If you have the desire to boost your crypto investment without the traditional options such as trading, you can do yield farming on the Terra ecosystem using the MINE Pylon. For some reason, you can only do this on Terra because MINE Pylon is not listed on any other platform.
Yield farming is all about lending your crypto on an active P2P platform and getting paid interest. According to experts, this is an excellent passive income opportunity. But joining a thriving liquidity pool also comes with many other benefits.
Getting Started with MINE Pylon
Before you buy the MINE tokens, you need to have a Terra wallet. The process of getting one is easy when you follow the instructions on the Terra website or any other partner website such as Loop Market.
To buy your MINE Pylon tokens into your wallet, you can use Terra’s internal exchange to swap any coin that is listed. It is the same as using any other exchange on the web. Within no time, you will have tokens in your wallet.
Another option you can use to get MINE Pylon tokens is to claim airdrops while staking LUNA. Again, this is achievable through their official website or an affiliate platform. However, hitting your target may take longer with this second option.
How to Stake MINE Pylon
Investors have options when they decide to stake MINE Pylon. If you are new to this option, take your time to understand the options and choose one that works for you.
Create liquidity – The MINE Pylon liquid pools must be replenished regularly. The Terra ecosystem requests investors to deposit MINE Pylon tokens to earn a portion of the profit they make after lending crypto to borrowers. Furthermore, there are other benefits that investors enjoy such as decision-making to improve the Terra ecosystem and security for their assets.
Delegating into staking – If you do not want to get involved at all with staking, just delegate your MINE Pylon tokens by following the necessary steps and let the system work for you. Delegating MINE Pylon tokens also earns some good interest on your investment at the end of the agreed period.
Risks when Staking MINE Pylon
Cryptocurrency is a volatile and risky environment and it is vital that you take every precaution to avoid losing your investment. Although the Terra platform assures its users of digital security, no one knows when hackers may infiltrate successfully and wipe out your investment. It is not recommended to invest all your crypto on one platform. Try others to distribute the risk.
You are likely to lose MINE Pylon to crashes mysteriously. Although it has not happened in the past, this does not rule out such a possibility. Again, you may distribute your risk by staking a portion of your digital assets at a time.
As you can see, staking MINE Pylon is a lucrative way of earning passive income. You do not need to put in a lot of effort if you have the right tools and interests. When you are not aware of what to do to succeed, it is important that you research well and engage a professional to walk you through the process.