Binance smart chain which launched in September 2020 has seen an explosion of defi apps run on it mostly because of the gas fee problem it solves (currently a sore issue o the ethereum network. BSCA has suddenly become a major competitor in the defi space.
In this article I wont delve into all the projects just the one I am in currently. As i write i am on BNB farm.
What is BNB farm?
Simply put, it is a smart contract running autonomously on the B SC
What does that mean?
A smart contract is simply code that has been inputed into a system (the binance smart chain) to always produce the same result. Once put on the system the code cannot be edited or changed. This brings in a layer of security assuring you that funds put into the contract will only do what the code specifies it to do and assures you noon will just tuck and hide with your funds. Then one would ask How do I know the site is legit in the first place? There are currently auditing companies that ensure a site is safe and not a scam one of which is Haze auditing https://hazecrypto.net/ which has audited BNB farm. What auditing firms do is check the source code for bugs and back doors to ensure no malware or background programs are put in that could be used to scam the public. BNB farms audit report can be found on the link given.
What does the BNBfarm contract offer?
5 investment plans:
Diamond Plan
[ Daily ROI ]
5%
Dividends every second
Forever
Total return ∞
Min. investment is 0.05 BNB
Platinum Plan
[ Daily ROI ]
10%
Dividends every second
20 days
Total return 200%
Min. investment is 0.05 BNB
Gold Plan
[ Daily ROI ]
15%
Dividends every second
10 days
Total return 150%
Min. investment is 0.05 BNB
Bronze Plan
[ Daily ROI ]
20%
Dividends every second
6 days
Total return 120%
Min. investment is 0.05 BNB
Which plan am I in?
Currently I am in the diamond plan offering 5% daily forever and I put up 0.05 BNB. I have been in the plan for 3 days now and have nothing to complain about. I enjoy the freedom I have to withdraw any amount accumulated although I cant get back the amount I invested. I'll get my return on investment in 20 days and will report on it for those interested in following my journey.
