I'm always keen to earn an extra satoshi here and there, so I got suckered into another attempt to grab a few while they're still easy to get a hold of and people still discount it as a shit coin.
Crypto.com recently launched this supercharger facility, which is a new attempt at creating demand and locking up liquidity for their CRO token. The CRO token has not done all that well since the merger and migration of MCO and it looks like an attempt to get more people involved in their ecosystem.
I normally stake my CRO as I did MCO but they've started to cut the interest rate and locking it up for 3 months without compound returns makes it far less attractive than the likes of let's say a BlockFI or a Celsius Network.
I've had these tokens for some time and happy to try out new products so I thought instead of staking it for another 3 months, I'd try the supercharger instead.
How does supercharger work?
Crypto.com supercharger is a liquidity mining program, which encourages users to lock in their funds fro a month and in the second month, they'll get a consistent allocation of funds based on their portion of the liquidity pool.
Users can deposit and withdraw from the Supercharger pool (with no gas fees) at any time during the Charging Period. Price of reward token is determined at the end of this period.
The first supercharger handed out UNi tokens, now it's Bitcoin and it looks like the next round will be distributing Zilliqa, which I also own and have been staking via atomic wallet.
Source: blog.crypto.com
My attempt at a supercharger
I have 6233.25 CRO tokens its current USD value is $361.76 (CRO price $0.06) which I locked into the pool for a month.
After the month, I was able to secure 0.00011220 Satoshis for my liquidity which at the current price is $3.11. That means I was able to earn a 0.85% return in the space of a month, which works out to a 10.31% APY.
It's a pity we cannot always get returns like this, 10% on BTC would be nuts, I'd be locking liquidity like crazy if that was my APR.
The next supercharger will be ZIL, which I've already signed up for, the ZIL I do make I will just send to Atomic wallet and continue to stake it once the period is over.
Using my current liquidity, to earn and then taking those earnings and compounding them, I mean whats not to love about crypto when you get opportunities like that.
Have your say
What do you good people of HIVE think?
So have at it my Jessies! If you don't have something to comment, comment "I am a Jessie."
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