Beanstalk Farms · November 17th, 2021
Beanstalk is designed with its users in mind: many complex interactions with Beanstalk can be performed in a single, fee-efficient transaction. bean.money, the Beanstalk website, makes performing complex interactions with Beanstalk simple.
The following guide explains 1) the various transaction settings available to users when transacting through bean.money, and 2) how to ensure you leverage tax efficiency improvements enabled by BIP-2 if you are reinvesting harvestable Pods or Withdrawals back into Beanstalk. If you are new to Beanstalk, you may want to first read the introductory article here. For more information on how to invest in Beanstalk in general, click here.
In each module, there is a “Settings” button that lets users customize their transaction.
Once the settings button is clicked, a suite of options unique to the user and specific transaction will present themselves in the bottom right of the module.
The website simplifies the user experience by only showing settings if they are relevant to the transaction and applicable to the user. For example, the website only displays a “Use LP” option to include circulating LP Tokens in a transaction if a) the user has circulating LP Tokens, and b) the transaction can include circulating LP Tokens.
Transaction settings #1-4 allow the user to select the specific assets they want to use as inputs for the transaction. In general, bean.money allows Beans, ETH, or a combination of Beans and ETH to be used as inputs for transactions.
Below are explanations of each setting option ordered by number according to the above photo (#9 is pictured below the list):
BIP-2 improved tax efficiency for transactions that reinvest harvestable Pods, claimable Beans and/or claimable LP Tokens into Beanstalk: all assets can be reinvested into Beanstalk without the assets ever touching the transacting wallet.
bean.money helps easily facilitate tax efficient Beanstalk transactions.
Anytime wallet that has “Claimable Beans” displayed in their Balances module in the Analytics section is eligible to leverage BIP-2 for a tax efficient reinvestment.
To perform tax efficient reinvestments into Beanstalk, DO NOT hit the “Claim” button in the Balances module.
Instead, go to the Silo or Field module, depending on whether you want to re-deposit or re-sow your claimable Beans.
In the Silo or Field module, select either modes 2 or 4. Then, toggle “Claim” on (setting #6) and confirm that the Beans displayed in the module has increased by the amount of claimable Beans in your Balances section.
Once “Claim” is toggled on, input the desired number of Beans to use in the transaction and transact normally. If the number of Beans input is greater than your total amount of claimable Beans, Beanstalk will use circulating Beans from your wallet to cover the difference. If the number of Beans input is less than your total amount of claimable Beans, the remaining Beans will be claimed as normal and delivered to the transacting wallet.
Beanstalk does not currently support partial harvests or claims.
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