How-To Deposit into BaconCoin and Mint bHOME Tokens

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February 10th, 2022

bHOME is the heart and soul of the Bacon Protocol ecosystem. bHOME is what we call a Stable+ coin – a cryptocurrency that both stays close in value to other currencies (like the US Dollar) and can grow in value over time (representing mortgage interest).

bHOME represents funds deposited into Pans (the core smart contract for lending) that will help the Bacon Protocol to loan out capital for mortgages. bHOME is your receipt for depositing into Pans and represents the amount deposited + interest income.

This is a unique concept that fills a massive void in the current Web3 ecosystem. A token that can diversify holdings, allowing crypto holders to access to assets that are used by banks, governments and institutions, while still accumulating interest are all 3 major problems crypto holders face that we’ve been able to solve in one single token. As an added benefit if you stake your bHOME you will accrue $BACON governance tokens into your wallet. More on this in a future post.

So if you’re interested in helping us bring home the bacon (while earning some in the process 😉) and diversifying your Web3 portfolio, let’s walk through how to deposit funds into Pans to mint some bHOME tokens!

Notes:

  • You will need a MetaMask wallet or Coinbase wallet (below are screenshots for Metamask)
  • You will need $USDC in your wallet to deposit funds
  • You will need some $ETH in your wallet for transaction fees
  • The process is the same for Desktop and Mobile, below are screenshots for Desktop

First, open your browser and go to Baconcoin.com.

When you see the BaconCoin website, click on "Open App" to get started.

As soon you "Open App," you will be prompted to connect your MetaMask Wallet to the BaconCoin application.

Connect your wallet and click next

Next, you allow Bacon Protocol to access the $USDC in your wallet This allows Bacon Protocol to interact with your wallet and the USDC in your wallet to initiate the swap.

Yes, there is a gas fee involved in giving permission to access your USDC. Giving this access is a precursor to the swap and is only used to show you what you can use from your wallet. No transfer happens at this time.

Make sure you have some USDC in your wallet to perform the swap! Click the Deposit USDC (and stake).

Note: You’re able to deposit as little as $1 (but we recommend at least around $1,000 to offset the gas fees).

After clicking deposit USDC (and Stake) you will be prompted to confirm the swap. This will be your last gas transaction fee!

Staking ensures you earn $BACON governance tokens and you can always unstake some or all of your bHOME at a later time.

Make sure you're monitoring Ethereum gas fees so you're not overpaying! Click confirm transaction. Transactions typically take ~5 mins to complete.

You've now deposited your USDC for bHOME tokens and staked them!

Click on the Staking tab in the top line.

This will help you confirm that your tokens are being staked.

Staking your tokens will help you earn $BACON the governance token of the BaconCoin Protocol. Your bHOME should be automatically staked. Here you can continue to stake them or unstake your bHOME tokens.

If your bHOME tokens are being staked, you will be accumulating $BACON tokens in the BACON tab.

$BACON tokens will allow you to vote on the future of the Bacon Protocol.

And Voila!

Just like that you’ve deposited your boring, old, $USDC into one of our Pans and minted (and staked) yourself an innovative Stable+ Coin!

Not only have you helped grow the liquidity of Bacon Protocol by depositing funds to allow the protocol to invest in more mortgages, you’re shaping the future of the decentralized mortgage industry and allowing people the financial flexibility to efficiently leverage their assets!

Job well done! Go get some bacon and take the rest of the day off – you deserve it!

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