Earn Crypto on Binance Liquidity Swap Tutorial

Earn Crypto on Binance Liquidity Swap Tutorial


In my previous post, I wrote how you can earn crypto on your crypto by adding liquidity to Uniswap. In this post, I'll be looking at how you can earn crypto on your crypto by adding liquidity to Binance's "Liquid Swap" program. 

From what it appears, Binance's Liquid Swap program is essentially the same as Uniswap's liquidity program. Just like with Uniswap, you can't add just one coin to their liquidity pool, you have to add two. After adding coins to their liquidity pool, you earn crypto on your crypto through any incurred transactions.

However, here are a couple of things to note between Binance's Liquid Swap program and Uniswap:

1) Binance is a centralized exchange. Therefore, you will need to send your coins to their platform that they control. This is different from Uniswap, which is a decentralized platform and uses smart contracts for the transactions. This means that you're taking on a different type of risk. Instead of contract risk, you're taking on exchange/platform risk.

2) The coins that you can add liquidity are only limited to only stablecoins. At the time of writing this post, you can only add USDT, DAI, BUSD, and USDC.

If you're interested, here's a really quick 2 minute video on how you can add liquidity to their platform. 

One thing that I must say though is that there's no guaranteed profit. I'm not entirely sure why that's the case. For the first couple of days, I would be up some and then down some. However, after a week or so, I was always in profit although the amount of the profit fluctuated. If you read their terms of service, it doesn't disclose how fees are incurred or calculated. Either way, I think that if you're okay with locking away your money for at least a week, you're most likely going to be in profit.

I hope that this post gave you another idea on how you can earn crypto on your crypto without needing to do much.

SAVE 10% ON YOUR TRADING FEES ON BINANCE

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cryptoforcanadians
cryptoforcanadians

Educating Canadians, and others, about crypto.


cryptoforcanadians
cryptoforcanadians

Educating Canadians, and others, about crypto.

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