WTF is this DRIP thing???
I was asking myself the same thing just a couple of months ago. I’m still relatively new to crypto but have been an avid reader of Medium articles for a while and happened to stumble across one of the many many articles on Drip which led me down the Drip rabbit hole. I have now invested in Drip and I’m excited to see where it goes.
This is intended to be a quick and dirty overview of Drip from a newbs perspective for those who have either never heard of it or maybe they have and are pondering whether or not they want to take the plunge. There are many other articles on Drip that get in to more details but I really wanted to keep this high-level.
Who started Drip?
The Drip Network was started by an anonymous developer who goes by the moniker Forex Shark who wanted to build a DeFi platform that was unique and sustainable compared to the other DeFi projects out there. Drip is a smart contract built on the the Binance Smart Chain which reduces the fees significantly compared to other chains like Ethereum.
When I was researching Drip I came to realize that the developer Forex Shark is very transparent and involved in the Drip community such as Telegram which is very reassuring. He has done several interviews which you can watch on YouTube and gives you a better context for why he started Drip and why he’s so committed to it. Here’s a quick excerpt from Forex Shark’s Medium page and a little of his background:
“I’ve been working as a full time trader/investor for over a decade. I’ve been in crypto since 2012, bought bitcoin for the first time at $14. About 6 years ago I started advising large development teams and handling their presale raises. I’ve raised and handled tens of millions of dollars worth of allocations for various projects over the years as I built up my community. Last year I released my first token R34P which was an extreme success and since then I’ve been building and adding to my existing ecosystem.” ~ Forex Shark
How does it work?
The DRIP token is a deflationary daily ROI token that pays stakers and referrers from a tax on transactions and not through inflation. Staking the Drip token in the Drip Network’s “Faucet” allows you to earn you a 1% daily return until you reach a maximum of 365% payout.
There’s a few things that make Drip unique in it’s sustainability compared to other DeFi projects.
First off like I mentioned above it’s a deflationary token so that means that when someone deposits Drip in to the faucet it is burnt and is no longer in circulation. Originally only 1,00,000 Drip were created so as Drip is bought and the total decreases it will push the price up further as demand grows.
Second, the Drip team has implemented a very smart taxing system which is outlined below. This essentially helps to keep money going back in to the “Faucet” pool and also deters people from withdrawing too often.
- Buy DRIP with BNB on Swap Page — NO TAX
- Buy DRIP on Pancake Swap — taxed 10%
- Deposit DRIP into Faucet (stake) — taxed 10%
- Hydrate (recompound) Faucet Available DRIP — taxed 5%
- Sell DRIP to BNB — taxed 10%
- Claim DRIP from Faucet Available — taxed 10%
- Send DRIP to another wallet (transfer) — taxed 10%
- Send DRIP via “Airdrop” feature — taxed 10%
Third, there is a referral system in place which is one of the unfortunate reasons that many people attribute it to pyramid schemes. However the way that they’ve designed it is in such a way that through rewards and airdrops it’s just as rewarding for the referral as it is for the referred. So in a sense it’s almost like an inverted pyramid instead and is a win-win referral system for everyone.
Lastly, they only allow 1% claiming per day. This ensures that no whales can withdraw all their money quickly or all at once and crash the price.
How do I get started?
- You’ll need to purchase BNB (BEP-20) on the Binance Smart Chain (BSC) which is what you’ll need in order to purchase Drip.
- Transfer your BNB to your MetaMask or other wallet compatible with Drip Network.
- Go to: https://drip.community/fountain, “Buy” section and exchange your BNB for DRIP crypto. (but don’t forget to keep some BNB in the wallet to pay for some of the fees, as every transaction will require a very small amount of BNB).
- Finally, in order to take advantage of the daily 1% hydrating (compounding) you’ll need to enter a buddy address on the Faucet page. I would be much appreciated if you used my buddy address which is: 0xF03e17ADA0595F59d13403B81cAe177D7b99F862
Keep in mind this is a very simplified setup process. It’s a little different for everyone depending on where you live, your bank, etc. There’s plenty of YouTube videos you can watch that will help you through this process. I also plan on writing an article on how I go about buying Drip. Also this should be a no brainer but NEVER ever share you wallet’s pass phrase. You should never need it other than if you’re setting up your wallet on a new device.
Community
As I mentioned earlier one of the things that sold me on Drip is the really friendly and welcoming community around. More importantly it lacks the other toxic traits like spammers, shillers, bullies etc. found in other online communities we all know. Everyone in the various Drip Telegram groups is super helpful and willing to answer any question you might have. These are the groups that I’m a part of:
Thanks for reading and I hope this gave you a quick overview of Drip and how it works. Please clap if you liked it, or feel free to leave me a constructive comment if you didn’t. Feel free to ping me @BenniFTB in any of the Telegram groups I mentioned above.
Lastly, if you do decide to sign-up I would greatly appreciate if you used my buddy address: 0xF03e17ADA0595F59d13403B81cAe177D7b99F862
Till next time Drippers!
Disclaimer: I am in no way a financial advisor and nothing in this article should be taken as financial advice. Always consider your risks and do your own research (DYOR). Invest responsibly and only what you can afford to lose. Neither the author nor the publication takes any responsibility or liability for any investments, profits or losses you may incur as a result of this information. The article may contain affiliate links.
