3 Side Hustles in the Blockchain Industry You can Jump on Right Away
Learn to Earn
Writing is the most effective way to learn. If you have prior writing experience and curiosity about the blockchain space, then crypto writing is something to look into.
Writing is a highly paid skill in the internet space. Writing became widely adopted with the rise of digital marketing, content marketing, and Search Engine Optimisation.
Blockchain startups also need to get in front of their target markets and grow online communities around their offers and products. They need writers.
Here's how it works:
- Build a portfolio. You can create a portfolio of 3-5 written pieces on hot cryptocurrency topics on Medium or LinkedIn.
- Take a course on digital marketing or community management. This is somehow a required skill for writers in the industry.
- Apply for cryptocurrency jobs on job boards like cryptocurrencyjobs.co, cryptojobslist.com, and laborx.com.
If you prefer freelancing, crypto writing jobs are also available on popular job boards. You don't need to get advanced knowledge of marketing for this.
Crypto Trading
Trading cryptocurrencies is straightforward science. It’s simple trading; buy tokens or coins at low rates, and sell when the prices are at high rates.
The work is in knowing when to buy and sell a cryptocurrency to make your profit.
- Trade histories will repeat themselves. The charts are always speaking. You only need to pay attention to past trends.
- You like faster when you interact with like minds. Associate with fellow traders who have a track record of high success rates.
- You can learn from others. Take a course on crypto trading. Identify and listen to proven crypto traders.
- Do your own research. While listening to experts is advisable, you mustn’t agree with all they say about new projects.
Maintain curiosity, and open-mindedness and pay attention to get quality information on new projects in the ecosystem.
Here are 4 key practices you can implement to make more from crypto trading.
Yield Farming
Yield farming is simply a process of getting as many rewards as you can from participating in the ecosystem of a DeFi project.
It is like investments; a semi-automatic way of making your money work for you. You also have to identify the right projects early. As more people join in on a project, the fewer the rewards attached to activities on the projects get.
That said, let's get into the technical definition. Yield farming is the practice of staking or lending crypto assets to generate high returns or rewards in the form of additional cryptocurrency.
There are several ways you can carry out yield farming:
- Liquidity farming. You can be a liquidity farmer.
- Lending. You can lend your tokens.
- Borrowing. You can use one token as collateral to borrow tokens for staking.
- Staking.
There are two forms of staking in the world of DeFi. The main form is on proof-of-stake blockchains, where a user is paid interest to pledge their tokens to the network to provide security. The second is to stake LP tokens earned from supplying a DEX with liquidity. This allows users to earn yield twice, as they are paid for supplying liquidity in LP tokens which they can then stake to earn more yield.
(Source: Block Works)
Estimated earnings from yield farming are calculated in terms of annual percentage yield (APY). APY is the rate of return that the user gains over a year. Compound interest can also be factored in the APY calculation.
Popular platforms to find yield farming opportunities are Aave, Compound, Uniswap, Instadapp, Sushiswap, and Curve Finance among others.
You will find out more about yield farming in this article.
Which of these trio is the most viable side-hustle option for you? Tell us in the comment section.
