Despite the bear market, and despite yield being more difficult to find, there are still multiple ways to earn crypto in 2022. Moreover, there are ways that don’t involve trying to time the bottom or putting your money deep into DeFi protocols. For example, you can engage in intriguing Web3 applications in the GameFi or SocialFi segments, you can sign up for a crypto interest or savings account, and you can participate in crypto launchpools (to name a few).
Earn Crypto From Playing Games
Difficulty level: Beginner/Intermediate
For app lovers, engaging in certain Web3 platforms can grant you ‘free crypto’ – for example, by downloading and beginning to use a Play To Earn (P2E) decentralized game as well as various Move To Earn DApps such as StepN and Sweat Coin.
Play To Earn (P2E) builds on the foundations of GameFi, which is supposed to ‘gamify’ finance (DeFi in particular). The most popular P2E games so far include The Sandbox, Axie Infinity, Gods Unchained, Splinterlands, Alien Worlds, My Neighbor Alice, Aavegotchi, Yield Guild Games, League of Kingdoms, Adventure Gold, and Decentraland. However, there are many more.
Phemex has many of these games and their in-game tokens listed, so if you’re interested in investing, Phemex is a great choice.
P2E games essentially do what traditional video games don’t – give you ownership over your in-game assets and reward players for their long hours and hard spent effort in-game popularizing the network. Because of this, P2E became a wildly popular segment, where all newcomers had to do was come to the network and play the game to receive the in-game token, of course by engaging in the in-game economy by buying NFTs and other assets.
However, the return on one’s P2E in-game assets such as NFTs and native tokens depends on the overall value and activity of the game and network. So if the game you’re playing doesn’t have many DAUs, doesn’t have much transaction volume, and has considerable sell pressure on exchanges, then the prospects for high ROIs will decrease. But when the GameFi segment is bustling, the returns are great as many outside buyers increase demand for the project and its token.
The second category is Move To Earn (M2E), which is a fast-growing concept that rewards users and in-app participants with the game’s native token by performing various fitness activities such as running, walking, or sprinting. This concept was popularized by StepN, a popular app that took off in Spring 2022, and has now grown to over 500,000 DAUs.
For Web3 investors looking to earn off of M2E, they’ll have to purchase an in-game NFT and perform the activity that will then reward them with the game’s native token. In StepN’s case, the token is GST, which can be bought on the Phemex exchange. But the governance token for StepN is GMT, which can also be bought and traded on Phemex.
c) Earn & Learn
The third fun way to earn crypto is by participating in Learn Crypto programs, such as the Learn & Earn on Phemex. Learn Crypto allows those individuals who are interested in crypto and blockchain to earn crypto while learning. So it’s equivalent to getting paid to learn about a new industry, which as in the case of crypto, can be a very profitable and strategic endeavor.
Phemex currently has three Learn & Earn courses:
- Fiat Currency vs Cryptocurrency?
- How to Buy or Transfer Crypto on Phemex?
- How to Spot Trade on Phemex?
In the near future, Phemex will be releasing three more, so stay tuned!
Earn Crypto On Exchanges Like Phemex
Difficulty level: Beginner/Intermediate
Phemex is one of the best crypto exchanges for interest, in particular, Phemex has multiple programs that allow investors to earn interest on crypto. For example, Phemex has a Crypto Interest Account and a Crypto Savings Account merged into one – Phemex Savings.
For Phemex’s crypto savings account, investors and traders can earn up to 8.8% on their USDC and USDT, 1.2% on their Bitcoin, 0.50% on their Ethereum, and 0.85% on their Solana. So the yield numbers are stable and high, but not abnormally high and unsustainable as we have seen in many DeFi protocols and the numbers they promise. Therefore, Phemex is a great choice in this regard.
Earn Crypto On Crypto Launchpools
Another way to earn crypto is through a crypto launchpool, which enables early-stage projects to crowdfund from investors, who in turn earn token rewards when they deposit crypto assets into a liquidity pool. Investors benefit from crypto launchpools because the vetting process undertaken by exchanges supporting these launchpools means that there’s less risk of loss and fraud. Phemex has an ongoing crypto launchpool for the Near Protocol that allows investors to stake NEAR and earn interest.
Other popular ways to earn crypto
Staking is another way to earn passive income, and it can be done in multiple ways, including staking cryptocurrency on a centralized exchange, staking a PoS blockchain’s native cryptocurrency such as Ethereum, and staking stablecoins on borrowing and lending protocols such as Compound or Maker. Staking is a relatively advanced form of earning crypto, so this strategy is recommended for only intermediate/advanced level investors.
b) Yield farming
Yield farming is the second way to earn passive crypto income, and it’s done by providing liquidity on platforms like UniSwap, earning interest on Aave, and yield farming on PancakeSwap. However, it involves getting deeply intertwined in DeFi protocols, which is not easy for beginning investors. Therefore, yield farming is recommended for only advanced traders that have a highly proficient understanding of investing in DeFi protocols and being able to navigate between blockchains and platforms.
Loaning crypto is another way to earn interest on your crypto, but it’s a risky strategy in the current environment where many investors are unable to verify the reliability of the party they’re loaning their crypto to. Crypto loans can be done on a service called Nexo, but it’s only recommended for intermediate and advanced traders with a higher risk tolerance and extra dry powder.
In summary, there are multiple ways to earn crypto beyond just buying, selling, and trading, but rather through using Play To Earn (P2E) and Move To Earn (M2E) apps, investing on an exchange like Phemex by opening a savings account, and by staking in a crypto launchpool.