Passive Income via DRIP network as a newbie
Recently I’ve been very interested in getting my feet wet with crypto. Something I’ve come across in my recent readings is called DRIP. I myself am still a novice in fully understanding it, but what I do understand is how certificate of deposits work with a traditional bank, and that is precisely how DRIP works, but with crypto and insane amount of APY… 1% compounded daily, and 365% in a year. That’s just insane to me, compared to the measly .05% from typical banks.
I thought to myself, this has to be a scam, there’s no way.. in fact even now I’m still not even sure. However, I would hate to kick myself in the rear for not giving it a go. If it tanks or whatever, then I lose my investment thought it isn’t too much. I invested about 400 or so bucks into it yesterday and have seen it grow to almost $480. The thing with drip is that once you invest this money here, you cannot pull it out. It is forever locked within their ecosystem to sustain the platform. You can only withdraw your available balance from what your investment accrues. The beauty of DRIP is you can take that 1% accrual and do what they call “Hydrate” which is a recompound with your available balance. Aside from that DRIP sustains itself via taxes as you’ll see in the screenshot below. There is a 10% deposit tax, 10% withdraw tax, and 10% sell tax. Aside from these taxes, there is also a special whale tax for investors that own a certain percentage of the supply, where if they sell a certain percentage of the supply, the whale tax kicks in.
- Buy BNB. You can use an exchange like binance, or crypto.com. I personally prefer crypto.com.
- Withdraw BNB to your MetaMask wallet address on the Binance smart chain network.
- go to drip.community and go the the SWAP page.
- Buy DRIP using your BNB, remember to reserve some BNB for gas fees for your transactions.
- Go to the FAUCET tab, this is where you can deposit. You need a buddy code to make your deposit so feel free to use mine using this link. drip.community/faucet?buddy=0x7CF191EFb9Ae8000a96c62E4f81C7D690dbcc530
- Hit the Update button to finish sign up via buddy code.
- Go to the DEPOSIT box and click the MAX button.
- Click DEPOSIT.
- From here on out you can wait until you’ve built up your 1% AVAILABLE balance that you can hydrate or claim.
Like I mentioned I’m still a newbie to all this, but thought I would give this a shot just for fun. After all, it’s just sitting there making money while I sleep. Perhaps in the future I will start gradually depositing more DRIP. I’ve seen people that are funding their daily life styles via DRIP and claiming hundreds or even thousands of dollars from there so it must be a great thing. I plan on looking into a crypto savings account like anchor protocol where I can deposit my earnings from here and keep it around in there. In conclusion, this is just a quick way to get started, and of course do your own research before making any decisions.
Read more about DRIP here: https://www.driptoken.network/
Let me know in the comments if you have any feedback, always looking to improve my writing or perhaps maybe something needs clearing up.
I am also joined in on The Animal Farm, another one one Forex Shark’s ecosystems that will support DRIP. If you like DRIP you’ll like the animal farm as well. Definitely check out the DRIP garden which is a more high risk play where you can earn 3% daily on your deposit where you can claim/compound it each day.
The Animal Farm Whitepaper: https://theanimal.farm/docs/The_Animal_Farm_Whitepaper.pdf
Here is my referral code if you wish to join:
Please remember this article does not contain financial advice. Anything you do you are doing at your own risk. Always do your own research.