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Tuesday, December 7, 2021

Get Massive Gains With Ethereum

ETH 2.0 is here. And while many of us have anticipated it, literally, for years, we’ve been very focused on what it can do for the network. It will fix the scalability issues at proof-of-stake, lower gas fees and make the network faster, which, in theory, should lead to the price of Ethereum going way up. 

This is why many people, like myself, are more bullish on ETH than BTC. But what if I told you that there are some huge ways that people have been severely underestimating what ETH 2.0 is going to do for the entire crypto ecosystem? Well, today, I’m going to be telling you about one project that is way ahead of the curve in revolutionizing Ethereum.

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Welcome to BitBoy Crypto! My name is Ben. Every day, I show you how to make money in cryptocurrency. If you like money, then go ahead and hit that Subscribe button. And also, don’t forget to follow me on TikTok where I make cringe dance videos. Just kidding. 

Most of the time, I talk crypto there, too. Find me there @bitboycrypto. Today’s video is nothing but cringe. This is a new project— Ethereum Yield or ETHY— that is the absolute first of its kind. And I have to say that the idea behind this is very innovative, and it makes me start wondering just how much ETH 2.0 is going to change the game.

Like, think about this. Let’s think about cellphones for instance. When cellphones were invented, what were they invented for? That’s right. Talking. Believe it or not, at one time, people actually use cell phones for talking to other people. True peer-to-peer communication, am I right? But look at the crazy side effects that have occurred from the creation of cellphones. 

Now, we use our phone for everything. When cellphones were made, people certainly didn’t think that one day, they would be making payments with them, doing video calls, or old-fashioned sending nudes. But cellphones changed the game! We look at Ethereum 2.0 through one set of expectations. We expect the network upgrade of Ethereum to make the network faster, cheaper and more reliable. 

But, in reality, the same way the creation of cellphones had unintended positive side effects, the creation of the proof-of-stake network on Ethereum will also have crazy unintended positive side effects. Maybe some negative ones, too.

Let’s talk about the positives. Enter the Ethereum Yield. If you didn’t know how ETH 2.0 staking works, basically, any person or entity who owns 32 ETH can run a node on the shiny brand new Ethereum network. Since these nodes will be used to validate transactions, they get rewards. 

These staking rewards will be very significant, dependent upon when users get their nodes running. Now, these nodes are called– Surprise! validator nodes They are absolutely crucial to the future of the Ethereum network. So, guys, come into my office. 

Have a seat. We need to talk. I know that most of you do not have 32 ETH. Some of you do and I’m happy for you, but a lot of you guys don’t have $20K in crypto.

So, poor you, you won’t be able to make any money on Ethereum staking. You won’t be able to run or benefit from a validator node. Alas! Until now. Ethereum Yield is the solution for people who want to make money on ETH staking on ETH 2.0 who don’t have a full set of 32 ETH, or maybe you do, but you don’t want to stake your whole lot of ETH. Then you have no crypto liquidity in some cases. 

Ethereum Yield allows you to get the power of a validator node even if you don’t measure up. While the Ethereum Yield certainly won’t be the only of its kind, it is the first of its kind. And it has the first-mover advantage. And in the first 24 hours of its release, people were pumped.

Check out this tweet where some of ETHY’s performance was noted. In their first day, they were the most searched project on CoinMarketCap, CoinGecko and DEXTools. DEXTools is a really underrated site. You guys should check it out. The price popped from $10 to 35 bucks, with $10 million in volume. $1 million in ETHY was locked up. 

And look who commented or responded. None other than CoinMarketCap themselves, which is– you know, owned by Binance, the world’s busiest exchange. They also just announced that ETHY will be supported on Binance Chain. Things that make you go– Hmmmm? Yesterday, on Cointelegraph, an article was published detailing a lot of what Ethereum Yield is trying to do. 

Of course, one of the most important things going on now in the days of decentralized exchanges, or DEXs, is locked liquidity, also known as the kryptonite to rug pull, exit scams, where usually anon teams take the money and run.

This is something projects like DistX and YFDAI are trying to fight. It’s great though when projects take this upon themselves in order to provide trust to the community. And Ethereum Yield is doing that. Now, of course, we have the staking. Let’s talk about that. The way that it works is users lock up their Ethereum to yield-farm ETHY tokens. 

The Ethereum locked up by Ethereum Yield will earn returns since they will be locked by validator nodes. The holders of ETHY tokens will be the recipients of the rewards from the yields. You actually get rewards both in ETHY tokens and Ethereum itself. You can kind of think of it as staking pools for Ethereum validator notes. An absolutely brilliant idea! From this team and something, I had not been anticipating. 

It’s one of those “Why didn’t I think of that idea when I know I could have and I would?” And I would like to say a special thank you to Ethereum Yield for sponsoring this video.

But, also, I would like to tell them, you’re welcome because I could have come up with this idea. In an alternative reality, I probably did. In addition to the locked liquidity and staking procedures, the project also has some built-in deflationary Tokenomics to help the project flourish. 

As you know, Tokenomics are usually the prominent driving force in the price of a project. When projects have deflationary Tokenomics, the prices usually go up. When they are inflationary, like the good ol’ US dollar, their value goes down.

One of the things that can destroy a project is when those Tokenomics encourage recipients of rewards from yield farming to begin dumping their rewards immediately. We’ve seen this time and time again. And projects that look promising were ultimately dumped due to those poor Tokenomics. 

In crypto, we call these dumpers the “weak hands”, which kind of gives savvy sellers a bad name. When the Tokenomics indicate that the proper thing to do is sell, then people should probably do that. But Ethereum Yield has come up with a solution for this called the “weak hand tax”.

They design this extra fee in order for users to HODL instead of sell. I tried to reverse the L’s themselves so it would be really cool like HODL, but it didn’t work. Because it isn’t cool! All the cool kids HODL. Back to the fee. This selling transaction fee has two purposes outside of just punishing sellers. 

The first is to reduce the number of bots on the network aiming to dump the price. Not only does this fee punish, but it also rewards farmers for holding. They get the fee. So, it’s a win-win. Or is that a loss-win? Or a win-loss? In any case, the maximum fee is going to be a massive 10% for sellers. 

So, I’m not sure if you’re good at math or not, I mean, you are in crypto, but just to break-even on a sell, you have to have a 10% profit. You need actually a 20% profit to reach a 10% profit.

It’s a big slap on the wrist for those trying to pull the cookies out of the cookie jar. Even– even if it is their cookies. People who stake on the network will be earning the punishment fees. Part of the fee, anywhere from 10-50%, will go directly to the ETHY price protection fund. 

Long and short of it is this if you want to earn rewards for taking part in a roundabout way in the progression of the ETH 2.0. Network, then why would you want to sell anyways? That kind of defeats the purpose. And that’s the point here. 

Now, in just a few days, on December 7 at 5 PM UTC, which I have no idea what time that is in real life, ETHY will debut on Uniswap! If you want to learn more about Ethereum Yield, you can do that by visiting their Telegram group, ethereumyield.farm or docs.ethereumyield.farm, which has a lot of great information including an introduction to the project, Frequently Asked Questions section, more about the Tokenomics, their EVaults information, the presale and the governance of the project.

Let me know what you guys think. Will you take part in the ETH 2.0 network either through Ethereum Yield? Or are you a big boy running your own validator node? Let me know down below in the comments. 

That’s all I got. Be blessed. BitBoy out.

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