Crypto Curious: Let Your $NURD Earn Rewards While You Sleep With Staking & Farming Pools
If you have $NURD and you’re not taking advantage of any of the farming or staking opportunities, you are missing out!
Okay, you’ve set up a wallet, purchased some Algos, and swapped for a bag of $NURD. Now what? Well, it’s time to put those tokens to work.
Pools, liquidity, farming, staking. What does any of this have to do with cryptocurrency?
- The terms staking and farming are often used almost interchangeably. I’m sure there’s an important difference, but you don’t need to know that to get started.
- I like to think of pools as crowdsourced Scrooge McDuck swimming pools of tokens.
- Liquidity has to do with the amount of tokens that can be traded at once.
Basically, farming is a way to earn rewards on your tokens, like getting interest or a stock dividend.
Yep, it’s kind of like getting free crypto.
Each project handles pools a little bit differently, so if you aren’t sure how it works, don’t be afraid to reach out to the project via their contact info.
- Usually you need to first “opt in” to the asset via your wallet.
- You may need to visit the page to claim your earnings each day if you want to re-invest them right away.
- In some cases, the tokens will magically appear in your wallet.
- In the case of pairs like $NURD/$ALGF, you may need to go to Tinyman and click “add liquidity” before you can go back and stake.
Here are some of the places where you can make your $NURD (and other tokens) work for you:
- The Algo Faucet
You don’t have to be holding a lot of tokens to get started with staking, but the more you stake, the more you can earn! I’ve also found staking to be a great way to get introduced to new projects through their partnerships. As always, this is not financial advice, so do your own research.
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