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Decentralized Finance(DeFi): 4 ways to make money on Cardano
As the Cardano blockchain ecosystem continues to grow, it’s not just developers and enthusiasts who are making dreams come true. Every day people are finding different ways to leverage Cardano to generate income. If you’re intrigued by the idea of profiting from this ecosystem, right now is a great time to join while prices and global adoption are still low. I’ll be going over 4 different ways that you can make money in our new DeFi world.
1. Staking ADA for Passive Income
Cardano’s proof-of-stake (PoS) allows you to earn passive income by doing absolutely nothing. By staking ADA (Cardano’s native cryptocurrency), you participate in the network’s security and consensus while earning rewards. These rewards are distributed proportionally based on your staked amount. Oh….and you receive this EVERY 5 DAYS. And to add to this you don’t need a set amount to stake, you can stake with as little as 1 ADA or as many ADA as you would like.
Many platforms and wallets offer seamless staking options, making it accessible even for those with limited technical experience. As the Cardano ecosystem expands, staking ADA becomes an attractive avenue for growing your wealth while contributing to the network’s security. Some popular wallets to use for this are Yoroi, Eternl, and Flint but…
