In yesterdays post Why I Love Navcoin And Think You Will Too I have shown you the exciting features that Navcoin offers. In todays blog, I will present you 4 easy ways to earn passive income with Navcoin.
4 Easy Ways To Earn Passive Income With Navcoin
Earning a passive income with Navcoin is easy. It offers four different possibilities how you can earn money using Navcoin. Some of these possibilities are completely passive, some require some degree of interaction.
Earn passive income with Social Mining
Last month, Navcoin has introduced a social mining platform. Social mining allows users to get rewards if they do things, that add value to Navcoin. It’s called “Social” because the actions that users can do are mostly on social media websites. If a user carries out actions like
- Tweeting about Navcoin or retweeting a tweet of the official Navcoin Twitter account
- Create a post on reddit about Navcoin
- Write an article about Navcoin
- Trades Navcoin on Binance
- Helps other users on Discord
- Creates a video about Navcoin
they will gain points for their actions. Each month there is a pool of at least 5’000 NAV available for distribution. At the end of each month, the reward pool is distributed among the users that carried out the actions according to their points. People can also donate to this pool. So for the current month, there are already 6’800 NAV up for grabs, which translates to about $2’700.-
If you want to join the social mining, please use my referral link.
Earn passive income with Staking
Navcoin is using the Proof of Stake consensus algorithm. The Proof of Stake algorithm is very environmental friendly and doesn’t need expensive hardware like the Proof of Work algorithm. I’m pretty sure that everyone has seen one of those massive Bitcoin mines with hundrets and thousands of graphic cards running day and night. With Navcoins Proof of Stake, you can even stake on a tiny Raspberry Pi or your home computer or laptop!
You can even stake your Navcoin on a Raspberry Pi. No crazy hardware required!
You have three different possibilities of staking your coins:
- Stake your Navcoins yourself by running a full node with a Navcoin Core Wallet. You do not need to do anything else, just have your wallet running in the background and you’re staking.
- Stake your Navcoins in cold storage. You can use a Nano Ledger S or the NEXT Wallet to stake your coins in cold storage, increasing the security even more.
- Stake your Navcoins in the Navpool which is a non custodial staking pool.
By staking your Navcoin you can earn about 5-8% APY.
Earn passive income with Mixing
The self-developed privacy protocol blsCT can be used to generate passive income as well. By holding xNAV, these coins will automatically be offered to the algorithm to be used in the mixing process. By taking part in this mixing process, you will be compensated in the form of a fee for your service.
Earn passive income with Liquidity Farming / Yield Farming
In the middle of this year Navcoin has created a wrapped representation of Navcoin (wNav) on the binance smart chain. They have integrated farming for the WNAV/BNB liquidity pool on PancakeSwap which provides another possible source of income.
By providing liquidity to both trading pairs (wNAV and BNB), you are currently able to earn ~30% APY of the provided wNAV amount. While this is a very high amount, there is also the risk of impermanent loss which you don’t have when you just stake your coins via Proof of Stake mentioned above. If you understand this risk, it is a great possibility to earn passive income.
I am currently using about 25% of my total NAV holdings for liquidity farming.
If you are interested in learning more about the liquidity farming of Navcoin, make sure to check out this article with a tutorial that shows you step by step how you can provide liquidity.
Conclusion
Navcoin offers many different ways to earn a passive income. I’m personally using three of the four ways on a regular basis. Especially the new social mining has me thrilled since it not only provides a way to earn more NAV, but it also helps with adoption and reach so that new people learn about the exciting features Navcoin offers.
