Increasing my earnings through staking

31 109

It's been a week since I published the last blog about the plans that I will do to increase my earnings, here are some of it and where I invested the tokens that I have.

There are different ways to earn passive income when it comes to cryptocurrency, however, doing those things has consequences that you need to face if the things do not follow your plan.

Staking your assets is risky, hence, you need to have a deeper understanding of what you are going to do. In short, always do your research before investing and staking.

Disclaimer: Everything written on this content is not financial advice, this is only a guide and opinions from the author.

Content

  • Staking

  • Lending

  • Trading

Staking

This is one of my favorites when it comes to passive income. Staking your assets on smart contracts like Pancakeswap, Bakeryswap, Harvest Finance, cubdefi, and et cetera is giving high interest compared to your banks.

Here are the assets that I currently staked on smart contracts mentioned above.

  1. Pancakeswap is my all-time favorite smart contract because of its great interest that will compound automatically depends on its current ROI.

The photo above is my current stake in the $CAKE token. After 9 days of staking, I immediately received 0.04876 CAKE, or approximately 1.19 USD.

From what you have noticed, it has 92% APY and it is incredibly higher than saving your fiat to the banks in your area that has usually had less than 5% interest annually.

Since I only staked a few $CAKE tokens, I only earned a few of them after 9 days. But honestly, I am planning to buy more $CAKE so I can stake it on Pancakeswap and earn higher interest.

Furthermore, I do believe that $CAKE is also a good investment for the long term.

  1. Bakery swap is giving lower interest annually but it is still good instead of holding your assets and waiting for its pump. As of now, I have a lot of losses in $BAKE after buying on the top, conversely, the profit that I got was higher than my loss so I consider it as break-even.

Before writing this, I visited the bakery and it says that I need to transfer my stake on Farming 2.0 before August 26, 2021, because they will have an upgrade.

In my opinion, the upgrade will give an advantage to the people that will stake their $BAKE on the Bakery because it is now giving more or less 9% annually which is higher than before that has only 4-5% interest.

So, if you have a stake in the bakery, I would recommend unstake it then stake it again on Farm V2 because Farm V1 will end on the 26th of August.

  1. Harvest Finance is my second favorite after the Pancakeswap because it is a great aggregator that will give you higher interest depends on their offer. For example, I have 48 BUSD that staked on Harvest Finance and it is earning 8% interest annually.

  • After buying the $XVS token, its price suddenly dropped because of Fear Uncertainty, and Doubt, so I decided to stake it first on Harvest Finance while waiting for its pump. I am earning 12% interest annually on $XVS. Well, I only bought this token to participate in the $VRT airdrop, I received 450 VRT but it is not enough to cover my loss, but still good.

  1. CubDefi is also a good platform to stake your assets especially the $CUB token. Recently, they released their auto-compounding feature called Kingdom, and like Pancakeswap, it is also giving high interest for staking your $CUB.

  • From what you can see, they are currently giving 73.91% APY and it is worth it because of the compounding. I deposit 18 CUB before and after few weeks it is already 19 CUB. Still better than nothing. Unfortunately, I still have losses in $CUB and I think it will take much time to recover the loss.

Lending

This is most likely staking where you can earn interest by holding your asset. This is also like a bank where you can earn few interests by lending your asset.

In my case, I am using Nexo in holding some of my #Bitcoincash to earn a decent amount of interest which is 4-8% annually depends on your loyalty member.

To increase the interest that I will accumulate, I chose to hold it on fixed-term where I will earn 5% annually and it will also auto-compound. Unlike the flexible term that has only 4% interest annually if you are a base level. But of course, if you chose the fixed term, you may not be able to withdraw your asset depends on your contract (e.g 1 month).

Trading

I don't know if you will consider this as passive income but in my opinion, it is. If you are only doing spot trading instead of future trading that is most likely a gamble, then add this to your list.

Spot trading is better than trading with leverage. If you applied the simple principle: “Buy low, sell high” then you will see your wallet from zero to hero!

In trading, you only need to buy in the dip and sell it higher. No need to monitor the chart because you only need to set your buy order then the sell order.

But of course, add the word “risky” to your consideration because trading also needs analysis to have a happy profit.

Things to remember in trading:

  • Never choose to FOMO.

  • Apply the buy low, sell high principle.

  • Improve your patience.

  • Learn to wait.

  • Plan your trade including your entry and exit.

Conclusion

There are different ways to earn more bucks but it is not easy money, to be able to earn more money you need to learn how to take and manage the risk so you will be successful.

