- According to Lark Davis, being involved in crypto and not participating in staking is a huge financial loss.
- Davis hinted that one of the projects that could airdrop in the future is Arbitrum, a Layer 2 scaling solution for Ethereum.
The year 2022 is fast approaching and investors and enthusiasts are keen to find different ways to become crypto rich. According to Lark Davis, a crypto influencer and YouTuber, it is possible to get rich without trading Bitcoin. In his latest videohe mentioned five ways to become crypto rich in 2022.
Mark out
Staking is a way many cryptos verify their transactions and allow participants to earn rewards for their holdings. According to Lark Davis, being involved in crypto and not participating in staking is a huge financial loss. It is worth noting that not all cryptos can be staked. Some of the most popular cryptos for this purpose are Solana, Avalanche, Ethereum, etc.
Basically, you send your coins, they lock them, and in exchange for supporting the network, you get rewards.
He explained that the rewards are usually decent.
If you don’t want to get rich overnight, find a favorite crypto, wager it, earn a reward and then start wagering your rewards, or take the wagered reward and sell it for cash.
yield farming
Yield farming basically has to do with taking liquidity, putting it on a platform and then receiving token rewards in return.
E.g. you take a stablecoin worth USDC worth Ethereum and put it on Uniswap to provide liquidity for a token reward. You can then take the token you get for doing it and send them to different farms for token rewards.
According to Davis, the reward can be as high as 30, 40, 50, or 60 percent Annual Percentage Yield (APY). It is not a risk-free move as investors face permanent loss. To keep the risk low, it is advisable to keep an eye out for stablecoin farms. He also mentioned that platforms like Convex Finance are one of the most used platforms for yield farming. However, it uses Ethereum Layer 1. This means that to get out of position, expect $500 in gas fees.
air drop
Airdrop is another way to become crypto rich in 2022, according to Davis. He announced he made tens of thousands with airdrops in 2021.
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In order to get them, it is important to get involved with a platform that you play around with, e.g. B. a shared pool, which is like a no-loss lottery. I paid back $10 in 2019 or early 2020 and received an airdrop worth thousands of dollars.
Davis hinted that one of the projects that could airdrop in the future is Arbitrum, a Layer 2 scaling solution for Ethereum.
token sales
One of the biggest areas of making money in crypto is token sales. Most of them take place on Launchpad. Davis mentioned that most launchpads suck and don’t attract good projects. He suggests that DAO Maker is one of the few recommended launchpads. It works by getting DAO Maker tokens, staking them on the platform, and entering a lottery to potentially get an allotment for sales happening on the platform.
We’ve seen a DAO Maker allocation where people put $500 into token sales and literally turn into $50k or $100k.
To play
Gambling is one of the ways to attract many people to crypto. Many companies have started investing in games. Recently, Solana Ventures announced a $150 million blockchain gaming fund.
The upcoming new generation of hot games will make investors so much money.
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