Passive Income is the Name of the Game During the Bear Market. Start with the Best Crypto Tokens to Generate Passive Income Today; ADA, BOO and Gnox Token (GNOX)
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Bear markets are not the time to speculate on risky assets such as cryptocurrencies. However, because cryptocurrencies make decentralized finance possible, there are opportunities for earning perpetual returns on your 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 return for a 0.2% cut of trading fees from qualifying transactions. Users can withdraw from the pool anytime. Spookyswap also offers a yield farm pool where you can deposit Liquidity Pool tokens to earn 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 stake the BOO to get xBOO and stake in the wFTM on Spookyswap. TOMB-FTM I believe is a strong LP pairing, and I stake that on Beefy.Finance.”
If this all sounds a little complicated and time-consuming, that’s because it is. If that’s a bit too much for you, then how about this next token?
How to earn passive income with ADA
Behind Ethereum and Binance, Cardano (ADA) is the 3rd largest smart contract blockchain. Cardano features a proof-of-stake consensus protocol. What this means is that means it’s native cryptocurrency ADA can be staked to generate passive income by contributing to a stake pool.
Some Cardano wallets and exchanges let users take part in their staking pools. Keep in mind that there are over 3,000 active stake pools. So you’ll need to do a little research to find the good ones. Total value staked is usually a good indication of ranking. The payout from these pools is typically between 3% and 6% annually. Or you can stake ADA via a crypto exchange such as Coinbase. However, the payout is a low 2.6% APR.
The bottom line is that staking ADA is quite a bit 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’s simple and safe to use while offering nice returns?
How to earn passive income with GNOX
Gnox Token (GNOX) is probably the simplest and least risky way to earn passive income from staking and deposits. Holders 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. This data is analyzed by pros. Funds from a common treasury are then invested in a diversified portfolio of assets across several platforms and blockchains.
Periodically, the profits are used to buy back and burn GNOX tokens thus removing them from the circulating supply. This is effectively the same thing as distributing the profits back to holders as it raises 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 in presale until July 12th. The platform launches on July 18th.
Learn more about Gnox:
Join Presale: https://presale.gnox.io/register