How to Get Rich Rewarding Others on Hive While Ignoring DeFi
I'm not going to lie I'm a little bit jealous of all those that are getting a nice chunk of change that was dumped in their lap via the $uni token.
It wasn't that long ago that we were all rewarded with a nice chunk of change when we were all rewarded with Hive when we split from the Steem blockchain, so instead of chasing tomorrow's fad, I've decided to discuss why I'm still spending most of my time on Hive and Leo Finance.
One of the best aspects of Hive is you not only earn by creating content on the platform, but you can earn Hive by upvoting the content of others as well.
It wasn't that long ago that the post rewards were changed so that roughly 50% of the post rewards go to the author and 50% goes to those that rewarded the author.
As can be seen from the HiveStats website I earn roughly 2 Hive with my 5000 Hive Power per day. While I'm not exactly getting rich I'm earning around 15-16% APR per year by rewarding others.
This, as far as I'm aware, doesn't include the inflation rewards I earn per year just from holding Hive tokens as well, nor does it account for the other possible community tokens you can earn such as $LEO.
Invest in Yourself
I was reading a post by @edicted recently and ran across something he stated in his post that really stick with me.
I justify this risky play based on the fact that I have no plans to develop anything on Bitcoin or Ethereum, ever, but I do have plans to build on Hive and learn as much as I can
I've seen many people end up losing money in DeFi as they don't understand what they're doing or get stuck in a profitable trade that becomes unprofitable due to high gas fees.
I'll skip over the fact that LeoDex solves all this with pretty much no trading fees and only a 1% fee when something is deposited or withdrawn.
As liquidity grows on the platform and more profitable communities grow, it's only a matter of time before hopefully, we can earn funds by providing liquidity, by delegating staked tokens to curation projects, or possibly providing liquidity on Uniswap through wrapped Hive-Engine tokens.
Other Ways to "Farm DeFi" Passively on Hive
I've never had much luck with affiliate programs, but Splinterlands also has that in which if people sign up directly with your link you can earn passively on any purchases that they make.
If you don't have time to actively curate content on Hive you can follow other Curation projects or those that are Great Curators as can be found on the Hive Engagement League put out each Sunday by @abh12345.
Hive.vote is another great tool you can use to vote for people and their posts even when you're not online. I currently use it to auto vote all @enjar's post as I know he's constantly creating great content.
A Good Reminder
With all the FOMO going on I had to write this as a reminder to myself to stay the course and while I think it's worthwhile learning about DeFi projects and how they can be used to earn passive income that there is a ton of value on Hive as well.
While I don't want another Hive fork, it would be nice to have a huge airdrop fall into my lap, but until then I will continue growing and earning on Hive and other crypto content platforms.
If you enjoy my content and have not yet checked out Splinterlands now is a great time to do so with the release of Dice.
Posted Using LeoFinance