All around us, there is so much wealth to be made from crypto! The new economy is unfolding right in front of our eyes, and this means that if we understand its workings, great riches are at our fingertips!
I came into figuring out finance in this space a bit late as I started back when Steemit was a thing. I'd only been writing posts here and there and finally a couple of months ago, something clicked!
Hearing about DeFi for some time now, I knew I could make the little crypto I had accumulated make me some passive income. I started my journey with Diesel Pools.
Trading HIVE
First you need to exchange HIVE for SWAP.HIVE
I'm using the Peakd frontend for this example:
First you need to be able to see how much you own. Click on your profile picture in the upper right corner, and click the wallet tab.
The red wallet tab on the left side of the screen tells you what page you're on. The first one should be your HIVE wallet where the primary hive blockchain token is held. This is where you can see your funds.
Below that you'll find "Hive-Engine". This is the wallet that holds all the other tokens built on the HIVE blockchain. And there are (if I'm reading this correctly) 660 tokens already built! So whatever you own within hive-engine will be listed there.
You'll want to deposit HIVE into Hive-Engine, your HIVE will become SWAP.HIVE at a ratio of 1 to 1 (minus the depositing fees charged by the exchanges).
Here are the exchanges I have used, they've all worked flawlessly:
Hive-Engine,takes a 0.75% fee for all deposits and withdrawals.
TribalDex, also takes a 0.75% fee, hive-engine and tribaldex are one in the same, though I prefer Tribaldex.
Beeswap has been my go to for liquidity pools, it's a great tool, and the fees are only 0.25%.
HivePay has an even lower fee at 0.2% for using their service... I've only used it a few times to swap from HIVE to SWAP.HIVE and it worked every time!
They're more or less the same when it comes to trading Hive. You have to go to your wallet, find the deposit button and type in the amount of HIVE you'd like to swap. I realize I probably should make a post detailing all of this, one by one, and I will.
Buying and sending coins to other blockchains:
The beauty about Hive-engine is that you can trade your HIVE into almost anything, and it's really easy. It took me a long time to figure it out but now I'm better at it and I don't need to look up how to do all this every time I want to swap!
Let's talk about Leo-Finance, it's a community built on hive with it's own token, LEO. I started here with this, though I had heard of Diesel Pools when it got started I didn't understand what it was. I read a post from the Leo Finance community that peeked my interest.
So I exchanged HIVE for SWAP-HIVE, and started to play around in adding liquidity to these pools. The liquidity pools are set up in a way that your investment is rewarded with other coins. Those coins can be reinvested in some pools, held or sold, there is no restrictions, you do what you want with it.
I through a few coins in a couple pools that had an attractive APR and that rewarded coins I already knew something about. In the post, that peeked my interest, I learned about BeeSwap as a tool for the liquidity pools that really worked for me. It breaks down which coins are being rewarded, how much per day, what the APR is, you position in the pool and probably more info I know what to do with!
I asked questions in the Leo Finance discord group where so much help was available. Then one day, I read a post about CubFinance, a Leo Finance project on the Binance Smart Chain where you can stake cub and other assets to farm CUB (which sits right now at $0.23). As I said before, I've wanted to learn how to make my crypto make more crypto, so I dove deeper.
I have a small farm stake in one of the Cub Finance liquidity pools, and put a bit more CUB (swapped from HIVE and bought from Cash) when I heard of Leo Finance's next project (which launched a little over two weeks ago), POLYCUB on the Polygon Network.
So I asked more questions on the Leo Finance discord channel and here I am today sitting on a much bigger stack than I was a couple months ago when I first started to look into DeFi.
To get the coins on from your Hive-engine wallet out there, you need to go through a couple steps (again, I will have more detailed "how to" posts for each one of these steps soon).
Once you have value in your Hive-Engine wallet, you can buy SWAP.BNB to then send to your Binance Smart Chain wallet. If you connect that wallet with CubFinance, you will then be able to start harvesting yields produced by the "pools" you've set up within Cub Finance.
As for POLYCUB, it's the same process, only on the Polygon Network. Though you'll have to buy SWAP.MATIC instead of SWAP.BNB, and make sure to send it to the right network!
But that's the trick ain't it... You have to be in the right place at the right time sometimes.
All this info only comes easy once you start getting involved in the community. There is work to do, there are tons of things to learn (especially if you're like me, not entirely computer savvy). If you want to create passive income for yourself, you'll have to put some time into it first.
Sources for images (screenshots) all come from the links sited in this post
| Hive | Presearch | Odysee | Minds | Hipcamp |
Find me on Social Media:
LBRY: https://lbry.tv/$/invite/@MugwortExpress:5
Odysee: https://odysee.com/$/invite/@MugwortExpress:5
Minds: https://www.minds.com/register?referrer=NoMansLand
