Hello Readers!
I hope all of you are having a fantastic day and enjoying time with your friends and family. As you are here reading this post, then most probably you are already familiar with the Hive blockchain. Whether you are a new user to it and exploring the blogging, communities or dApps or rather a long-time user and building your wealth and influence, I am sure you love this ecosystem and getting addicted to it. Hive is really one a really one-of-a-kind project in this entire crypto realm, and it is reshaping and empowering its users, especially with its potential to help you earn and grow your crypto assets.
Today in this post, I am excited to share my latest progress on Hive and Inleo and also discuss how I have been building my wealth, step by step. I track my progress every week to stay focused on my financial goals, and I hope my journey can inspire you to organically keep growing your portfolio here too. So, if you are interested, Let us all jump in without any further ado.
1. Hive Power (HP)
When anyone joins Hive for the first time, they would find it a bit overwhelming to see all the different features and usability. But as an old user myself, I have realized the importance of staking Hive into Hive Power (HP). For those of you who are new and might not be familiar, HP is a way to increase your influence on the platform, as staking Hive into Hive Power (HP) allows you to earn curation rewards when you vote on others’ content such as - Blog posts, Threads, Comments, etc. and the more HP you have, the more powerful your votes become, meaning higher rewards.
With Curation Rewards, Every time you vote on a post or comment, you will earn a portion of the rewards they generate in the form of Hive Power. The higher your HP, the more significant your influence in the Hive chain, and the better returns from your curation. This decentralised blockchain system not only rewards you for engaging with content but also encourages you to support quality posts on the platform.
Staking HP also allows us to participate in key decisions on Hive, like voting for witnesses who still run the system and approving proposals that will find certain Hive projects to shape the future of the network.
Over the past year, I have been steadily increasing my Hive Power. I focus on creating content on a daily basis these days and also engaging with other posts, and most importantly - I have stopped powering down (withdrawn any HP) a long ago. In my update last week, my HP balance was at 15,962 HP, and today I am thrilled to report that it has grown to 16,223.5 HP. That’s an awesome increase of 261.5 HP in just a week. Anyway, I am now on my way to my next milestone of 20,000 HP. It might seem like a slow climb and requires a lot of time, but I know I can reach there one day if I keep trying.
2. Hive Backed Dollars (HBD)
Next up, let us talk about Hive Backed Dollar aka HBD), which is the stablecoin on the Hive blockchain,l and its value is pegged to the US dollar. Because of its well-known stability in past years, I believe HBD is an excellent way to store digital value without worrying about the extreme volatility, that we often see in the crypto market.
Now, What makes HBD really even more attractive is the 15% annual interest rate that Hive offers when you save HBD in your HBD savings account. This interest is paid out on a monthly basis and adds up quickly to your HBD Locked wallet, allowing you to grow your holdings with minimal effort. The best part about this investment is that the unlocking period for your HBDs from your savings wallet is just 3 days, so you can access your funds relatively quickly if you need to.
Let’s now break down my HBD savings progress. Last week, my HBD savings stood at 778.156 HBD. However, recently I have converted some Hive into HBD during a price surge, increasing my balance to 1,328.857 HBD. Additionally, I earned 10.44 HBD in interest over the last month, and in just the first 2 days of this month, I have already earned another 1.186 HBD, obviously because I have suddenly more HBD in my savings wallet.
My long term goal is to reach 3,000 HBD in savings, which I am steadily working towards but at a slow speed. Though I am going slow with this rate, with interest compounding and consistent contributions, I am confident that I will hit my target one day soon!
3. Leo Power (LP)
Let us now dive into my progress with Inleo, which is one of my favorite communities on Hive. Inleo is a fantastic and addictive social media space for those interested in crypto, finance, and Web3 topics. It has its own token called $LEO, which you can stake to earn Leo Power (LP). Much like HP, staking your LEO increases your influence on the LeoFinance platform and allows you to earn Leo curation rewards when you vote on posts that are published on the Inleo Platform.
I have been a part of the Inleo community for a long time, when it was LeoFinance community and enjoyed the journey for quite some time as we have come here. I am excited about its long-term potential and bullish in this project ever since. Last month, I participated in the Leo Power Up Day (LPUD), an event happens on a monthly basis that encourages Leo users to stake their LEO tokens. During that event, I powered up 204 LEO tokens, bringing my total Leo Power to 11,711 LP.
Anyway, I joined the most recent LPUD as well which happened just yesterday. I staked an additional 150 LEO tokens to celebrate the event, thus increasing my total balance to 11,861.13 LP. My ultimate goal is to reach 15,000 LP to earn the prestigious “OG LION” status on the platform one day.
I hope you liked reading my post and if this motivates you even a little bit, I will be very happy to know. That’s it for today and I will be seeing you all in my next post.
Posted Using InLeo Alpha