WONO is an up-and-coming peer-to-peer (P2P) freelance marketplace with an innovative take on the freelance industry.
Many in the blogging community find that monetizing their work can be a tedious task. Constant posts, long hours researching topics, and let alone writing top-notch articles can demotivate individuals from creating a stable income from freelance work.
This is where WONO comes in. By integrating staking onto its platform, freelancers can now earn passive income just from leaving their earnings on the platform.
So the question is: How does it work?
Scenario
Let's say you've created an account five months ago and have already earned a modest income from numerous bids. Things are going great, right?
Month #6 rolls around, and well... you haven't earned as much as you were expecting. You were just too busy with your full-time job and found it challenging to fulfill your clients' needs. Your articles weren't meeting the quality of your previous work. Researching took too long, so you opted to look at Reddit for information.
Luckily, you aren't between a rock and a hard place. You've managed to earn $1,000 in net income in five months. Congrats!
You found that WONO allows you to stake your hard-earned cash. Great! Well, what exactly does staking do on the platform? How much money can I earn from it?
How it works
Similar to other coins, individuals can move up the ladder of tiers with an incentive to earn more rewards.
The first tier (Bronze)
Users receive 15% APR right out of the gate within the first tier. Often, other coins don't even reach this high of an APR even in their final tier. Impressive!
The first tier requires a minimum of $100 staked with no mandatory term. It can be unstaked at any moment, though users will have to wait for a period of 7 days to receive their tokens in their wallet.
There's a catch though, like with any other flexible term staking tier. Fees are applied depending on how quickly users unstake their WONO tokens. Fortunately, no penalties will be applied if investors leave their tokens staked after 90 days. This is a constant with each tier.
The second tier (Silver)
Moving onto the second tier, users receive 20% APR with a 30-day term and a minimum of $250 staked. Unlike the first tier, users cannot pull out their moment between the first and 30th day.
Fees are still applied if users decide to pull out between 30 to 90 days, but it is not as expensive as the first tier.
The third and final tier (Gold)
Last but not least is the godfather of all tiers. If users stake a minimum of $450, they will receive a hefty 25% APR with a 60-day term. Just like with the other tiers, fees are applied between the 61st and 90th day if users unstake their earnings.
Fees are still applied if users decide to pull out between 30 to 90 days, but it is not as expensive as the first tier.
Calculating APR
So you have the $1,000 ready to be staked. Since you surpass the minimum requirement of the Gold tier, you will be receiving 25% APR on your principal loan.
Let's calculate how much you would earn per day and how much you would gain by the end of a 90-day term (we don't want any fees charged, of course).
APR = 25% = 0.25
The daily interest rate for this APR is...
Daily interest rate = 0.25/365 days = 0.06849%
So on the first day, with a $1,000 stake, you will earn...
$1,000 * 0.06849% = $0.6849
This number is your accrued interest. As the days go by, this value of $0.649 will double, triple, quadruple.... proportionally to the days you have had your token staked.
So on the second day, you will earn...
$0.6849 + ($1,000 * 0.06849%) = $1.3698
Or you could simply just...
$0.6849 * 2 = $1.3698
Essentially, it's the same thing. So by the end of a 90-day period, you will earn a total of:
$1,000 * 0.06849% * 90 days = $61.64
Pretty neat for not having to do anything! It's all about that passive income baby.
What's more, is that you can add what you earned passively from staking WONO onto your principal loan and re-stake it for an even higher payout.
The same applies to your earnings from bids. So instead of pulling out your money from the platform, you could stake more of your net income for a steady flow of passive income. To each their own, though!
Added Benefits
Surprisingly, it doesn't end there.
Crypto.com and other staking coins offer added benefits to each tier. In WONO's case, these benefits are directly related to freelancing. That's a win in my books.
Let's take a look at the benefits of their final tier. Similar to websites like Fiverr or Upwork, users receive a six-month PROFI or PREMIUM membership for free. That's an extra $120 to $179 saved if you were already looking into purchasing these monthly subscriptions.
Freelancers can also post more bids, take less commission from each deal, and withdraw up to 4 times during a month.
On top of all this, you get a nine-month boost to your profile. Pretty neat, right?
Definitely take a look at this platform if you are a freelancer and are looking to earn passive income through staking.
Sources:
*A sponsored article written for a bounty reward. My profile is @wholelottajuju on Bounty0x.*
I am not a financial advisor. Please do your own due diligence before making a decision based on my article, as I am not responsible or liable for your investment decisions.
