While lots of people get into crypto for the short-term price gains—that’s not where the real solid money is being made. Yes, crypto can be highly volatile, but picking a coin in the hope it moons within a few days is extremely risky. And while millionaires have been made from such short-term volatility—lots of money has been lost, too. That’s why you need to think more about the long-term, especially the passive income benefits crypto can bring you. It might not double or triple your money overnight, but it could make you a sustainable income you can rely on—and hopefully quit your day job. There are various ways to make passive income with crypto. These include staking for regular yield returns, Farming, and more.
In this video, we're going to share with you 3 Defi protocols that can help you generate passive income. The good news is that with these platforms, you could generate 1.5% to 3% per day.
Watch this video till the end so you don't miss anything.
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#1: Grape Finance
The first Defi project we're going to feature today is Grape Finance.
Grape Finance is an algorithmic stablecoin protocol pegged 1:1 to MIM on Avalanche. Much like Basis Cash, the protocol uses three tokens (GRAPE, WINE, GBOND) to incentivize a stable 1:1 peg to MIM.
The protocol's underlying mechanism dynamically adjusts GRAPE's supply, pushing its price up or down relative to the price MIM. This should be $1 however there may be times where MIM loses its peg and if our protocol is functioning as intended will follow MIM to keep pegged 1:1 to it.
Grape Finance intends to build a decentralized ecosystem that incorporates a range of features to promote the longevity of projects, all within their application. The project was launched on January 13 of this year, and the team has since made it their mission to continually grow the protocol and promote a sustainable ecosystem. Grape Finance is actually a fork of Tomb, so the basic mechanisms are similar to those of Tomb. Although it is a fork, they have managed to put together a set of features to be much more than just a fork.
Grape finance is built on the avalanche network. Users can get involved in the project through three of the tokens that define the grape finance ecosystem.
Nodes aim to create a strong incentive for long-term holding of GRAPE and several other coins through the use of a locked staked high earning pool. The pool requires users to spend 50 GRAPE to create a node that in turn delivers daily GRAPE rewards back to the user at an estimated initial starting rate of 1.5-3% daily delivering passive yield in a token pegged to a stablecoin. This will reward long-term holders with a higher yield than the single stake GRAPE pool and in turn, lock up a portion of the GRAPE supply helping to reduce market sell pressure on GRAPE.
The daily APR is based on the total number of nodes, the size of the rewards pool, and the rate of node creation. This rate can also be manually adjusted if required to keep the rate above the APR of other single staking options. And on each node, you can only earn a max ROI of 500%. Each week the account that created the most nodes wins 5 WINE.
Each node created weekly also gives you 1 entry to a weekly 5 WINE prize sent to a random account, more entries more chances to win.
10% of the node pool will be distributed to The Winery NFT holders monthly (Including future node pools).
Let us know in the comments if you want us to make a more detailed video about this project.
#2: Frozen Walrus
The next Defi project is Frozen Walrus.
Frozen Walrus Finance is another Tomb Fork at its base. The main goal here is Growing liquidity, and allowing people to yield farms as passive sustainable income. Through active, collective investing a tomb fork is easily one of the most sustainable farming protocols there is. They can offer high APR daily income to users. It is built using the power of Avalanche, a fast and secure network.
Just like Grape Finance, Frozen Walrus has three chips: $WLRS, $WSHARE, and $WBOND.
Walrus token ($WLRS) is designed to be used as a medium of exchange. The built-in stability mechanism in the protocol aims to maintain $WLRS's peg of 1 $WLRS: 1 $USDC in the long run.
Walrus Shares ($WSHARE) are one of the ways to measure the value of the Frozen Walrus Protocol and shareholder trust in its ability to maintain $WLRS close to peg. During epoch expansions, the protocol mints $WLRS and distributes it proportionally to all $WSHARE holders who have staked their tokens in the Boardroom.
Bonds are unique tokens that can be utilized to help stabilize WLRS price around peg by reducing the circulating supply of WLRS if the TWAP goes below peg.
This project offers various yield opportunities such as staking, farming, and nodes.
You can utilize your share tokens in the boardroom to earn a percentage of the expansion of WLRS tokens when the protocol is healthy!
Deepen liquidity and be rewarded! Adding liquidity to the Frozen Walrus ecosystem is easy and can be used to farm new Share tokens!
You can also lock your liquidity into a node that can pay up to 500% back to you over some time. This can greatly impact the stability of the protocol and comes with weekly rewards for noders. Once again, just like the previous project, Frozen Walrus gives you a daily return varying from 1.5% to 3%.
And the last Defi project is going to be Penrose.
It is a coalition of the leading protocols on Polygon. Penrose is a protocol for optimizing yield, voting rights, and liquidity provision on Dystopia. Dystopia is a decentralized exchange (AMM) where tokens can be exchanged with user-provided liquidity. These users earn DYST emissions. Those who lock DYST will receive veDYST and a higher percentage of DYST rewards. veDYST or vote escrowed DYST is a concept first introduced by Curve Finance that aims to reward long-term users of a protocol. Those holding veDYST will receive trading rewards from the protocol as well as voting rights to direct DYST issuance.
When users deposit their veNFT or DYST, they automatically receive a proportional amount of penDYST (penDYST is minted 1:1 for deposited DYST). penDYST is a tokenized, fungible representation of 1 locked Penrose DYST. Due to the way Dystopia's rebase mechanism works; this position is never diluted as Penrose automatically converts rebased DYST to penDYST and passes this on to penDYST stakers.
When staking Dystopia LP tokens on the platform, APR numbers & rewards are displayed on each pool/deposit.
This is the -current- net yield percentage you will get on your collateral when you are in the pool. All fees are already abstracted from this number. I.e., if you have 100k in a pool with 100% current APR, you'll be receiving ~274 USD worth of rewards per day This yield is based on all the currently active harvests which have already been called and are currently being streaming to active participants in the pool over a 7-day period from the moment a harvest was called. When you join the pool, you will instantly receive this yield per block.
These are the rewards that have been allocated to you already and are currently in locked status thus not available to be claimed instantly. Locked rewards are automatically converted to unlocked rewards over a warm-up period of 7 days. Anyhow, this protocol is one of the best at the moment.
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