Five ways to yield farm on Hive
It seems that term is all the rage these days, most people think of Ethereum when it comes to this. Such as Compound, Uniswap and others. But on Hive there are many ways to earn as well and you will not have to spend some of your earnings on large fees unlike Ethereum, as Hive has no transaction fees.
About a year ago, you could buy upvotes using different services on Steem. Though it was decided by the community that we will not go this direction in the future. Luckily there are many other ways to earn, and I will point these out today in this video.
Curation:
Upvoting a post before others do can earn you rewards. Look at people you are following and if you notice they tend to get good rewards you may want to upvote them early on so you can get some as well. With the 50/50 reward system this can be quite lucrative. There is a sweet spot when comes to timing your votes. I tend to upvote posts around 2.5 to 4 minutes into their creation. But you can wait 5 minutes and not have any penalty to your earnings.
Authoring:
Posting is a great way to earn on hive. If you have good content, and you fill out the posts with alot of detail people tend to find it and upvote it. And some people are waiting for good posts to get the curation rewards, see above for more about that.
Delegation to groups:
By taking your Hive and adding it to other communities you can earn a daily payout depending on how much you delegated. Such groups are @ocdb @tipu @curangel @qurator @appreciator @rocky1 @bdvoter and even @actifit
Leasing out Hivepower:
By using platforms such as dlease.io ran by @thecryptodrive you can earn anywhere from 8-16% depending on the market at the time. It is important to review the user requesting the lease to make sure you are not delegating to an abusive member of the community. Or to someone that you may not like, or not liked by most of the community. As when you delegate to them you are helping them have more voting power.
Renting out Splinterlands cards:
Hive is home to the most successful blockchain based gaming platform. Its known as Splinterlands (formerly SteemMonsters). In this game you battle other users by selecting summoners and monsters, each card has unique abilities and stats. These cards are also known as NFTs (Non-fungible tokens). By winning battles in ranked you can earn DEC (Dark Energy Crystals) and even new cards. Though when you are not playing, you can also lease out your cards to other people. And earn DEC in return. Depending on how high level your card is, and its rarity you can earn a nice reward back while not using them. If you recently used the card, it goes in cool down mode and will take awhile before you can lease it again. Peakd has a Dapp that is quite helpful when working with your collection of cards.
So that is five ways to earn on the Hive blockchain, also known as yield farming. There are other ways to earn on this blockchain as well but I will cover that another video in the future.
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Ah glad to share, thanks for stopping by.
You too!
I've heard the term yield farming, I was not sure what it meant as I haven't research on the topic. Now that you describe it I didn't know I was doing that all this time on Hive. Interesting. Thank you for the information.
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Ah yeah Hive has been ahead of the curve for awhile now, with NFTs like Splinterlands and NFT Showroom and others. And how you can lease Hive power.. People think many of those started off on ETH but not all of them.
Glad to hear you are making use of your stake.
I don't think I have an important enough amount of HP to even consider this, but good tips nonetheless 👌
Maybe not at the moment, but at all time highs your Hive could be worth thousands of dollars. And then you can do quite alot with it.
thanks alot!
yeah, great article as always
I've been digging DCity...have you checked that out yet?
Thanks much, I started looking into it but honestly did not invest. Ive stuck mostly to splinterlands, though maybe I will try out dcity.
Appreciate you bringing it up, I do see people earning rewards on it. So I might include it on my next yield farming post. I already have a bunch more to do a second post. So glad Hive has many options to earn.
Yeah you might like DCity quite a bit; very passive, low maintenance, and fun if you were a SimCity fan back in the day. One Hiver told me he was converting all Hive into SIM tokens at this point and reinvesting.
I do like Splinterlands too, like you, though. I missed the land grab last week but hoping to buy some during the next presale. Thanks!
Stunning info for a newbie investor who doesn't know how to go about maximising their money to full effect. I basically curate to earn reward and most of the other options are for those with huge hive power.
It's so strange to realise that just one year ago votes can be bought, I'm imagining the change that would have been here in a year time too. Brilliant content.
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I think so too, hopefully some people that were not aware of these things are now aware. Good to hear you're putting your HP to good use.
Hah yeah right? Alot has changed in just a year, its pretty amazing. Its been one hell of a year on the blockchain!