Tracking My Weekly Progress on Hive Chain
Hello readers,
I hope all of you are enjoying an amazing day with family and friends! For those like who me were constantly keeping an eye on the ongoing pump season in crypto, I hope that unlike me, you have boomed your profits already, as the pump season seems to have finished. I was praying for Hive to touch 0.5$ this pump season, but it took a sharp U-turn from 0.42$ and right now being traded for 0.0.245$ only after the crash. But anyway, I didn't panic and decided to hold on until the next pump. Now, as you are here already, chances are you are already well familiar with Hive but for those who are new, Hive is a unique social media ecosystem built in a decentralized blockchain where blogging, gaming, and decentralized finance (DeFi) come together seamlessly. Hive offers more than just a platform to its users, it is a dynamic space where you can earn real cryptocurrency for free simply by creating valuable content and also through gaming, and engaging with the community.
Being an old user on this platform, Hive is not just another crypto project but it is literally a digital home for me where I learn, grow, and connect while steadily building wealth in the form of cryptocurrency. Unlike most of the other crypto-based projects that focus on flashy marketing and gimmicks but lack real value, Hive thrives on sustainability, empowerment, and purpose. Tracking my progress on a weekly basis has become a practice for me lately, helping me stay motivated and focused on my financial goals. So in this post, Let us dive into my journey from last week along with some tips that may help you as well. So if you are interested, let’s start without any further ado.
Hive Power (HP)
Hive Power (HP) is the main pillar of Hive’s ecosystem and also the core of my portfolio as well. Hive is the main token of this blockchain that exists on layer 1 and building Hive Power is necessary for sustainable growth and influence on this platform.
Curation Rewards- When you stake Hive as Hive Power (HP), you earn rewards by voting on other user’s content. These rewards are distributed after seven days, where 50% of the vote value comes back to your Hive-staked wallet and thus, over time it gradually increases your HP with consistent engagement.
Influence and Governance- More HP means more voting power in community decisions, from voting on DHF funding proposals to witness voting, allowing you to have a voice in the community and help shape the Hive’s future.
My HP Progress
Last week when I checked, my Hive Power balance was 16,183.8 HP. After a power-down of 954 Hive to hold some liquid Hive during this pump season, my balance now stands at 15,450.2 HP after a week. Despite the adjustment, I gained 220.58 HP in just seven days and not to mention I have stopped powering down Hive power and will mow again focus on increasing my balance! My advice for newcomers is simple, focus on building HP first and try not to power down and withdraw your staked Hive until you reach a decent stake. It might feel slow at the start, but steady engagement and quality content will definitely pay off.
Hive Backed Dollars (HBD)
Hive Backed Dollars (HBD) is Hive’s own stablecoin which is softly pegged to the US dollar. When we get paid for our published content after 7 7-day period, 50% of the reward amount comes in the form of liquid HBD and the remaining 50% we get in the form of stake Hive or HP. Now, what makes HBD exceptional and unique than any other stablecoin on the market is its flat 15% annual interest when stored in Hive’s savings wallet, with a short three-day unlock period. I treat my HBD savings wallet as a digital version of my real-life savings account, perfect for emergency or monthly needs without touching other assets while enjoying the 15% interest without any risk or price volatility.
My HBD Progress
Last week as I checked, my HBD balance was at 859.38 HBD. After a week when I checked my portfolio today, it is now at 931.9 HBD, so I have earned a total of 72.52 HBD including both my author and HBD interest payout. I have also earned 2.68 HBD in the form of interest over the last 7 days. My long-term goal with HBD is to grow my HBD savings to at least 3,000 HBD and that’s why I was holding a decent amount of Liquid Hive thinking I would convert it to HBD if Hive reaches 1$ or above, but sadly, Hive didn't even reach above 0.5$, so I will be holding my Hive and wait for the golden day
Leo Power (LP)
Last but not least, let us talk about Inleo, my favorite project on Hive. Leo is the native token of Inleo, a Hive-based Web3 community where users share threads, videos, and blog posts. Leo Power so works the same as Hive Power and Staking LP not only earns curation rewards but also builds your influence within this vibrant community.
My LP Progress
Recently, I participated in the December Leo Power-Up Day (LPUD), staking 150 $LEO and bringing my total balance to 12,011.13 LP. Since then, I have saved an additional 39.94 LP from both my author and curation rewards, which I plan to stake in the next LPUD event. My goal is to reach 15,000 LP and earn the coveted "LION" status.
I hope you liked reading my post about the weekly growth on Hive and if this post brings even a little motivation to you, I will be very happy to know. 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