Up to 8% Daily Return | Ruby Mine | Baked Beans Fork on AVAX | High Risk High Reward Protocol #7

Limitless Insights
5 min readApr 7, 2022

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.

Once again, Thank you for reading so far! :)

Follow, Clap & Subscribe to get the early access to more!

My curated list of projects:

  • See Node Projects here.
  • See Higher Returns at Higher Risks here.
  • See Rebase Protocols / Titano Forks here.
  • See NFT / Play-2-Earn / GameFi here.
  • See Giveaways here.

--

--

Limitless Insights

Engineer by Day | Passive Income & Crypto Enthusiast by Night | Idea Wizard | Top Writer in Investing, Technology, Cryptocurrency