Lark Davis: Get rich in 2022 – without Bitcoin
2022 is fast approaching, and enthusiasts and investors are keen to find ways they can get rich with cryptocurrency. According to Lark Davis, crypto influencer and YouTuber, it is possible to get rich without trading Bitcoin. In his latest video, he showed five ways to get rich with cryptocurrencies in 2022.
Staking is a method many cryptocurrencies use to verify their transactions and which enables participants to earn rewards for their holdings. According to Davis, investing in cryptocurrencies but not getting involved in staking is a big mistake. Not all cryptocurrencies allow this, but with Solana, Avalanche and Ethereum, for example, you can get into it, and it’s very easy:
“You send your coins, they are blocked and you get rewards in return for supporting the network. If you’re not looking to get rich overnight, go find any cryptocurrency, wager it, get a reward, and then wager the reward again, or take the reward for wagering and sell it for cash . “
Yield farming is essentially about taking liquidity, putting it on a platform, and getting token rewards in return.
“For example, they take an Ethereum worth USDC stablecoin and put it on Uniswap to provide liquidity for a token reward. You can then send the tokens you receive in return to various yield farms in order to receive token rewards. “
According to Lark Davis , the reward can be huge at 30%, 40%, 50%, or 60% annual return. But it is not a risk-free step, as investors must expect a permanent loss. To keep the risk down, it is wise to look for stablecoin farms. Convex Finance, for example, is one of the most widely used platforms for yield farming. However, it uses Ethereum Layer One. That means you should expect $ 500 in gas fees to get out of position.
Airdrop is another way to get rich in 2022, according to Davis. He himself earned tens of thousands of dollars with airdropping in 2021:
“You take part in a platform that you play around with, for example in a shared pool that is like a lottery, but without a loss. I deposited ten dollars in 2019 or early 2020 and got an airdrop worth a few thousand dollars. “
Davis says one of the projects that could airdrop in the future is Arbitrum, a layer two scaling solution for Ethereum.
One of the areas with the best profit opportunities in the crypto world is token sales. Most of them take place on launchpads. According to Davis, most launchpads are bad and don’t attract good projects. However, DAO Maker is one of the few launchpads that can be recommended. It works by acquiring DAO Maker tokens, wagering them on the platform, and participating in a lottery to potentially receive allocations for sales that take place on the platform.
“We saw a DAO Maker grant where people invested $ 500 in token sales literally turned into $ 50,000 or $ 100,000.”
Games are another way to get people excited about cryptocurrencies. Many companies have started investing in games. Recently, Solana Ventures announced a $ 150 million blockchain gaming fund.
“This new generation of games will bring in a lot of money for investors.”