Remember, smart contracts and (most of the) lending platforms are custodial, meaning, you are not the one who holds your coins. As they have said, “Not your keys, not your coins”.

At last, you need to choose between the RISK and REWARD. Can you risk your asset for the reward? Or do you want to play safe and don't earn anything? The choice is yours.

Let me know your answer in the comment section!


Published: August 25, 2021


17
$ 15.60
$ 15.13 from @TheRandomRewarder
$ 0.10 from @Eirolfeam2
$ 0.07 from @Jane
+ 8
Sponsors of Laurenceuuu
empty

Comments

I sent probably more than $200 on Nexo again, but I'm not sure if I will be adding some more by the end of the month. As for me, I might just keep 90% of my BCH safe and 10% for other things. I don't mind not earning extra as long as I am certain that the majority of my savings are intact.

$ 0.01
1 year ago

Yeah risking our bch in Nexo is the one of the worst choices. It's always depend on the person. Its hard to decide.

$ 0.00
1 year ago

As they say, invest what you can afford to lose. As long as you won't invest your entire bag their or the majority of it, then you're good.

$ 0.00
1 year ago

great....

$ 0.00
1 year ago

You will get a lot by staking but by staking you will lose everything. In staking you will take a high risk. Risk is a part of cryptocurrency but in staking the risk is extra.

$ 0.00
1 year ago

I cannot risk char hahaha. Basta kaya mo iwala yung coin gora na, kung kaya mo lang nmn din.

$ 0.01
1 year ago

Kaya mo ba? Sa cub nga lang, windang na ako. HAHAHA.

$ 0.00
1 year ago

Omg. I'm so afraid to take risk but them I also don't want to be stagnant and do nothing. Lol. I think it's time for me to risk my asset to have the reward but I need to further research first so I will know how everything works.

$ 0.01
1 year ago

Well yeah doing your research is better 😅

$ 0.00
1 year ago

Naysuuu Laulau, I also have my CAKE jn Syrup Pool whil I also have CUB in Kingdom and Farm 🤩💗

$ 0.01
1 year ago

Hahahaha passive income

$ 0.00
1 year ago

Right now, I am only blogging to get my passive income.

$ 0.01
1 year ago

That's a good idea and more profitable way of passive income.

$ 0.00
1 year ago

Yung sa kingsom.. Sobra baba ng interest. Mas mabuti pa sa farm ata or sa dens

$ 0.01
1 year ago

Ilan ba sa Dens? Mas mataas yata siya dati sa Dens e

$ 0.00
1 year ago

Bookmarking this one! and revisiting once I start staking in pancake swap or staking .. . Thanks Laurencuu.!

$ 0.01
1 year ago

Thank you for saving it hopefully you learned something.

$ 0.00
1 year ago

Umay sa cub josko. Hays

$ 0.01
User's avatar Yen
1 year ago

Kaiyak nga hahaha sa stake na lang ako umaasa walang growth e.

$ 0.00
1 year ago

This is a big help for me Right now in staking Cake on pancakeswap and doing spot trading on binance....maybe someday I will also try those you mentioned above

$ 0.01
1 year ago

Then it is good, pancakeswap is very profitable goodluck!

$ 0.00
1 year ago

Nag-Goodbye na ako sa Lending. Hahaha! Pancakeswap for the win parin. 🤭🤣

$ 0.01
1 year ago

Hahahaha pancakeswap din ako. Nagbabalak nga ako i-convert yung natitira kong 1 BCH kaso I have second thoughts HAHAHA

$ 0.00
1 year ago

because of less knowledge , i let my bch and btc sleeps at my Coins.ph , a wallet and hold it until I need it.

$ 0.01
1 year ago

Coins.ph is a centralized platform without giving any interest. Not your keys not your coins.

$ 0.00
1 year ago

So I really need to use something that will give me interest, I will read more of your articles to know this.

$ 0.00
1 year ago

Not really haha, it depends on you. Smart contracts are centralized as well.

$ 0.00
1 year ago

The door whose key is in someone else cannot be my door. I only do trade sometimes. I stake an amount of kcs on the Kucoin exchange I remember. Other than that, I don't have any passive income.

$ 0.01
1 year ago

How much is the interest is kucoin if you stake kcs?

$ 0.00
1 year ago

I don't know the interest as %, there is definitely information, but I don't go into kucoin. I followed it a few times and it cost around $0.15 for 50 KCS.

$ 0.00
1 year ago

I see, I think I am not going to try it for now.

$ 0.00
1 year ago