Disclaimer: The text below is an advertising article that was not written by Cryptonews.com journalists.
Bear markets are not the time to speculate on risky assets like cryptocurrencies. However, because cryptocurrencies make decentralized finance possible, there are opportunities to earn perpetual returns on certain crypto assets.
Here are three ways crypto investors can earn passive income during this bear market.
How to earn passive income with BOO
SpookySwap (BOO) supports liquidity pools. Holders can deposit tokens into these pools in exchange for a 0.2% reduction in trading fees on qualifying transactions. Users can remove themselves from the group at any time. Spookyswap also offers a yield farm pool where you can deposit Liquidity Pool tokens for even more income. Holders can also stake BOO tokens and earn xBOO in return. The xBOO can then be staked to earn other tokens.
We found this gem of advice on Cryptostars: “Staking LP on Fantom Networks. FTM-DAI, FTM-MIM to earn $BOO. I then bet the BOO to get xBOO and bet the wFTM on Spookyswap. I think TOMB-FTM is a strong LP pairing, and I’m betting that on Beefy.Finance.”
If this all sounds a bit complicated and time consuming, that’s because it is. If that’s too much for you, how about this next token?
How to earn passive income with ADA
Behind Ethereum and Binance, Cardano (ADA) is the third largest smart contract blockchain. Cardano introduces a proof-of-stake consensus protocol. What this means is that your native ADA cryptocurrency can be staked to generate passive income by contributing to a staking pool.
Some Cardano wallets and exchanges allow users to participate in their staking pools. Please note that there are over 3,000 active participation groups. So you’ll have to do some research to find the good ones. The total value bet is usually a good indication of the ranking. The payment of these funds usually ranges between 3% and 6% per year. Or you can stake ADA through a crypto exchange like Coinbase. However, the payment is a low APR of 2.6%.
The bottom line is that staking ADA is a lot simpler than trying to figure out how to maximize returns on SpookySwap. However, the returns are also lower and the value of your ADA could plummet at any time.
How about a token that is simple and safe to use while offering good returns?
How to earn passive income with GNOX
Gnox Token (GNOX) is probably the simplest and least risky way to earn passive income from betting and depositing. Incumbents don’t have to go looking for the best opportunities. All they have to do is buy and hold. All the heavy lifting is done by a team of experienced DeFi analysts. They call this “yield farming as a service.”
Gnox has developed a yield farming aggregator that collects data on passive income generating opportunities. These data are analyzed by professionals. Funds from a common treasury are then invested in a diversified portfolio of assets across various platforms and blockchains.
Periodically, the proceeds are used to buy back and burn GNOX tokens, thereby removing them from the circulating supply. This is effectively the same as distributing profits to holders, as it increases the spot price of the token. Also, unlike ADA and BOO, GNOX has a built-in volatility dampening mechanism which you can learn more about on their website.
GNOX literally replaces yield farming with a simple buy and hold strategy. You can’t make passive income any simpler. The token is currently on presale until July 12. The platform launches on July 18.
More information about Gnox:
Join the presale: https://presale.gnox.io/register