Up to 8% Daily Return | Ruby Mine | Baked Beans Fork on AVAX | High Risk High Reward Protocol #7
Disclaimer: All information is for educational purposes only and are not intended to constitute legal, tax, accounting, financial or investment advice. I am not a professional financial advisor, attorney or account, nor am I holding myself out to be. There is no guarantee that you will earn any money using the techniques and ideas mentioned in this video. All financial opinions expressed are from personal research and experience. There may be affiliate links, meaning that I’ll receive a small commission when you click on my link. The information, opinions and views contained herein have not been tailored to the investment objectives of any one individual, are current only as of the date hereof and may be subject to change at any time without prior notice. I do not take ownership of the information described here. Your level of success in attaining the results claimed will require hard-work, experience, and knowledge.
Last week I posted about Baked Beans Miner on BSC which paid up to 8% Daily Returns that has been ongoing since Nov 2021. It’s current TVL is at a whopping 13k BNB (5.6 Million) which explains the hype behind all these forked projects.
Ruby Mine is clone of Baked Beans Miner, built on the Avalanche Network, with higher taxes which will be necessary for marketing & development expenditures to contest with other forks. The contract code is forked from Baked Beans without additional functions unlike its competitor.
The best part, is that it just launched less than 5 mins ago from the time of publishing, so if you do decide to get in, you won’t be 4 months behind the early investors like you will be with Baked Beans Miner.
What is Ruby Mine?
The Ruby Mine smart contract is basically a locked staking rewards pool, the funds deposited are converted into and represented as ‘Rubies’ on the dApp. The project will pay you up to 8% of your invested daily.
Your choice whether to:
- “Collect” — claim your rewards daily
- “Re-Hire” — compound your investment.
They have a great mechanism built into the smart contract where you are punished for withdrawing too regularly and incentivized for compounding / reinvesting your daily rewards.
Your daily reward rate is up to 8% daily, but will decrease if you withdraw too regularly, hence it is recommended in the whitepaper to follow a 6 day Re-Hire 1 Day Collect Cycle every week, for both the longevity of the protocol and your own reward rate.
Do take note that if the Total Value Locked (TVL) in the contract is dropping this 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 (May decrease based on the users withdrawal habits)
Taxes & Fees
There’s a 8% fee on your initial investment & a 8% fee on your withdrawal.
From each of the 8%, 75% will go towards development while the other 25% will go towards marketing.
The Math
Let’s assume a 10 AVAX initial investment, and we follow the strategy as recommended in the whitepaper. I’ll calculate everything in AVAX to reduce the complication with how the Rubies show in the dApp.
Day 0:
After the 8% Dev Fee,
Initial Investment = 9.2 AVAX
Day 1:
Accumulated Reward 8% = 0.736 AVAX
Re-Hire Rewards (No Fee),
Value of Investment = 9.936 AVAX
Day 2:
Accumulated Reward 8% = 0.79488 AVAX
Re-Hire Rewards (No Fee),
Value of Investment = 10.73088 AVAX
Day 3:
Accumulated Reward 8% = 0.8584704 AVAX
Re-Hire Rewards (No Fee),
Value of Investment = 11.5893504 AVAX
Day 4:
Accumulated Reward 8% = 0.927148032 AVAX
Re-Hire Rewards (No Fee),
Value of Investment = 12.516498432 AVAX
Day 5:
Accumulated Reward 8% = 1.00131987456 AVAX
Re-Hire Rewards (No Fee),
Value of Investment = 13.51781830656 AVAX
Day 6:
Accumulated Reward 8% = 1.0814254645248 AVAX
Re-Hire Rewards (No Fee),
Value of Investment = 14.5992437710848 AVAX
Day 7:
Accumulated Reward 8% = 1.167939501686784 AVAX
Collect (Withdraw 8% Tax) = 1.074504 (10.74% of Initial Investment)
After a week, following the 6 Re-Hire 1 Collect Strategy mentioned in the whitepaper, you’ll get back 10.74% ROI, while maintaining a high reward rate and compounding your initial investment. As your investment compounds, your % ROI every week will increase exponentially.
Google Sheets Calculator
Do refer to this Google Sheets Calculator here if you want to see the theoretical numbers.
Also don’t request for permission to edit, save a copy for yourself by going to File > Make a Copy
Personally I would take profits occasionally & not be compounding for a month straight even if that might be the method with the highest earning potential. After all, potential are merely unrealized gains.
Daily Updated Baked Beans Miner & forks Mega list
Bookmark it and check back once in a while. I should have added more, as more of these forks spring up.
