If someone had told me that in the future I would be making significant money each month on the internet from nothing more than pressing a few buttons each day I would have actually laughed at them.
But hey it’s 2022 and Defi is here for better or worse and one of the Kings of Defi is Drip. In fact, I think Crypto Kingz would argue that he is the king :) but the jury is out on that one.
So Drip.
What is it?
Who created it?
How does it work?
and more importantly, how can I get into it to make it work for me?
The DRIP Token Network
Drip was originally developed by the great Forex_Sh4rk. It was launched on April 22nd 2021 (3 days before my birthday).
It has experienced an all-time high of $163.57 (on the 26th of Jan 2022) and a low price of $2.03 (on the 23rd of May 2021), at the time of writing this article the value of DRIP is $6.82 and has been hovering around this price for the last few weeks.
The main website for Drip is Here and you can also read the Whitepaper on the same site using This Link.
DRIP is the Crypto that gives! You get a 1% daily reward (In Drip tokens) for 365 days = 3.65x your initial deposit
That’s it in a nutshell. You receive 1% per day on your initial Drip deposit, for 365 days. You don’t need to do anything (not strictly true), it just drips into your available Drip balance.
You LOSE your Initial deposit
That’s right. Let’s say you decide to get into Drip, you really should. You buy 100 Drip tokens at today’s price and you have followed my Guide on Setting Up A MetaMask Wallet so that you can interact with the protocol. You have chosen Your Buddy (hopefully me but more on that later) and you’re good to go.
It’s important for you to note that once you do deposit those 100 Drip 3 things will happen.
- They move from your MetaMask wallet into the Drip protocol and are now locked within it. You cannot claim them back out or remove them. Well, you can but it takes time and a lot of claiming.
- You pay a 10% tax on the deposit so you now have 90 Drip in your Faucet.
- Your deposit is locked up in the protocol, however, you will now receive a payout on that initial amount (90) at 1% per day for 365 days. 0.9 Drip per day for 100 days = 90 Drip. So If all you do is claim every day for 100 days (or wait for 100 days and then claim) you will get your money back, and still have a further 265 days of payout left over.
What’s not to like here?
The Joys Of Compounding Interest
Drip does not only allow you to withdraw your initial deposit at 1% per day. You can Hydrate (Compound it). So each day instead of hitting “Claim” what most Drippers do, myself included is hit “Hydrate”.
If you do this and compound your daily available DRIP rewards instead of claiming them, you will grow your wallet Drip balance until you reach max payout status of 100000 or 27397 Drip!
Remind me again how much interest you get from your bank.
As you can see from the above screenshot from one of my Drip wallets (we have 5) I started with 50 Drip in this one and now have 664.383. I have grown it by hydrating it daily. This wallet now produces 6.64 Drip per day (1% of the balance) for me to claim and sell or to hydrate and grow it.
This wallet will hit 10000 Drip on 27/06/2023 at which point I can claim 100 Drip per day. Max payout is reached around 21/10/2023 27.3K DRIP at which point I can claim 272 Drip per day until the wallet is paid out. Now imagine being able to draw 272 Drip per day when Drip is worth say $10 or more!
This IS the power of Drip and why once you understand it like me you will have quite a few wallets on the go all dripping away.
Just remember that there are taxes on deposits, claims and also hydrating which are as follows.
If you hydrate your wallet as far as you can go you will end up with a Max Payout cap of 100,000 Drip (this point will be reached when your Deposits get to 27,397 Drip i.e. 100,000/3.65). There is no point in continuing to hydrate as you aren’t increasing the amount you can claim.
10% Taxes on each transaction and 5% on Compounding (Hydrating)
DRIP is able to sustain itself with 1% payouts per day by taxing each transaction at 10%. So…
- When you deposit DRIP you pay a 10% tax
- When you withdraw DRIP you pay a 10% tax
- When you compound (or Hydrate) your deposit you only pay a 5% tax.
In reality, this means you’re only getting 0.95% of interest per DAY if you Hydrate.
How do you Join DRIP and Get involved?
The DRIP network is built on a Buddy/Referral system. You cannot just join. You MUST have a Buddy (A person already in Drip) to be able to join DRIP.
