Crypto Farming, where you provide liquidity to the pool and staking the LP tokens, and single Staking are one of the best ways to earn passive income in the crypto-verse because you are literally just letting your crypto (money) work for you even if you are asleep. You just have to let your cryptos do the work and set them up, while you sit back, relax, and enjoy watching your favorite show, and you are already earning some good cash from it.
Others find Farming risky because of the Impermanent Loss, where if the prices of the cryptos you are providing liquidity on are very volatile, you will lose some amount of the other token while you earn more of its pair. As for me, I used to be scared of having impermanent loss because I don't want to lose any of my cryptos. But when I found it fun and profitable, I'll just let them do the work for me to earn some passive income.
When SmartBCH Network was launched, I knew it would be another way to earn some passive income. So I was excited about it because I could now earn even if I don't trade at all. Crypto farming is somehow for a lazy gal like me who doesn't fancy trading or looking at the charts all day to make a profit or has other important things to do in the real world that he has not so much time to spend in the crypto-verse.
There are now 5 functioning Decentralized Exchanges in the SmartBCH Network and they provide the opportunity to earn money out of our tokens by providing liquidity to the pool or through single staking. Out of these 5 exchanges, I am currently farming on only 3 of them.
1. Farming on Mistswap
I bought 20,000 BPAD before during its pre-sale worth 0.2 BCH. I even sold almost all of it before when the price was stagnant just to get my capital back. But when I changed my mind, I bought my BPAD back and just held it in my wallet. And when my capital doubled already, I sold half of it and kept the half, and decided to provide liquidity on Mistswap to make it work for me and earn some MIST Tokens. I was harvesting every night (when I am in the mood to check it) but when I got busy watching K-dramas, I forgot about it so I still have the 580 MIST earnings there.
2. Farming on Tangoswap
When Tangoswap launched out of nowhere, I was one of those who was hesitant about it because I thought it was just another rug pull project. But when it seemed legit because of the people behind it, I transferred my EBEN-BCH and BPAD-BCH LPs here because of the high APRs to earn some Tango tokens. When their APRs started decreasing already, I decided to pull them out and just let the earned TANGO Tokens earn more of their kind by providing liquidity and pairing it with WBCH. As of the moment, I have 180 TANGO and I'm planning to sell half of it and provide liquidity to farm the LP Tokens again.
3. Farming on 1BCH.Com
Because EBEN was the first token I bought on SmartBCH Network, I just can't sell it off so I'm taking advantage of it to provide a liquidity pool wherever the APR is higher to earn more from it. Since 1BCH dex has the highest APR now, I'm letting it work there to earn more RBCH.
I bought 0.07 BCH worth of AxieBCH Tokens from its pre-sale and I still haven't sold any of them so I also decided to let it work for me to earn some RBCH instead of just sitting in my wallet.
I bought 0.1 BCH worth of 1BCH tokens during its main sale but the price dumped so hard that I didn't get my capital back. So I harvested the RBCH tokens I earned from the other pools to pair them up with the 1BCH that I bought before to also earn passive income from it.
All of these are just my profits now from the 0.1 BCH I invested before for the EBEN pre-sale so I'm just letting the profits roll to earn more profit from them. I am hoping that these tokens will also recover from the recent dump and start to pump soon because I still need some funds for my laptop. Ehe!
Cheers to more profits on SmartBCH!
So basically we just need to put our money into liquidity for farming right?