I Earned Passive Income After Trading My SLP and BCH

As you know, I am a fan of passive income to generate money without doing anything. Passive income is one of my money streams that is always in the line and one of my biggest investments. However, there are still tokens that I staked where I have losses due to massive movement of the market downward…it is hard to recover while the bears are still in control. But the good thing is, you can still generate an income with staking if you will hold the token and start staking it.

The good thing is, if you are an Axie player who relies on the price of SLP, then you should start converting your SLP rewards to its governance token, AXS. The price of SLP is continuously decreasing probably because the number of minted SLP is higher than burned daily. It is really hard to rely on it, this is why I decided to convert all of my SLP to AXS and started to stake it to generate passive income. 

This is just one of the ways to earn with Axie Infinity, there are still more ways not only by playing the game but also to use it on different hustles. You can read it in the previous article: Ways to Earn More with Axie Infinity.

How to convert your SLP to AXS and stake it to earn passive income?

Firstly, your SLP should be in your Ronin wallet so we can easily convert it into AXS using a bridge called Katana.

All you need to do is to connect your wallet in Katana and start converting your SLP to AXS. Follow the photo. If you are using Mobile phone, you can use Yandex or Kiwi Browser, add Ronin wallet to your extensions, then search for Katana Roninchain…or you can simply click the link to avoid malicious links on the internet: 

• Katana Roninchain

The conversion is 100% free so no need to worry for a huge fee. Once the conversion is done, check your Ronin wallet if the AXS arrives. If yes, you need to go to AXS Staking Dashboard and start connecting your Ronin wallet.

As of writing, there is 24,286,201 AXS total staked which is approximately $1.27 B. You will earn 75% APR by holding and staking your AXS. Furthermore, I think AXS has a clearer chance to have an increase because its total supply does not exceed 300 million which is also a good indicator that the price has a chance to go upwards.

As of now, I am staking my AXS and decided to convert all of my available SLP and the upcoming SLP rewards by playing the game.

How to convert your BCH to flexUSD and earn passive income?

If you don't play Axie Infinity and don't hold SLP and AXS, you can use BCH as an alternative to trade and earn passive income by trading with flexUSD.

First, you need to have a bitcoin.com wallet with BCH balance on it. Then start converting your BCH to flexUSD by scrolling the wallet downward and click the Swap button.

Setup the conversion from BCH to flexUSD. Input your desired amount of BCH and click Get Quote. The conversion will take a couple of minutes before the transaction is confirmed. Also, please be reminded that Sideshift has a price difference to the price of the real-time market…but it is not that huge, probably will not exceed $10.

Furthermore, this flexUSD is an SLP token so you cannot transfer it to your smartBCH network unless there is a bridge available to bridge flexUSD (SLP) to flexUSD (SEP20). 

Once the conversion is done, you just need to hold your flexUSD to your wallet and wait to receive your interest.

In my case, I only received a few cents because I hold a small amount of flexUSD. The more you hold, the more interest you will gain.

According to bitcoin.com itself, you can earn 10-20% APY by holding this token. flexUSD is a stable coin so it does not fluctuate that much compared to other volatile coins.

Conclusion

In my opinion, passive income is the best way to generate money. Imagine you can produce money by doing nothing…you just need to invest and hold then wait until the price goes upwards.

It is easy to start having passive income through holding and staking…but you need to be aware of its risks.

Finally, I would like to remind you that this is not financial advice. Do your own research and always invest at your own risk.

All photos are screenshot by the author.

Published: March 4, 2022