Make Your Crypto Work For You! Passive Income with Ethereum, BNB, and Caged Beasts
The crypto market has certainly taken a beating after the fall of FTX and the recent lawsuit against Binance. With a bearish market on the horizon, investors are looking for ways to make their crypto work for them by seeking avenues of passive income.
Cryptocurrencies are notoriously volatile, so HODLing (holding on for dear life) may not be the best way to earn extra dough. But worry not! There are still many ways to grab some Benjamins while participating in the crypto market. In this article, we will talk about how you can earn passive income by staking Solana and BNB and participating in Caged Beasts' (BEASTS) referral program.
How Do You Stake Ethereum (ETH)?
Ethereum (ETH) is the second-largest cryptocurrency after Bitcoin. In 2022, the project switched from a proof-of-work to a proof-of-stake mechanism with its Ethereum 2.0 update. The update turned Ethereum's mining model into a staking one.
There are many ways to stake Ethereum. Solo staking requires at least 32 ETH and technical knowledge. On the other hand, staking-as-a-service lets you delegate staking responsibilities with control over your funds. Pooled staking allows any amount of ETH and offers simplicity through liquidity tokens. Centralised exchanges provide staking services but introduce centralisation risks. Choose the option that suits your needs, considering rewards, decentralisation, trust, and risks and make sure to do thorough research before proceeding.
How Do You Stake BNB (BNB)?
BNB (BNB) is a token native to the Binance Smart Chain and Exchange. First created as a utility token for discounted trading fees on the Binance Exchange, BNB's use has since expanded. In addition to Binance Chain transaction fees, BNB can also be used to book travel, entertainment, and online services.
When you stake BNB, you contribute to the network's security and governance while earning rewards. You can stake BNB on exchange platforms or through hardware and software wallets. Each option has its own risks and rewards. Staking on exchanges like Binance, Coinbase, or Kraken offers convenience, but rates of return may vary. Staking with a hardware wallet gives you more control over your assets. Software wallets like Trust Wallet provide a simple solution without extra equipment. The time commitment for staking varies, with some options offering flexibility.
How Do You Participate in Caged Beasts' (BEASTS) Referral Program?
Caged Beasts (BEASTS) is an exciting new meme coin with a presale launching on June 14 and an intriguing new marketing tactic. Caged Beasts doesn't have a staking function, but it has something even better: a referral program.
The program provides a two-way incentive. You can generate your own referral code, and when your friends and family use the code, you receive an instant 20% deposit into your wallet. Your friends and family also get an extra 20% BEASTS tokens. It's a win-win! Caged Beasts seeks to make a monstrous mark on the crypto industry, so register your e-mail and climb on board today!
Key Takeaways
Trading crypto and waiting for a token's price to appreciate can be quite risky, but that isn't the only way to make big bucks in crypto. Staking coins that offer such a function and taking advantage of referral schemes can also be great ways to make your crypto work for you. However, investors should do their due diligence and carefully research tokens, wallets, and exchanges to avoid any potential losses.
Learn more about Caged Beasts:
Website: https://cagedbeasts.com
Twitter: https://twitter.com/CAGED_BEASTS
Telegram: https://t.me/CAGEDBEASTS
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