As a branch of the Finance world, the crypto sector is rife with many opportunities to earn income either directly or passively.
Each of those opportunities comes with its ups and downs.
For example, while some passive income opportunities require a lot of capital, they may be able to save you some time. On the other hand, there are income-earning opportunities that only take up much time without requiring much capital.
The volatility of cryptocurrency can also pose a challenge to earning passive income in crypto. This is because when the price of an asset drops, it can also affect the percentage of the passive income earned.
In this article, we will talk about the various ways one can earn passive income from Trust Wallet.
What you'll learn 👉
EARNING PASSIVE INCOME WITH TRUST WALLET
Trust Wallet is a Crypto wallet software that enables you to store, send and receive your token or coin safely. It also works perfectly as mobile software.
If you want to earn on Trust Wallet, the following steps should be taken:
- Install Trust Wallet, download the Android crypto wallet.
- Buy or deposit in the wallet. You can purchase in your trust Wallet directly.
- Stake and start to earn.
Let us now talk in detail about some of the specific ways you can learn with Trust Wallet:
Staking
Staking means putting your crypto in an interest-generating account instead of just keeping it in your wallet. Apart from generating interests, it also enables crypto holders to contribute to the efficacy and security of the blockchain project they support.
You can stake up to six different coins in your Trust Wallet. Coins such as
- BNB with 8.49-27.49% APY
- Kava with 24.12% APY
- Cosmos with 8-10% APY (minus validators fees).
- Algorand with 5-6% APY
- Tezos with 6% APY(minus validators fees.)
- Tron with 7% APY
These are the current rates, which may change with time.
Access DeFi In The DApps Browser
What is DApp? It is a decentralized application, an open-source program operating in a distributed peer-to-peer blockchain network. Being decentralized, it is usually controlled by the community.
To Access DApps on Trust Wallet
- Access www.trustwallet.com
- Download the trust wallet app
- Back download up, write down the 12 words recovery seed phrase. Then keep it safe
- Start using the DApp browser, and your wallet
Note that you will have to pay network fees in each DApp.
Using Various DApps and Protocol for Yield Farming and Liquidity Mining
When you stake and get rewarded with new crypto, you have done yield farming. Yield Farming, also called liquidity mining, encourages liquidity providers to stake or lock their assets in a smart contract liquidity pool.
Incentives are also given for governance; that is, you have voting rights.
The more quantity of cryptocurrency locked, the more the reward received.
Flip NFTs
Flipping is the term used when you buy low and sell high. It is easy to flip NFTs and earn income. How does it work?
Get familiar with the NFT market and buy all the available cheap NFTS. To do this, you have to create an account. The account created will give you the opportunity to search for NFTs you want to buy.
Be careful, though. Buying NFTs to flip is very risky, and you can lose your investment.
Stake NFTS
NFT staking is a new way of earning passive income on the cryptocurrency network. It allows NFT holders to lock their assets on the DeFi platform and receive rewards without selling their NFTs. That way, the NFT ownership is retained.
NFT staking works similarly with yield Farming. When NFTs are staked, it also generates income. The APY increases depending on the duration of staking and the number of staked NFTs.
The unique nature of NFTs makes it possible to monetize your assets.
Staking NFTs can be seen as staking your BTC or ETH. However, not all NFTs can be staked for reward, hence, the need to check properly before investing in any NFT.
Read also:
- Best Hardware Wallet For NFTs – How To Store NFTs On a Hardware Wallet
- Top 8 Best Hardware Wallets for Bitcoin (+ Altcoins Supported)
FAQs
