Hey everyone. Welcome back to another article.
In this article (well, it'll be a series of articles), I plan on turning 30,000 US Dollars into 1 million dollars. The timeframe? However long it takes to happen.
The only criteria is that everything I do has to be passive.
(A few disclaimers:
- You know the drill. I'm not a financial advisor or expert. Use these methods at your own risk.
- These methods of earning only work if you have a fairly decent amount to invest. Gas fees build up, and profits on small investments may be cut off due to gas fees.
- Detailed guides, explanations and secret tools I used that are not mentioned in this post would be available in my telegram channel here.
Remember these as you proceed through the remainder of this post)
First off however, a backstory on how this got into my head, and why I'm doing this in the first place.
I was recently blessed to have a few companies contact me for promotional materials. My views have been pretty decent, although I haven't been active for a while.
These companies offered compensation for these articles. I took that compensation, and with the help of a few friends that know their way around, I was able to procure an interest of 27000 USD trading on Uniswap, bringing my total balance of interest + payments to 30,000USD.
(The strategies I used on Uniswap included yield farming, trading and supplying Liquidity, albeit to dangerous pairs with unlocked liquidity)
However, I now have 30,000USD extra. Normally, I'd use this to trade, but because I have decided to pursue a master's degree in my field of study, I won't have time to trade fully.
That's where this challenge came into mind: Turn $30,000 into $1 million.
Now, $1 million is a large, LARGE amount of money, don't get me wrong. I'm not crazy, but I want to see if it's even possible to get there.
Therefore, because of the fact that I won't have time to trade, I have decided to make sure all the means I use to earn money will be passive.
Here are the methods I plan on using:(notice that it's basically impossible to lose money in any of them apart from the last one)
- Uniswap liquidity provision
- Compound.finance asset provision
- Aave asset provision
- Liquidity mining on balancer
- Whale watching script
These are the methods I plan on using to reach my goal. The first few may sound familiar, but the last one is the most interesting one to me.
A few friends of mine are beta testing a bot that copies the positions of big traders relative to your asset balance. Copy trading is pretty popular, but in the crypto world, big traders only buy coins because they KNOW something that will pump price. Copying them immediately they do it is pretty much a sure-fire way to make money.
I will allocate the lowest amount to bot trading, while allocating the highest amount to Uniswap liquidity provision.
The tools I'll be using are also pretty common:
- Metamask (needed to interract with contracts)
- Zerion: For tracking positions
- Zapper.fi: For tracking bot positions
- Liquidity mining calculator: pretty self explanatory
Everyday from tomorrow, I'd create a new article detailing how far I've come in my goal.
If that sounds like your cup of tea, please follow me on Publish0x, like this post and leave a tip so I can afford gas :)
Thanks for reading!
Update 1: HERE
Update 2: HERE