06 Aug 2021 Josphat Kariuki
Earn Passive Income In BNB With Earnable
The rapid advancement of the crypto sector gave investors a vast array of tools to work with, especially when trading coins. In 2020, a new trend emerged – liquidity provisioning or yield farming.
Earnable joins the list of dApps, concentrated on providing a solution to several current problems in the crypto sector:
- Almost all platforms require some form of staking in order to receive interest;
- Many of the platforms, especially in the beginning provided little to no information about them, thus leading investors to believe they are a scam;
- The rewards are distributed in the native token of the platform, which in most cases are not proven currencies and may not have enough liquidity;
- Many of the stakes offered were with a limited time span – usually a week or so.
However, Earnable is an all-in-one solution to the above problems, providing a clear, secure, and transparent way of earning, without having to participate in staking, monitor stakes daily or perform swaps.
The heart of the Earnable platform is the EARN token.
The token itself is a BSC-20 token, running on Binance Smart Chain, giving the token a cutting edge in cross-blockchain interoperability and ease of use. The token is available to acquire on PancakeSwap. EARN is listed on major listing sites like CoinMarketCap and CoinGecko, and it’s even tracked by Coinbase.
While holding EARN, users can generate Binance’s BNB through other members' transactions. The 15% transaction tax is split between holders based on token allocation and claimed through BscScan or the Earnable website. The 15% tax is split as follows:
- 13% goes to a BNB pool that is redistributed to all the holders. The more volume there is and the more tokens Earnable users hold, the more BNB rewards will add into their claim wallet.
- 1% of the transaction tax goes back to holders in the form of EARN tokens, which users can swap to BNB, or leave as EARN.
- 1% of the tax goes into a liquidity provisioning contract, intending to provide enough liquidity to perform EARN-based swaps, improving the internal economy and ensuring the price stability of the token.
Meanwhile, the team at Earnable deployed a very interesting function, limiting the impact of large-scale investors, or whales over the price of EARN. Earnable limited the number of tokens each user can buy – 1,5% of the total token supply. Earnable also deployed an anti-dump mechanism, allowing users to only sell no more than 0.15% of the total EARN supply. These mechanisms mitigate a “pump-and-dump” scenario, which can quickly devaluate such projects.
The team at Earnable has a long way ahead of it, with cool new features added to the platform. First of all, the current website would undergo a massive overhaul, with an added dashboard for users to keep track of their BNB and EARN earnings.
The website would also include a fully operational in-house withdrawal function and a calculator app to easily check balances and compare the best options for earning.
Those functions would be backed by a custom swap mechanism, called Earnable Swap. In order to fulfill security requirements, the company scheduled an audit of Earnable’s smart contract.
Another cool feature the team is going to push in Q4 of 2021 is the Autoclaim and Reinvest option, which makes the BNB claiming and reinvesting process almost automatic.
In conclusion
Accessing features like liquidity mining and crypto loans/borrowing has always been connected with locking up a given amount of cryptos as a principal. The earned interest is then distributed according to the number of staked tokens. Earnable does the same, but without locking in funds in a staking account.
Claiming your BNB is super easy once you have Earnable in your wallet. All you have to do is to connect to the web3 link on the website, claim your rewards and deposit them into your wallet.
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