I just found out that you can make passive income with Trust wallet.
The ability to make money with Trust wallet is one of the most appealing features of the mobile app.
Read on to discover few ways on how to make free money with Trust wallet cryptocurrency software.
How to make money through Trust wallet
Before taking a look at the ways you can earn money with Trust Wallet, it’s important that you consider the amount of effort you need to invest.
Some passive income strategies are more capital intensive, while some require more research and effort than others.
Note: Cryptocurrencies are susceptible to strong market corrections. If the price of a particular asset you’re HODLing declines, it can affect the percentage of income earned.
Below are the best different ways to earn passive cryptocurrency income with Trust mobile app wallet.
1. Cryptocurrency Staking
One of the most easiest ways to earn crypto passive income with Trust wallet app is through staking.
Staking allows HODLers to earn staking rewards for locking up tokens to support the consensus protocol of a crypto network.
In a sense, staking is akin to putting your crypto into an interest-bearing savings account, except that it pays out in cryptocurrency.
Staking is a good way of making your crypto assets work for you, as they generate income, instead of just sitting in your wallet.
Moreover, by staking, you are also able to contribute to the efficiency and security of a blockchain project that you support.
Trust Wallet currently supports in-app staking for six cryptocurrencies, and these staking coins are; BNB, Kava, Cosmos, Algorand, Tezos, and Tron.
2. NFT Investment
NFT farming is a developing concept that involves staking NFTs for a reward or staking tokens for an NFT as compensation.
To learn more about NFTs, read my guide on Non-Fungible Token and how they work.
NFT farming functions in essentially the same manner as yield farming, with the main difference being that the former involves NFTs as either the staked token or reward.
NFT farming builds liquidity and utility for NFTs that would otherwise just be sitting idly in your wallet.
To farm NFT using Trust mobile app, you can use in-app DAppBrowser, or WalletConnect to access NFT farming DApps.
3. DeFi Lending
DeFi lending is a popular use case in the fast-growing crypto market, where you take part by lending your crypto investment to others for interest earning.
Leading DeFi lending protocols that you can access directly in Trust Wallet include Aave or Compound.
Compound, for example, is a leading decentralized lending platform that enables you to loan your assets in decentralized lending pools.
When a borrower takes out a loan, they pay interest when they want to pay back.
All lenders receive a distributed share of interest as an incentive to stake their tokens thus providing liquidity.
Interest rates vary as they are based on supply and demand.
The Trust mobile wallet app allows seamless access to range of DeFi protocols – should you choose DeFi lending as your way of earning passive income.
4. Yield Farming
This is yet another way of earning money with the popular mobile cryptocurrency wallet app.
Using this mobile Wallet, you can access a wide range of yield farms on Ethereum, Binance Smart Chain, and other blockchain networks to find the highest yields in the market.
While yield farming is arguably very risky way to earn free money with crypto, it’s also one of the highest-paying.
5. Automated Market Makers (AMMs)
These are decentralized crypto trading pools that match buyers and sellers using smart contracts.
It’s another excellent way to earn crypto passive income by providing liquidity to automated market makers (AMMs).
As an incentive to add liquidity (by depositing tokens) in a trading pool, liquidity providers receive a share of the trading fees plus governance tokens.
Frequently Asked Questions
How to earn money with Trust wallet
The ability to earn passive income as a crypto holder is one of the most appealing features of the crypto ecosystem.
Whether you are lending tokens in decentralized lending pools or staking coins, there are a plethora of opportunities to earn income on your crypto investments.
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