You do need to have an understanding of MetaMask wallet so I recommend that you Read My Guide On That Here.
This is a very clever aspect of drip that helps to forge a sense of community within the protocol. We are all in it together building our Faucets. Not only that but when you do join using a buddy referral link that buddy gets 10% of your initial deposit. Buddy’s use this additional Drip that is helping them grow their Faucets much faster to airdrop down to their team members.
Everyone wins.
As you need a Buddy to join the DRIP Community I would be more than happy to have you join one of my teams. You can use this buddy link when you join up.
My Buddy Link
drip.community/faucet?buddy=0x1511093a940a12F6593cFb886E7ac4ea95AdF5AB
Or enter the following into the Get a Buddy box:
0x1511093a940a12F6593cFb886E7ac4ea95AdF5AB
Starting In Drip, The Steps
So you’re excited and want to start a Drip wallet. Great. The following are the steps that you need to follow.
The first thing you need to do is read my guide on
Setting Up and Using MetaMask Wallet
Once you have read that and have the wallet setup please follow these steps:
Go to Binance or your exchange of choice and buy some BNB tokens for the amount of Drip you would like to purchase. You can check out drip price on CoinMarketcap and then decide how much BNB you need.
For this article, I am purchasing 150 GBP worth of BNB. Once you have your BNB in Binance (or whatever exchange you chose) you need to send it to Binance Smart Chain in Your MetaMask wallet.
Once the BNB has arrived in your MetaMask wallet we can move to the next step.
Now you have some BNB let’s head over to the Drip website itself by using this link.
drip.community/faucet?buddy=0x1511093a940a12F6593cFb886E7ac4ea95AdF5AB
You should now be looking at this page. I want you to connect your MetaMask wallet to Drip. Press “Connect”.
MetaMask will now pop up asking to make a connection. I shall scroll through my wallets and select Wallet 3 Here.
Click on Connect as shown below.
As you can see we are now connected to Drip with wallet 3.
If you scroll down you can see that because I used my own buddy link I am already selected as the Current Buddy. You can choose any buddy you like when you join Drip.
Now go to the Swap page.
As you can see Drip sees that I have 0.6006 BNB in my wallet that I can use to swap for the Drip token. If I enter here to use 0.53 BNB I shall receive about 20 Drip.
Enter how much BNB you would like to use and then click BUY.
Click Confirm on the MetaMask window that pops up. While that transaction is going through we need to add Drip to our MetaMask wallet.
Go to CoinMarketCap in a new window.
and click on this little fox icon.
Add the Drip token to your MetaMask wallet by clicking “Add Token”.
And now we can see the 20 Drip I swapped my BNB for.
Now we go back to the Drip main page and we can see my Drip tokens ready to deposit. Click “Max” and then “Deposit”.
Sign the message that pops up in MetaMask by pressing “Confirm”.
You might have to click Deposit once more after you have approved Drip to Interact with MetaMask. Once you have deposited your Drip you will see this.
You will now see that your Drip has moved out of your MetaMask wallet and into the Drip network.
That’s it you’re now a dripper. Welcome to the club. All you have to do now is follow the strategy which I’ve outlined below.
Strategy
Everyone has a different strategy that they employ with Drip. I myself am only interested in Hydrating every day until my wallets reach max payout status and then claiming each day until the wallet is drained.
You might want to claim your initial deposit out and then Hydrate. the choice is yours. Some people claim 1 day and hydrate the next and so on.
During my travels in Crypto land, I came across this very handy spreadsheet created by Kelly. She is literally the best at this sort of stuff and you should check out her channel. The sheet allows you to input your starting Drip balance and the date and then you can adjust your hydration strategy in the sheet. It will show you when you will reach max payout status for your wallet so gives you some solid dates to aim at.
You can grab a copy of the sheet here from My Google Sheets Account. Just remember to make a copy to save it to your own sheets.
I am NOT a financial advisor. Nothing in this article is to be construed as investment advice. You MUST DYOR (Do Your Own Research) 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.
Thank you for taking the time to read my article
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Mark@AltT
