Earn Passive income with Crypto
Nowadays it is easy to earn passive income using Crypto. Interest rates are high while traditional banks ask you to pay to hold your money nowadays.
Many exchanges and Defi platforms offer options to store your money in a pool or a farm and let it earn interest. You just need to setup an account on Binance and connect your MetaMask wallet.
I have put some Crypto into a pool on Pancakeswap for a while now to see how things are working and get more familiar with the platform and using the MetaMask wallet.
Staking
You can stake your Crypto in a pool and let it earn interest. Often this has weekly payouts so you could take money out frequently. If you compound it and let it stay for a while it will build up even more.
Jump in the Pool
A pool is filled by it's participants and the interest paid is evenly divided based on your share of the pool. When the number of participants grows, the interest get's lower. However at the high rates being paid it is still a good way to earn some passive income. When pools start out they can be very lucrative. But high yields, high risks..
Farming
Now this is a bit more complex, basically you split the amount of money you want to stake into two different coins. These will form a LP token together. The LP token can be farmed. Often this is done by new coins in combination with a popular one to attract new investors to the project. I have not done any LP farming myself yet but some friends are happy with their results.
I use Pancakeswap for this, it requires you to have a MetaMask wallet which can be installed as a browser plugin to Brave or your favorite Chrome browser.
Stake Cake
Cake is the native token for Pancakeswap, it can be bought or swapped on Binance. You use Binance to send BNB to your MetaMask wallet and then use this on Pancakeswap to swap this to Cake. The Cake is then staked in a auto compound pool and pays an interest of 70% at the time of writing.
If the Cake coin go's up or down in value then this is also reflected to your staked coins in the Pool so it can be very interesting in a bull market but there is still a risk.
Sign up for Binance here: https://accounts.binance.com/en/register?ref=190299904
Install MetaMask from here: https://metamask.io/