Build your Wealth on Hive Blockchain

Hello readers,

I hope you are all doing well and enjoying the day with your loved ones. If you have been an active user on the Hive blockchain which you are most probably, then chances are that you have spent quite a lot of time blogging, exploring different games or dApps or connecting with the vibrant community across many tribes. When you think about it, Hive really stands out in the vast crypto landscape, because it offers something for everyone - from enjoying NFT play-to-earn games to investing in various layer-2 tokens and projects, each with its own unique value. Unlike other blockchains with little value or meaningful engagement, Hive has a thriving and ever-growing ecosystem of global users creating meaningful content on topics like finance, art, sports, and what not. Hive feels like an online Utopia where you can not only feel at home but also learn, share and grow with thousands of other creators and users here just like me.

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Why and How to Join Hive?

For those who might be new or curious about joining this amazing platform, let me ease the tension because getting started in this chain is super simple. You can create a free account using a front-end like inleo.io by connecting your X (formerly Twitter) or Gmail account. Once you are signed in, you have created a Hive account for free and now can begin engaging with the community by publishing blogs, posting threads or Short videos or even commenting on other users’ posts. Now let me share the most exciting part! Yes, you earn money in the form of crypto tokens (like Hive, HBD, and other layer-2 tokens) for your activity. This groundbreaking feature (which of course no other web2 platform offers to its normal user base) allows you to build wealth over time while contributing to the community through valuable and meaningful content.

My Financial Goals on Hive

I have been part of Hive for more than 6 years now and have been exploring since 2018 when it was named steemit. From writing blogs to playing games like Splinterlands and hanging out on Inleo threads, I have left no stone unturned and not to mention I have also made many amazing friends whom I would have never met if not on Hive. Anyway, over time, I have realized the importance of focusing on long-term growth rather than spreading myself thin across multiple crypto projects, as I have burned my hands many times in the past. That is why I have centered my financial strategy on three main areas - Hive Power (HP), HBD Savings and Leo Power (LP). So in today’s post, Let us dive into my progress over the past week and track how much wealth I have successfully built on Hive.

Hive Power (HP)

For me, Hive Power is not only the native Layer 1 token of this chain, but it is also the foundation of everything we do on this blockchain. When you stake Hive tokens as Hive Power, it allows you to support other creators by voting on posts, comments and threads while earning curation rewards in return. Each time we vote for any content on this chain, 50% of the value of that vote value comes back to us as Hive Power. Now if you think of it on a long timespan, it is creating a snowball effect where you earn more and more Hive over time, while also growing your influence within the community.

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In my last update, I had accumulated a total of 13,637 Hive Power. This week, I am very happy to report that I have successfully increased that number to 13,860 Hive Power, gaining an additional 196 HP. My current goal is to reach 15,000 Hive Power and once I achieve this, I will set my next plan and may also decide to delegate a portion of my HP to support projects I believe in and also to earn additional rewards from those projects.

HBD Savings

Next up is HBD Savings and for those who are unfamiliar with the name, HBD (Hive Backed Dollars) is Hive’s stablecoin and its value is soft pegged to US Dollar value. You can earn 15% annual interest simply by locking your HBD in a savings account. Though it’s not financial advice, I think it is an attractive opportunity for anyone looking to generate passive income without facing the high volatility of the crypto realm. Though the interest rate was recently reduced from 20% to 15%, I still consider it as a solid choice because it offers stable earnings with minimal risk.

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Last week, my HBD Savings balance was 1,094 HBD as I withdrew some money to run my family. But I have not skipped savings and this week, I have increased it to 1,113 HBD, reflecting a growth of nearly 19 HBD. I have also earned 15.324 HBD today as my monthly staking reward and as usual, it also went straight into my HBD Savings account. With HBD, my goal is to have at least 3000 HBD one day in my account and I know that will take a lot of time, but slow but steady wins the race, right?

Leo Power (LP)

Last but not least, let’s talk about Leo Power, as it has become a significant part of my Hive strategy. Leo is the layer-2 token of the Inleo project and the active community behind it makes it one of my favorite tokens. Similar to Hive Power, Leo Power grows as you contribute to the platform and curate others and the more Leo Power you have, the more you can earn through curation and engagement.

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As of last month, I had accumulated 11,300 Leo Power after participating in the last LPUD event. Since then, I have earned 194 more Leo and planning to stake an additional 200 Leo during the upcoming Leo Power Up Day (LPUD) event tomorrow. My goal is to reach 15000 Leo Power soon but there’s still a long way to reach there. So I will try to be more active on the platform while keeping an eye on my progress and let’s see if I finally reach there one day.

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I hope you liked reading my progress tracking post and if you are also following any goals, please share in the comment section below and I will be seeing you all in my next post.

Posted Using InLeo Alpha