent amount of influencers hoping on the Spooked Beans bandwagon so we decided to include it. One interesting point about Spooked Beans is that it claims to have the lowest fees around and they have a 1% Fee that “goes to rug insurance to free rugged souls” (zero clue what that is and dev. Fees are not a massive concern if a lot of those fees are used to support the protocol with additional marketing).

Invest in Spooked Beans

Spooked Beans Telegram

Polygon:  

While there are several miners operating on Poly there is none that we would feel comfortable investing in as none of them come close to having enough traction in terms of money locked in the contract or influencers promoting them.

Who knows how long this is going to last but a smart man once said “the trend is your friend” and Baked Beans and it’s forks are definitely trending these days.

As always DYOR and only invest what you can afford to lose – after all this is crypto and if 8% seems a bit insane to you that’s because it absolutely is……..but somehow Baked Beans has been making it work.

– Crypto Dave

 

 


 

Crypto Dave is a fintech writer based in Germany who writes for CoinTelegraph, CoinMarketCap and other high quality publications. He is passionate about cryptocurrency, blockchain and iGaming and Defi. Since 2017, he has been contributing unique articles to different publications.

 

 

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