Farming crypto: Your guide to DeFi in 2024!
In this guide I’ll show you how to profit from JustMoney’s DeFi platform with Energy and Staking Rewards!
But first of all: Happy New Year to everyone in the world who is reading this. Let’s make this the year of the bull and most important the year of calm & peace!
One of my New Year resolutions for this year is to diversify my risks while holding cryptocurrencies. One thing to consider is to use your assets to make some interest over time. In this article I will share two ways to do so.
So, let’s delve into an innovative & low risk method to earn money on the JustMoney platform by providing energy, up to an interest of 5,47% a year. While blockchain and cryptocurrency offer traditional ways to invest, JustMoney introduces a unique approach that combines ecosystem consciousness with financial gains. I’ll show you a way to get more out of your crypto that you hold on exchanges like Binance, Kraken or Huobi or in decentralized wallets like Tronlink or Metamask.
Energy Provision for JustMoney Rewards (single token staking)
JustMoney has integrated a sustainable earning model where users can earn rewards and contributing to the ecosystem by providing energy. By freezing energy for the wallet address linked to the system, users automatically earn 0.3 JM per day per 1 TRX frozen. The JustMoney platform recieves energy which is used to reduce transaction fees on TRON from 50 TRX to 19 TRX per trade, for all users of the JM platform. This process aligns financial incentives with ecosystem benefits, as users help maintain the system (as trading activity on TRON) and receiving daily rewards. The only risk here is that the worth of your TRX will fluctuate along with the market.
How It Works:
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Staking and earning TRX: Users stake their TRX on Tronscan and vote for representatives to earn the highest voting reward. At the time of writing you can get 11 TRX daily for Staking 100k TRX. You can check the current rewards here: Token Goodies - TRX Voting Rewards Calculator Users vote with TRX for daily rewards on Tronscan.org, which need to be opened with Tronlink (this app can be downloaded from the App or Playstore). In Tronscan you open the menu from the upper right corner and go to ‘Governance’ and click on ‘Votes’. Here you can vote for the representative that gives the highest APY. At the of writing the highest APY given is 4.16%. To vote for an SR you need to have your TRX frozen which is explained in Step 2. Note: the min. amount of TRX that need to be frozen to recieve JM awards is 5.000 TRX, which will give 1.500 JM every day.
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Freezing Energy: Users freeze TRX for energy on Tronscan.org, which need to be opened with Tronlink. In Tronscan you open the menu from the upper right corner and go to Wallet and click on asset management.
Click on ‘get resources’ to stake TRX for Resources and TRON Power, make sure you obtain “ENERGY and TRON Power” and NOT “bandwidth and TRON Power”.
Enter the amount of TRX you want to stake and click confirm. In the details tab of the resources you can delegate energy to the specified wallet address: TSJcv2QH5Td9gSyXjWNxw5DAKk5ujJ3mFM, by clicking on ‘delegate to others’. Note: your funds will always stay inside your wallet and not Tronscan or JustMoney can take the control over your TRX. This is secured by smartcontracts. -
Automatic Rewards: Once energy is frozen, users start automatically receiving daily rewards in JM to the same address where the TRX was frozen. Once TRX is used for voting as explained in step 1, users start automatically receiving daily TRX rewards too in the wallet used for voting.
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Adaptive Rates: JustMoney may adjust the rate of distributed JM based on the total energy available. If there’s excess energy, rates may be adjusted to ensure efficient utilization. The current rate gives 30k JM per 100k TRX provided for energy.
30k JM equals an additional 4 TRX at the time of writing. Which equals 1,460 TRX over a year. -
In conclusion the total reward for staking 100k TRX together with freezing energy for JM gives a net income of 15 TRX a day or 5,475 TRX a year. Which is an APY of 5,47% with distribution on daily basis. The interest might rise over time as the value of JM goes up and you keep holding these rewards.
The Evolution of Passive Income: Liquidity Mining (double token staking)
While traditional cryptocurrency strategies involve HODLing, JustMoney introduces an alternative method—liquidity mining. This decentralized finance (DeFi) mechanism allows users to earn passive income by providing liquidity for decentralized exchanges (DEXs).
