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I've been in the crypto game for a few years now, and I've learned a lot about how to earn passive income with crypto. It's not always easy, but it can be very rewarding.
I'm going to share the best passive income strategies for 2023. These are the strategies that I'm using myself, and they're working well for me.
1. BINANCE Academy
If you're new to crypto, I highly recommend checking out Binance Academy It's a great resource for learning everything you need to know about crypto, including passive income strategies.
2. Staking
Staking is one of the simplest and safest ways to earn passive income with crypto. Staking involves locking up your coins for a period of time to help secure the network and validate transactions. In return, you earn rewards in the form of new coins.
The site stakingrewards.com provides the latest reward rates, for instance for Ethereum, Solana, or other proof-of-stake blockchain native coins:
3. Yield farming
Yield farming is a more complex passive income strategy, but it can be very rewarding. Yield farming involves lending your crypto to different DeFi protocols in order to earn interest.
For instance, you can lend your crypto to lending & borrowing protocols in exchange for interest payments. By using these protocols, you can also borrow another crypto (e.g., a stablecoin like USDT) that you will invest into some other protocols in order to increase the yield. The Borrow Aggregator on DefiLlama helps to find the best strategy:
You can also provide liquidity to DEXs (decentralized exchanges) like Uniswap or SpookySwap, in order to earn a share of the trading fees generated by the platform. The site nanoly.com provides the latest APY (annual percentage yield) for various chains and DEXs:
4. Affiliate programs
Some crypto companies offer affiliate programs that allow you to earn commissions by referring new users to their platform. If you have a large social media following, affiliate programs can be a great way to earn passive income with crypto.
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Risks of Earning Passive Income With Crypto: It’s important to note that there are risks associated with earning passive income with crypto. These risks include market volatility, platform risks and potential cyberattacks, exploits or hacks. It is crucial to do your own research before investing.
