Earn up to 16% yields on one of crypto’s red-hot DeFi coins
Decades of near-zero interest rates have left millions of investors frustrated as hell at no longer being able to earn a decent return on their savings.
But crypto’s Decentralized Finance (DeFi) revolution is giving birth to a whole new financial ecosystem. Where interest rates honestly reflect market supply and demand — instead of being distorted and manipulated by central bankers and politicians to meet some policy agenda.
As a result, you can now earn a whopping 16% on the Synthetix.exchange coins (SNX) we recommended back in August.
Synthetix, you may recall, is the DeFi exchange (running on the Ethereum (ETH, Tech/Adoption Grade “A”) blockchain) that lets you trade just about any financial asset under the sun at far lower transaction costs than using a conventional bank or broker.
Thanks largely to the September crypto markets correction, SNX is down about 39% since we recommended it; however, the bullish case for it remains as strong as ever.
Key Reasons We’re Bullish on SNX
First, as a leading DeFi-related crypto, SNX benefits from the surging across-the-board growth in DeFi. Which neither pandemic panic, nor the bitterest election campaign in U.S. history has been able to stop.
Second, Synthetix will launch derivatives trading end of October. Futures trading means more leverage, and therefore more trading fees to token holders, making the tokens more valuable.
When Synthetix launched crypto options trading, for example, SNX tripled in two months. Something along similar lines could easily happen when futures trading starts up.
So, don’t be discouraged. Hang onto the SNX you’ve got. And while you’re waiting for the price to rise, you may wish to consider staking your coins on Celsius — and get paid 16% crypto “interest” while you wait.
Celsius is a London-based smartphone app. But it basically operates like a crypto version of a traditional, centralized bank. That is, it offers savers interest-bearing crypto deposits, and then lends these coins out to borrowers at higher rates.
But unlike heavily regulated traditional banks, lending and borrowing on the blockchain is mainly regulated only by the impersonal forces of the free market. For example, deposits on Celsius are not insured by SIPC or FDIC (although they say some kind of deposit insurance is in the works).
Before we get into the step-by-step process of staking, please keep in mind that no investment (especially in crypto) is risk-free. So, never invest any money you cannot afford to lose.
Also, Weiss Cryptocurrency Alert accepts no compensation whatsoever for steering readers to any crypto lending platform, exchange or app. (Apart from personal trading or investment accounts we may have, we have no business relationships with any of the above that we cover.)
4-Step Guide to Earning 16% Yields
on Your SNX Using Celsius
Buy Some SNX to Stake
If you already have some SNX in a crypto exchange account or a personal digital wallet, skip down to Step 2 below.
If you are a U.S. resident, you can buy SNX on Kraken. See our previously published guide for how to open and operate a Kraken cryptocurrency exchange account here.
If you are a non-U.S. resident, you have more choices. However, we suggest the global crypto exchange giant Binance.com.
Make Sure the Celsius App Is
Installed on Your Smartphone
As discussed, Celsius is a free smartphone crypto wallet app (mobile only) that pays double-digit “interest” on a wide range of crypto deposits. So, downloading and installing it up is definitely worth the effort — even if you don’t invest in SNX.
If you have already downloaded and installed Celsius, skip to Step 3. If you haven’t, see our previously published guide.
Receive SNX Tokens on Your Celsius App
Launch the Celsius app, and you should see the following screen:
|Figure 1: Receiving SNX on Celsius.|
a. Here, tap on Add coins on the top left corner.
b. Tap on the drop-down menu currently showing Ethereum.
|Figure 2: Receiving SNX on Celsius.|
a. Scroll down to the bottom of the list and select Synthetix Network Token (SNX).
b. This is the SNX address of your Celsius wallet. Copy it or scan the QR code to obtain the deposit address.
Earning Crypto ‘Interest’
When your SNX has arrived in your Celsius wallet, you should see Figure 3(a) below:
|Figure 3: Earning interest on SNX.|
a. SNX balances are shown here in the middle left box. Tap on it to see more details.
b. This screen tracks the dollar value of your holdings. It accounts for both price changes of the token and interest accrued in USD.
You don’t have to take any further action to earn interest. It’s compounded and paid out weekly as stated here. So, check back every week and make sure that your balance is increasing, minus downward price changes of the token.
Interest is accrued on the U.S. dollar value of your SNX balance, not on the token quantity. So do account for the price changes of the token when evaluating the interest accrued.
In the test account shown above, we started staking on Oct. 8. Interest is paid out every Monday. You will also receive an email notification of your earnings at the same time. So, on Oct. 12, we were credited with interest as shown below:
|Figure 4: Interest accrued after four days.|
Note that the price of SNX also increased over the same period.
And that’s it! It’s a simple process, and one that can earn you income in a world devoid of it. Savvy investors are turning to staking to get the most out of their investments.
Juan and Bruce