Key Takeaways:
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Liquidity Mining Definition: Participants contribute their cryptocurrency assets to liquidity pools, earning tokens and fees in return.
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Benefits of Liquidity Mining:
- Passive Income: Users earn daily rewards for providing liquidity.
- High Yields: Liquidity mining often offers attractive returns.
- Low Barrier to Entry: Accessibility for a wide range of users.
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Risks Associated:
- Impermanent Loss: Potential loss due to fluctuations in token prices.
- Project Risks: Risks associated with the underlying DeFi project.
- Rug Pulls: Unexpected and malicious actions by project developers.
Understanding DEXs and AMMs
To comprehend liquidity mining, it’s essential to grasp the concept of Decentralized Exchanges (DEXs) and Automated Market Makers (AMMs).
DEXs Overview:
Traditional exchanges use centralized order books, while DEXs operate through AMMs, removing the need for a centralized entity to match transactions. Uniswap pioneered the AMM model, facilitating permissionless cryptocurrency trading.
AMMs and Liquidity Pools:
AMMs operate through liquidity pools, where users deposit their cryptocurrencies. This decentralized approach enhances liquidity, allowing for more capital-efficient swaps and minimizing slippage. Funds can be redeemed anytime and the users remains control over their holdings secured by smartcontracts.
JustMoney’s Lucrative Liquidity Pools
JustMoney’s liquidity pools offer compelling annual percentage yields (APY), making it an attractive option for liquidity providers*:
- +149.54% $PNDC/$ETH APY on Eth
- +28.46% $iDNA/$BNB APY on BSC
- +85% $CCC/$USDT APY on TRON
- +24% $CCC/$TRX APY on TRON
- +9.29% $JM/$USDT APY on BSC
- +8.38% $MATIC/$USDT APY on Polygon
- +2.17% $JM/$BTC APY on TRON
*These rates are at the time of writing and will change over time.
These substantial rates demonstrate the potential for significant returns on investment, making JustMoney an enticing platform for those seeking both financial gains and environmental impact.
How It Works:
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Find a pool you want to add liquidity for: Check out the pool page here: https://just.money/pools?n=TRON. As you can see pools consist on various blockchains like Ethereum, Polygon, Binance Chain, TRON and BitTorrent Chain.
Make sure you open this link with your cryptowallet browser. It’s necessary to use Tronlink for the TRON blockchain and Metamask for all others. -
Calculate the liquidity ratio:
Click on add liquidity and connect your cryptowallet. Fill in the token you want to provide liquidity for and the platform automatically calculates the required amount for the other token. To place liquidity you will need the equal amount of tokens of both assets. -
Buy the desired amount of tokens off the market Make sure you hold them in the same wallet.
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Add the tokens Add the tokens in the fields you used in Step 2 hit the supply button and sign the transaction, and you’re good to go! You’ll now be a liquidity provider.
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Recieve Staking Rewards Rewards are being added to the pools continuesly so at the end of the day you will see your staked tokens are more than when you started.
In conclusion, JustMoney introduces a dual-purpose platform—users not only earn money through innovative methods like liquidity mining but also contribute to a sustainable ecosystem by providing energy. As blockchain and cryptocurrency continue to evolve, platforms like JustMoney showcase the fusion of financial opportunities and eco-conscious practices.
At the time of writing the $JM token is trading at $0.00001511 with a marketcap of $1.100.000,00 and the TVL (Total Value Locked) is at $772.247,00.
I’ll hope you liked this article. Check out my previous one as well about the “5 Reasons to buy JM tokens”: 5 Reasons to buy JM Tokens: Unlocking the Potential. This link directs you to the article on this forum!
As we navigate these digital decentralized frontiers together, I invite you to stay connected. Follow me on X @multichainmarco for more insights, updates, and discussions on the exciting realm of cryptocurrency.
Your opinions matter, so feel free to share your thoughts in the comments below or reach out on X. Let’s continue this conversation and explore the fascinating possibilities that crypto and Tron in particular has to offer.
Thank you for reading and feel free joining me on this journey!