Hello Readers,
I hope all of you are having an awesome day with your loved ones and also enjoying your time in this wild world of crypto. As you are reading this post, you are already well aware of Hive and no matter if you are have joined this amazing web3 platform just recently or a veteran user like me, it always feels wonder how small, consistent and gradual steps can lead to growth over time in this platform. Well, since my last financial tracking post, another week has passed away, so it's time again to check my progress on Hive and evaluate the financial journey while tracking my growth. So, whether you are a curious soul in this crypto world, building strategies, or just looking for inspiration to start or boost your own financial journey on this platform, let me take you along on my journey and hope it motivates you. So, if you are interested, let us take a dive without any further ado.
What is Hive?
While chilling on the vibe of a fresh new week and also enjoying my 2nd anniversary, as usual, I kept my eye on the crypto market, especially Hive. As you are already familiar with Hive, you know it has been buzzing with good news lately, including getting listed on multiple exchanges and future and leveraged trading on Binance, Bitget and other exchanges. As many crypto experts are hinting toward an exciting altcoin pump season in the near future after Trump starts his term as the US president, I am hoping Hive will also be one of them to lead the way.
In this wild world of crypto where most of the coins are valueless or straightaway scams, Hive is one of the rare cryptocurrency projects that actually make a change in this industry with a dynamic blockchain ecosystem and hyper-active cult user base. Hive can be compared as a blend of decentralized social media, gaming, and finance under one roof where transactions are free, security is state-of-the-art and control is purely decentralized. This unique combination not only makes Hive stand out from most of the other crypto blockchains, but it also creates value beyond just financial gains. Personally, for me, Hive has empowered me and not to mention it has also become a cornerstone of my investment strategy. As a user and author on this blockchain, I am engaging continuously and this week also, I have seen some solid progress which I am about to share below.
Hive Power (HP)
Hive Power (HP) simply represents Hive tokens that are in staked form and locked away in a user’s wallet. In return, it generates income in the form of curation rewards and also builds influence. Curation Rewards are generated when you vote other’s contents on Hive using your active Hive Power, you earn 50% of your vote value as curation rewards which come in the form of staked Hive and get added to your staked Hive wallet after 7 day period. With your Hive power, you also start to gain Community Influence, and Higher HP gives you a stronger voice when participating in community decisions like voting for or against DHF proposals and Hive Witnesses, which decides the future of Hive.
My Hive Power (HP) Progress
Last week when I checked, I had a total of 16,071.025 HP. However, as $HIVE Price has increased well above its all-time low price, I decided to power down some Hive after a long time and convert it to HBD. So, right now, my Hive Power is sitting at 15,382.205. As Hive’s price is high now, it is also affecting how much Hive we earn in author rewards, right now if you look closely, we are actually earning less amount of Hive and more amount in HBD. So, utilizing this opportunity, I am focusing on building a decent HBD balance now, as converting it later when the Hive price comes down will earn me more hive overall. However, I am thinking of stopping Power Down soon and again focusing on building Hive Power.
Hive Backed Dollars (HBD)
Being a Hive user, You already know about Hive’s own stablecoin HBD, which is pegged to the US dollar its price gets controlled by the HBD Stabilizer mechanism which simply sells HBD when it rises above 1$ and buys when it comes down 1$. Now, apart from serving its main purpose as an on-chain stablecoin, HND also offers an amazing 15% flat annual interest rate for savings. So I treat HBD savings as a digital savings account that grows more than traditional bank savings accounts, without taking much risk.
My HBD Progress
Last week when I checked, I had a total of 3132.116 $HBD in my savings wallet and throughout the last week, as usual, I transferred all my author HBD rewards to savings and also converted my powered down Hive tokens to HBD. Hence, my HBD balance has grown handsomely from 3,132.116 HBD to 3,702.766 HBD. My old goal of reaching a total of 3,000 HBD has been completed already, so now I am aiming for 10,000 HBD, which is a big amount to be honest, but I think I can reach there one day!
Leo Power (LP)
For those of you who still are unaware of this token, Leo Power (LP) is the native token of the Inleo project, a vibrant web3 social media platform but in the Hive Chain where content creators and curators are rewarded in $LEO tokens apart from Hive and HBD. Staking $LEO tokens in your wallet boosts your influence and also earns you curation rewards, and it works the same as Hive Power.
My Leo Power (LP) Progress
After participating in the latest Leo Power-Up Day (LPUD) that happened on January 15th, I staked a total of 153+ LEO, thus bringing my total to 12,165 LP. Since then, through actively posting and curating on a regular basis, I have earned another 24.56 LP in these last 3 days so far. I will be as usual saving all my Leo token earnings and will stake them on the next LPUD. My goal with the Leo token is to own a total of 15,000 LP and earn the prestigious “Lion” status, which I hope I touch one day.
Last but not least, tracking my weekly financial progress always keeps me motivated, focused and on track and also helps me to avoid making wrong decisions with my wealth. If you are new to Hive or considering starting your journey, I would advise you to think of it not just as a financial opportunity, but also as a journey of learning and building something meaningful. Growing on Hive may feel slow and exhausting, especially if you are a new user, but be patient, and consistent and try to bring value to this blockchain through your contribution and engagement and in return, Hive will surely bless you more than you imagine.
I hope you liked reading my post on weekly progress on Hive chain and now, let me know your thoughts in the comment section below. I hope this post has inspired you to start your own financial journey or motivated you to boost your efforts on this chain. That’s it for today's readers and I will be seeing you all in my next post.
Posted Using INLEO