There are many full time traders out there who spend all their time trading and doing research, but not all of us spend our time that way. Some crypto traders have day jobs, families to look after, and other events to attend to. If you’re part of the second group, you’ll be interested in these projects that can help you earn some passive income even when you’re attending to life responsibilities and not spending all your time monitoring it.
United DAO (UTD)
Drawing learnings from current and previous protocols such as Olympus DAO and TIME-Wonderland, the UTD protocol has all the good parts like a free-floating currency reserve protocol backed by a basket of digital assets, and focusing on growing treasury supply so that the protocol can function as a store of value able to maintain its purchasing power regardless of market volatility.
However, the United DAO team has taken that one step further and aims to take the next step towards DeFi 3.0 with their core principles of Establishing True Credibility, Strong On-chain Governance and Active Risk Management for stakeholders. This is clearly seen from their doxxed and experienced team, where the founder and advisors are all doxxed and well-known in the financial world.
On top of that, they have a very in-depth treasury management system, innovative tokenomics and an affiliate program that will help to strengthen the protocol and keep it sustainable over time. They had their first launch in early March, and will move into a V2 Protocol launch come April with even more upgrades. Being new, there is still much room for growth so this might be the right time to get in on it. To start earning passive income, all you need to do is buy or bond UTD, and stake them on their protocol, from APY as high as over 40,000%.
Polkadot is a network protocol focused on multi-chain functionality that helps cross computation. It can transfer data to all types of blockchain – for example, it can transfer data to public and decentralized blockchains while helping with data transfer to permissioned blockchains.
Polkadot basically brings together a network of blockchains called parachains and parathread, where the Polkadot relay will guard this network while helping to link to other networks. Their main selling points are the relay chains, parachains, parathreads and bridges which help to enable cross-chain functionality and enhance the efficiency of innovation cycles. It’s currently still selling relatively low to its all-time high, so this might be the right time to get your DOT so as to make larger gains in the future.
Sphere Finance (SPHERE)
Sphere Finance claims to be the S&P 500 of Crypto, where one can get exposure to a diversified portfolio of projects across multiple chains with that one token. It runs on the Polygon network and offers the SPHERE token with automatic staking and compounding capabilities. With steady investments and continued bolstering of the protocol’s health through smart yields, Sphere Finance aims to transform this autostaking protocol into a one-of-a-king index fund for DeFi, akin to S&P 500 in the TradFi world.
This is a rather innovative concept and they pride themselves on automating so that users don’t have to do as much after they start. The main benefits for stakers come from supply and treasury growth, where the taxes applied to transactions create a price floor for users – and these taxes are used to invest into yield opportunities, OTC deals and so on. They’re also in their growth stage having just launched in Q1 2022, so it’s worth a look.