5 ways to earn passive income with Defi
The number of people earning passive income is increasing rapidly nowadays. With passive income, people both achieve their economic freedom and find the opportunity to experience things that they cannot experience with a 9-5 work style, such as traveling the world. There are tons of ways to earn passive income, but in today's post, I'll talk about how you can do it with the help of cryptocurrencies.
Note: All the methods that I will describe in this article unfortunately require an active investment, namely capital. In the future, I will also write an article on how to earn passive income without investing.
1. TerraUSD Lending - %20APY!
TerraUSD(UST) is the official stablecoin of the Terra ecosystem, just like DAI is the official stablecoin of ETH. Unlike DAI, you do not need to give a 150% collateral to mint UST. It is enough to burn Luna as much as the UST equivalent you want to mint. While this makes TerraUSD more vulnerable to sudden price changes, it is more attractive to investors.
Thanks to the Anchor Protocol, which is serving in the Terra network, you can lend the TerraUSD you hold at interest rates of close to 20% annually.
If you don't trust the anchor protocol and the $1 value of UST, you can insure your investments in Defi solutions like Unslashed and Nexus Mutual.
2. Vires.Finance - Huge APY on Waves Ecosystem
Vires.finance is a borrowing application designed for the waves ecosystem by the team that developed Waves in the middle of 2021, it would not be wrong to say Aave and Anchor Protocol in Waves network.
You can earn up to 100% interest rates on your stablecoins such as USDT USDC, or you can earn by locking Waves' own stablecoins such as USDN and EURN to Vires. You can also earn Vires.finance's own token, $VIRES, in addition to the interest you earn.
If you have doubts about the reliability of the vires ecosystem, you can insure your investments through Unleashed.
3. Solend - Lending on solana ecosystem
Solend de Solana is a loan-lending Defi project built on the Solana network. It is frequently used by the users of the solana network, as it allows borrowing and lending with many coins.
Thanks to Solend, you can earn income both in the coin you have locked and in $SLND, the official token of the system.
4. Venus - Earn interest income on BSC Network
Venus is a Lending application built on the BSC network and supported by Binance, and they are the founder of $VAI, the first stable cryptocurrency on the BSC network.
Although the interest rates given by Venus are too low to compete with the other Lending platforms I have mentioned in my article, the binance support it has behind makes it eligible to be included in this article.
5. TrueFi - High-interest rates from the founders of Tusd.
TrueFi is a Lending platform supported by Justin Sun, the founder of the Tron ecosystem, and is also the creator of stable cryptocurrencies such as Tusd, Tgbp, Thkd.
TrueFi remains one of the preferred Lending platforms in the eyes of investors, thanks to both the interest rates it offers and its own Governance token, $TRU.
Note: This post was originally shared on my personal blog on leofinance and I prepared all the images used in the article myself. İf you did like my content, please leave a like and write your thoughts in the comments section. Thanks (:
