A new Dino Fork with some good sustainability measures.
Mango Miner is one of the latest forks of DinoBUSD, which proved to be an incredibly popular project.
I included Mango in my recent article of eleven BUSD miners to watch. You can read that article here…
They launched on the evening of 31 August and I made my first investment a few hours later, so I am due to make my first withdrawal in about three days time.
How it Works
If you’re not familiar with the DinoBUSD platform, and it’s forks, this how it works: you make your first deposit and 24 hours later you claim 8% of your initial investment back.
You keep doing that every day, accumulating 8% every 24 hours. After seven days you can withdraw half of all your accumulated funds, the other half stays there for you to keep adding 8% daily. In this way your withdrawal amounts increase every week.
And what’s important to note here is this: it is not a fluctuating percentage, some miners pay up to 8% depending on the TVL. This is a static 8% (never changing) every day.
It is obviously still very early in the project, but the Mango Miner contract is looking healthy so far with no sudden spikes up or down, just a gradual incline. The TVL is currently sitting at 5600 BUSD.
What is good about this is that there wasn’t a massive amount of deposits in the first hour, as then those whales get to drain the contract when they make their huge withdrawals. So far the deposits have been staggered.
Taxes, Fees and Figures
Earn: you can claim 8% every single day.
Deposit: 6% tax (2% goes to marketing and 4% goes to the devs and owners)
Withdraw: Only 2% tax (this goes to marketing)
Minimum Investment: 20 BUSD
Maximum Investment: 25,000 BUSD
Emergency Withdraw Function (Unstake)
This is the part I really like. I was a big fan of The MilkFarm, but I felt their Emergency Withdrawal option help to drain the contract extremely quickly.
While Mango has an Emergency Withdrawal (or Unstake) function, the investor can only take out 50% of their initial deposit (if they haven’t ROI’d yet), while the other 50% goes back into the contract to sustain the TVL. I think this is an excellent move.
As soon as the principal amount has been recovered in daily rewards, the unstake option will become grayed out, but investors will continue to receive their daily returns as usual while they continue to claim within the 24-hour timeframe.
The biggest problem facing all these forks is sustainability: how do you stop the earliest investors by withdrawing their huge profits and thereby drain the contract?
Well, Mango has come up with a plan that involves the TVL not only being fed by the investors in the mining dapp. This is what they say:
“Mango Miner income will NOT strictly be generated by our investors. We have a 6 Phase Business Strategy in place in order to build upon the platform, and to open up further income opportunities for all, while helping the less fortunate along the way.”
And how to they plan to do that? Here is their 6-phase plan to pump and maintain the TVL:
Phase 1 — August 31, 2022:
Mango Miner BUSD Launch day. 8% Daily ROI BUSD Staking DAPP open to investors.
Phase 2 — September 2022:
Initial project profits will be re-invested into an intensive marketing campaign through paid social media ads, Telegram, Moonarch, DappRadar, Youtube Influencers, Bloggers, and affiliates. Also, the team will be expanded by hiring professionals that reside in developing nations. We will also hire a translator to adapt our project(s) to other languages and cultures.
Phase 3 — October 2022:
Mango Miner Tropical Themed Roulette Game, 50/50 Coin Flip Game, and Mango Miner Daily Lottery. Profits from these gaming DAPPS will be directly injected into the project TVL (Total Value Locked) via an additional immutable Smart Contract.
Phase 4 — November 2022:
At this point we plan to launch the Mango Finance Ecosystem, which will see the launch of Mango Miner BNB, Mango Miner Polygon (MATIC), Mango Miner AVAX, Mango Miner Solona, and more.
Phase 5 — December 2022:
December is a month of rest, celebration, family, and of giving. The Mango Finance CEO will donate 25% of the overall profits to charitable causes for at-risk street youth, animal shelters, and rural poverty in an undetermined Latin American country. Proof will be uploaded to social media platforms.
2023 will bring all of the Mango Finance projects together and will introduce a token into our ecosystem, which will further help raise and sustain the TVL for our miner projects. The team will also hold an art competition (with a large BUSD reward) to see who will create the art for our first NFT project in 2023.
Further sustainability efforts include a maximum reward element which is standard in most other miners; there is a maximum of 5x profit of your initial investment. For example, If you invest 100 BUSD into the project, your maximum profit to withdraw is 500 BUSD.
Mango Miner was audited by GeorgeStamp and received a score of 68.
There is a calculator on the dapp to help you project your earnings. Below are two examples of investments showing what your rewards would be after the first week.
You can also join their Telegram group and ask the devs and other investors some questions there. All the links to the audit, contract and Telegram group are on their website. While this has been a sponsored article I am first and foremost an investor in the project and am hoping it will be a successful one.
Additional Things to Note:
- My two best investments recently have been have been Furio and Wealth Mountain
- You can join my Telegram group here .
- You can see all my articles here.
- I’m not a financial advisor. This is not a financial advice, whatever you read in my articles are strictly for educational purposes.
- This has been a sponsored post.
- 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: 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