Fixed daily payout of 12%, 1% Withdrawal Fee
So far there have been quite a few forks of DinoBUSD, and that’s no surprise since it was a great miner while it lasted. The copycats haven’t been able to do as well yet, so we’ll see if this one can do any better. The latest one I wrote about was Jurassic BUSD which is also still in its infancy.
This is Watermelon Finance, a BUSD miner with a user interface exactly the same as DinoBUSD.
It pays out a fixed rate of 12% every day and also has a lottery system to help the TVL.
Users can withdraw 50% weekly, which can be kept as profit or reinvested to further increase their returns. The minimum investment is 10 BUSD and the maximum investment is 5,000 BUSD.
Often I like to let a project run for a while before I write about it, but I also know that with dApps like these it usually benefits those who get in early the most, so I will present all the information to you, it’s up to you whether you choose to invest or not.
[ I have just opened my Telegram group! Come join here and be one of the first ones in 🙂 ]
The Watermelon lottery is a bit different to other ones that I’ve seen as it has 3 tiers : silver, gold, and diamond. The silver tier has a 100 BUSD prize, gold has a 200 BUSD prize, and diamond has a 300 BUSD prize.
The lowest entry fee for the lottery is 1 BUSD. There is a 30% tax on the lottery pool which is sent to the contract balance.
Fees and Taxes
- low withdrawal fee of just 1%
- deposit fee of 10%.
You can check out Watermelon BUSD here.
The project has been audited by GeorgeStamp and here is a portion of the summary:
This code is a fork of DINO BUSD, but the the 50% of the unstaked amount will stay in the contract.
Investors will need to claim daily rewards every 24 hours, else it will not overflow/stop accumulating
Investors can withdraw every 7th day.
The contract has a reentrancy guard in place to avoid exploit attacks.
No backdoor was found in the contract. Once the contract is initialized/started the owner has no more control.
There is always risk associated with these miners. Firstly, rugpulls are very common. Secondly, 12% is a large payout to sustain, but I do like the various elements they have put in place to improve the sustainability.
I will be investing, but you should make sure you understand the risks before making any investment.
And as I always say, please only use risk capital. There is always a possibility of a project not working out.
Read my recent article on scams here: medium.com/@Red-King/more-scams-and-rugpulls-of-defi-miners-3755ef8614f8
Additional Things to Note:
- My two best investments lately have been MilkFarm and Wealth Mountain
- My two most recent articles have been on Cairo and an Update on all my Miners.
- I’m not a financial advisor. This is not a financial advice, whatever you read in my articles are strictly for educational purposes.
- These defi projects are all high risk and high reward, only use risk capital and be careful.
- This article contains affiliate links.
- Most of these staking dApps use locked staking which means you can’t take out your original investment.
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Disclaimer: I am not sponsored by any of the projects/companies mentioned in this article. This is not financial advice, the information in this article is for educational purposes only. Never invest what you can’t afford to lose. I disclaim any liability or loss incurred by any person who acts on the information, ideas, or strategies discussed in my articles. Do Your Own Research.
Don’t have Metamask? Here’s how to set it up
The first thing you want to do is set up a Metamask wallet (if you haven’t done so already). Just open a Chrome or Brave browser and go to metamask.io and click add Chrome extension.
Then you need to add the Binance Smart Chain to your Metamask Wallet.
Click Ethereum in your wallet, then scroll down to Add Network.
Click that and add the following details:
Network Name: Smart Chain
New RPC URL: https://bsc-dataseed.binance.org/
Block Explorer URL: https://bscscan.com