Today, I finally took the leap and started to get into Solana. Everybody is talking about it and the charts of the token are very interesting, to say the least. Solana can do almost everything that Ethereum can do but transaction costs are much more affordable.
Whenever I get into a new token or a new crypto, I try to learn as much as possible and I always start by trying to find ways to earn money. I consider myself an investor and not a speculator, therefore I favorise investment options that can give a return.
Get free Solana
I started my journey with what I had been doing some years back which is to get free Solana for paid to click activities. I tried it again but the income generated is pretty small and not really worth our time. After I created a wallet with phantom, I went to Faucetpay which is a microwallet service to earn plenty of different tokens. There is a big list of Solana faucets there.
Faucetpay is a microwallet site that is linked to plenty of faucets in many currencies
I checked the faucet with the easiest payouts (most paid users and biggest amount paid out in a day) and signed up. The website I chose is called Vie Faucet. It allows you to do plenty of easy stuff and get credits. As soon as you have 500 credits collected, you can make a withdrawal in Solana to faucetpay and from there to your wallet.
I did that to have some Solana to work with but I must warn you that you will feel that your time could have been used in a better fashion.... However if you have no available funds, then this might be the first steps to take.
Once I managed to make a transfer or two, I swapped some money on Binance and sent Solana to my wallet to really start my journey.
Passive income on Solana
I've watched a couple of videos on Youtube and I was quite impressed by everything that Solana has to offer and it took me quite some time to figure out what to do. There are some Defi Platforms but I'm hesitant to invest money into any kind of platform that I'm not familiar with. So I won't start with Defi here either. I found out that the easiest way to get a passive return on Solana is simply to stake your Solana and get a return from validators.
Earning from staking and from airdrop
There are several options to stake on Solana. I was most appealed by what was offered by the site called Marinade.
On Marinade it's pretty easy to get started with staking SOL. You can choose either Liquid or native Staking
When you stake Solana there, two options are offered: liquid or native staking. With native staking you get a slightly higher return but with liquid staking you get a liquid token in return called mSol. I opted for the liquid version. The mSol that I got can be used in many ways to generate leveraged income.
The great thing about staking Solana in either way is that you qualify in an additional airdrop. For every SOL that you stake on Marinade, you get 1 MNDE token airdropped until the 31st of December 2023, if I got this correctly (please correct me if I'm wrong). You can also get MNDE tokens when you refer people to Marinade.
Until the end of december, in addition to your staking rewards, you get MNDE tokens airdropped to you
As I said before, when you stake SOL as liquid token, you get an APR of about 7.7% but you can increase this APR by using the liquid mSol that you received. There are 45 integrations of mSol where you can earn an additional return on the token.
I have been on this discovery journey for a day only and I'm sure there are plenty of other interesting opportunities on Solana. If you know some of them, please share them with us in the comment section!
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