The markets have been reeling, and cryptocurrency has been hit disproportionately hard due to its high risk nature. The volatility attracting many investors keen to make a quick profit has shown how quickly it can create losses.
However, all hope is not lost. This article features three crypto projects which can generate passive income in the bear market and help every investor build their crypto stack to lock in huge gains when the market reverses.
Gnox is a brand new player and is the first protocol to offer yield farming as a service. Predicted to launch later this year on the Binance Smart Chain (BSC), it provides an excellent opportunity for investors looking to fight the bear market. Crypto analysts have scrutinised Gnox, and one stated: ‘It has all the hallmarks of a crypto that should perform very well in prevailing bear market conditions.’
Every 30 days GNOX holders will receive a stablecoin reflection. The treasury provides this payment by generating yield in DeFi protocols. Additionally, every 60 minutes GNOX tokens are automatically distributed to holders. Both of these functions are made possible by the buy and sell taxes on every token transaction. Gnox is a great choice for investors looking to create an easy passive income stream.
Elrond is a layer one protocol designed to combat the problem of scalability that introduces sharding technology and a unique consensus mechanism: Secure Proof of Stake (SPoS). Elrond set out to have a performance that matched or beat its TradFi (traditional finance) counterpart. And it has over-delivered with a TPS (transactions per second) of 15,000, whereas Visa only offers 1,700.
The Elrond ecosystem is vast and offers investors many different sources of passive income. Building from the simple option to delegate EGLD to a validator node and earn 11.92% APR, the investor can use Maiar, the native DEX (decentralised exchange), to engage in liquidity providing, single staking MEX the utility token for the Maiar DEX, and currently Elrond’s Metabonding process gives MEX holders weekly airdrops of five new tokens. The Elrond ecosystem is a brilliant place for investors to earn during the bear.
Shiba Inu (SHIB)
The immensely popular ‘meme coin’ created to rival Dogecoin has grown into a veritable crypto project. An ERC-20 token that runs on the Ethereum network with smart contract capability. SHIB is the flagship product of the ecosystem, but it also features two other tokens: LEASH & BONE. All of these tokens can be utilised on ShibaSwap which gives investors the option to provide liquidity, make swaps, and single stake- making SHIB a great token to generate passive income during prevailing bearish sentiment.
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