How I Earn 120.69% APY On My Crypto
I’m not the most knowledgeable when it comes to crypto, but after trading and HODLing for over a year, I’ve picked up a few things here and there.
I usually use Nexo for investing, as their decent interest rates and high security makes it safe and easy to invest with. However, when I saw that Axie Infinity (AXS) had an unusually high apy, I just had to check it out.
While I was checking out my Nexo savings one day, I noticed that AXS had an apy of 42%! So I, and as I’m sure many of you, naturally wondered if I could get higher apy rates on other platforms, and therefore make some more dough.
While checking out Binance’s Staking section, I noticed that you could stake AXS for 90 days and get an apy of 120.69%! (nice)
I didn’t really know why it was that high, and naturally was reluctant to invest. But then I thought, heck, why not — and I put in $100. Although 120% sounds like a lot, I was only making $0.33 a day in passive income. But for only $100 invested, that was frickin amazing.
Unfortunately, for many good things in life, everything comes to an end. At the time of writing, AXS is down nearly 60%, meaning that $0.33 a day is now more like $0.13 a day.
Ironically, since the day I first bought AXS on March 31, it has continuously been bearish and gone down. The future looks bleak for AXS. Technically I still make 120.69% apy, it’s just I’m now making it on a lower valued asset.
This just comes to show how volatile crypto can be, and how investing with crypto can sometimes be a bit of a gamble. Granted, I don’t know a lot about crypto, and I’m just an average crypto enthusiast curious about different opportunities.
Even though I lost a bit of money, I do think that this experience was worth it, as it got me interested in different altcoins and communities. I mean I hadn’t even heard about Axie Infinity the game until I researched a bit about AXS the coin. It was also just fun to put in a bit of money and see what would happen to it.
Note: Crypto is still an extremely volatile currency. I encourage you to experiment with different coins but please only invest what you’re willing to lose. Even though you can do your own research and make some genuine money, I try to think of crypto trading as gambling.
Hopefully, what you can learn from this is that crypto can be a great opportunity to make some money and passive income. Don’t put all your eggs in one basket though, and be wary of crypto scams and volatility.
To Axie Infinity and beyond!