- According to Lark Davis, being involved in crypto and not participating in staking is a huge financial miss-out.
- Davis hinted that one of the projects that may do airdrops in the future is Arbitrum, a layer 2 scaling solution for Ethereum.
The year 2022 is fast approaching, and investors and enthusiasts are much interested in finding different ways they can get crypto rich. According to Lark Davis, a crypto influencer and YouTuber says it is possible to get rich without dealing in Bitcoin. In his latest video, he mentioned five ways to get crypto rich in 2022.
Staking
Staking is a way many cryptos verify their transactions and allow participants to earn rewards on their holdings. According to Lark Davis, being involved in crypto and not participating in staking is a huge financial miss-out. It is worth noting that not all cryptos can be staked. Some of the popular cryptos for this purpose are Solana, Avalanche, Ethereum, etc.
Basically, you send your coins, they lock them up, and in exchange for supporting the network, you get rewards.
He explained that rewards are usually decent.
If you are not looking to get rich overnight, find any preferred crypto, stake them, get a reward then start staking your rewards, or take the staked reward and sell for cash.
Yield Farming
Yield farming basically has to do with taking liquidity, bringing them to a platform, then getting token rewards for that.
Eg. You take one Ethereum worth USDC stablecoin and put them on Uniswap to provide liquidity for a token reward. You can then take the token you get in return, and send them to different farms to get token rewards.
According to Davis, the reward can be very substantial from 30, 40, 50, or 60 percent Annual Percentage Yield (APY). It is not a risk-free move as investors face a permanent loss. To keep the risk low, it is advisable to look for stablecoin farms. He also mentioned that platforms like Convex finance are one of the most used platforms for yield farming. It, however, uses Ethereum layer 1. This means to get out of position, you are looking at $500 in gas fees.
Airdrops
Airdrop is another way to get crypto rich in 2022 according to Davis. He disclosed that he made tens of thousands in 2021 from Airdroping.
To get them, it is important to get involved in a platform you play around with e.g., A pool together which is like a no-loss lottery. I put 10 bucks back in 2019 or early 2020, and I got an airdrop worth thousands of dollars.
Davis hinted that one of the projects that may do an airdrop in the future is Arbitrum, a layer 2 scaling solution for Ethereum.
Token sales
One of the biggest areas of money-making in crypto is token sale. The majority of them happen on Launchpad. Davis mentioned that most launchpads suck, and cannot 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 getting into a lottery to potentially get allocation for sales that happen on the platform.
We have seen DAO Maker allocation where people invest $500 into token sales and literally turn into $50,000 or $100,000.
Gaming
Gaming is found to be one of the avenues to attract a lot of people into crypto. Many companies have started investing in gaming. Recently, Solana Ventures announced a $150 million fund for blockchain gaming.
New generation of hot games coming will make so much money for investors.
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