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DeFi Passive Income Guide
Welcome to the DeFi Slate passive income guide, we applaud your desire to grow your crypto holdings as well as learn about the ins and outs of this new system of finance. Our goal of creating this guide is to give you a way to make your money work for you as quickly as possible. We believe this is the future of money, welcome to the journey to the other side! The bankless side.
DISCLAIMER: Investing into cryptocurrency and DeFi platforms comes with inherent risk including technical risk, human error, platform failure and more. Please refer to our blog for more on mitigating your downside when using these protocols!
Table Of Contents:
Compound Lending Platform ($COMP)
Social Token Automated Trading Sets
PoolTogether Prize Linked Savings
The Compound Protocol is a decentralized p2p lending/borrowing protocol. Users provide liquidity to earn interest on their assets. This is the main way in which you will earn passive income with your cryptocurrency holdings. Below is a screenshot from the Argent mobile app (a must have wallet). Just download and send some ETH over to get started, or you can buy ETH on the wallet. As you can see, the highest interest rates are currently for stablecoins however we have seen coins such as BAT and ZRX with rates above 5% for short bursts of time. In the EU economy there are currently negative interest rates, in the USA they are at 0, etc etc…Imagine the flock of people who will eventually learn about Compound and be happy to convert their native currency to a stablecoin and earn 2-4% APR passively.
Compound is the dominant DeFi platform with a 35% dominance in terms of capital locked up in DeFi protocols at the time of writing (stats from DeFi Pulse, a great website). It will be very interesting to see the competition brew and how Compound will hold up against the other platforms like Aave. The compound protocol is governed by the holders of its coin $COMP. The token is a governance token only and is used to vote on proposals by the community. That is the big takeaway here. The community votes on improving the platform in a fair, decentralized manner making the platform extremely attractive long-term.
Social TokenSets is one of the most interesting projects amongst any DeFi operation that we’ve seen. Imagine having an automated trading bot that works for you 24/7 with no trading fees, earning you passive income on the trading pairs of your choice. Currently TokenSets supports a lot of ETH & BTC pairs, and a few LINK pairs. Just open up the argent app (or use the web browser version with MetaMask wallet), fund the set with ETH and watch your profits roll in.
Social TokenSets are only going to grow in scale and market cap. There are plenty of coins to create automated trading strategies for and a lot of improvement to be had within the protocol itself. Get yourself some ETH on argent and get to it!!!
PoolTogether Prize Linked Savings
Prize Linked Savings accounts have been around for decades now as a way to incentivize people to save their money in a no-risk, fun fashion. When you use PoolTogether, you use your DAI (a stable coin pegged to $1 by ETH), to buy tickets. 1 DAI = 1 ticket. The tickets are used for weekly or daily prizes. The more tickets you buy the higher the chance of winning. At the time of writing, the weekly prize is $225. The daily prize is $10. If you do not win, you receive your DAI back at no loss. This system works extremely well and we hope it will soon replace the traditional lottery ticket system, which is a massive toss-up in terms of legitimacy around the world.
We believe that PoolTogether has the chance to capture a slice of the massive ($100m+) market that is prize linked savings. As the protocol grows and the amount of tokens locked up increases, we will see higher wages and bigger prize pools. Exciting stuff ahead!!
⚠️DISCLAIMER: Investing into cryptocurrency and DeFi platforms comes with inherent risk including technical risk, human error, platform failure and more. We are strictly an educational content platform, nothing we offer is financial advice. Please refer to our blog for more on mitigating your downside when using these protocols!
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