My Weekly Financial Progress on Hive
Hello Readers,
I hope all of you are having a joyful day with your loved ones. Whether you are new to Hive blockchain or a long-time contributor, it is always exciting to engage in this one-of-a-kind web3 blogging and social media platform and enjoy the unmatched opportunities this unique ecosystem offers. Today in this post, I want to share my weekly financial journey on Hive, including my milestones, progress since last week and thoughts that might inspire you to grow your portfolio too. So, if you are interested, let's take a dive without any further ado.
Hive’s Upward Trend
Recently, the Hive token has again shown some promising movement in the market. After making its recent high at 0.325$, it went under a sharp correction and has hovered around 0.22$ - 0.23$ since, but today as I just saw the price of Hive, it is again making an upward movement trying to climb and break its resistance and is now trading at $0.25 which you can also watch from the chart above that I took from coinmarketcap. The crypto market is in a bullish trend right now as you can clearly see BTC has broken its previous all-time high already and alt-coins are also starting to catch up. Anyways, while volatile market fluctuations are part of our crypto journey, my focus has always been on steadily building my portfolio on Hive blockchain and taking one step at a time. So, allow me to walk you through my strategy in Hive and how I have been slowly but organically building my wealth in crypto.
1. Hive Power (HP)
When I joined steemit and later migrated to Hive during the great fork, I admit I didn't understand the importance of Hive Power (HP) and instead, I used to invest my Hive and HBD on other on and off-chain projects mostly. It took me a bit of time, and I learned some valuable lessons after burning my hands to understand the crypto world. However once I gained a clearer vision, I knew that staking Hive to gain Hive Power was crucial to build sustainable wealth in this wild world of crypto. For me, HP is not just about holding Hive tokens in the staked wallet, it is like an untamed power that increases your influence, earning potential and decision-making power within the Hive community.
Power of HP
Curation Rewards- In simple words, every time you vote on any type of content on the Hive chain (ex - Blogs, Threads, Shorts or comments), you earn curation rewards in the form of HP. The higher your existing HP amount, the more valuable your vote and the greater your curation rewards per vote.
Influence- HP also gives you the ability to actively take part in the Hive blockchain’s key decision-making, like electing witnesses and supporting DHF funding proposals.
My HP Progress
In my last financial post that I published exactly 7 days ago, I had a total of 16,223.5 Hive Power and over the past week, I have grown my HP to 16,493.7, adding an impressive 270.2 HP in my staked wallet. This consistent growth is the result of actively blogging, engaging with others, and keeping all my HP in staked form. As I have already achieved my goal of reaching 15,000 Hive Power, my next target is to reach 20,000 HP, and while I do know it is a long road, I hope I reach there 1 day soon.
2. Hive Backed Dollars (HBD)
Hive Backed Dollars (HBD) is Hive’s own stablecoin and its value is pegged to the US dollar. Thus, this makes it a safe way to store value in the Hive blockchain while all other coins are fluctuating. Now, what makes HBD even more attractive is the 15% annual interest which you can earn by simply saving HBD on the Hive blockchain. You just need to lock your HBD tokens in the Savings wallet and With just a short 3-day unlocking period, it pays you a flat 15% APR paid monthly, so it is both secure and accessible and pays way more than what any banks offer at current times.
My HBD Progress
Last week, I had a total of 1,328.8 HBD in my wallet, a part of which I gained in the recent Hive pump by converting some of my liquid Hive to HBD. Anyway, after some necessary spending, my balance decreased slightly and now my total holding is 1,154 HBD. However, in just 10 days, I earned 4.75 HBD in interest from my HBD stack which is just awesome considering it's an almost risk-free investment! My long-term goal with HBD is to reach 3,000 HBD, and I am confident that saving consistently will get me there one day. ###
3. Leo Power (LP)
Last but not least, if you are a Hive user already and love to engage in topics around crypto and finance, then you have probably come across Inleo, a vibrant Web3 social media platform built within the Hive ecosystem. It has its own token called Leo, which works just like Hive Power. By staking Leo, you can earn curation rewards in the form of Leo tokens for voting on content, as well as author rewards for your posts if they are published on the Inleo platform.
My Leo Journey
Recently, I participated in Leo Power Up Day (LPUD) on 15th November, where I staked another 150 Leo tokens, bringing my total to 11,861+ LP. Since then, I have earned a total of 69.86 Leo tokens from both author and curation rewards, which I plan to stake on the upcoming LPUD in December. My ultimate goal with Leo is to reach a total of 15,000 LP and earn the title of OG LION which I know will still take a lot of time but I am not going anywhere.
- Nothing I say in this post is financial advice. Please DYOR before investing.
I hope you liked reading about my financial progress and if this post has motivated you even a little, I will be very happy. Let me know your goals and thoughts in the comment section below and I will be seeing you all in my next post.
Posted Using InLeo Alpha
I think the upcoming festive period plays a long role in the fluctuation of prize maybe after January things will go back normal