The recent saga with FTX dealt a heavy blow to the Solana project. Despite this, Solana’s ecosystem is still teeming with life. Yet, the $SOL price is still far below its previous All-Time High (ATH). So, how can we still make money on Solana?
Today, we explore 10 such ways to do just that. For this, we’ll be taking reference from the tweet below from Kaleve. Kaleve is the creator of Lending Labs, a lending and analytics tool for the Solana ecosystem. Read on to find out more!
🔹10 ways to make money on @solana that you can try out if you are bored with the bear market
Let’s dive in! 👇
🧵 1/13 pic.twitter.com/Jq4GrkeCsZ
— Kaleve (@Kaleve_) August 10, 2023
1st Way to Make Money on Solana – Staking $SOL
The first and arguably, the easiest way to make money on Solana is to stake $SOL. $SOL is the Solana blockchain’s native token. By staking it, you help to secure the Solana network. In the meantime, you also receive a healthy yearly return in $SOL.
There are three Decentralized Applications (dApps) where you can stake $SOL. These dApps are:
By staking your $SOL, you receive a liquid staking token that represents your stake. This token will increase in value as your stake receives rewards. This brings us to the next section.
2nd Way to Make Money on Solana – Getting a Yield on Your Staked $SOL
The beauty of liquid staking is that it unlocks the value of your staked $SOL. Gone are the days when you stake your $SOL, and that’s it. Nope. Innovation in DeFi has given birth to liquid staking.
Let’s use an example with Marinade Finance. Once you stake your $SOL on Marinade, you get $mSOL, a liquid staking token. Just by holding your $mSOL, you’re earning $SOL. This is because you can redeem it for more $SOL than your initial stake later.
On top of that, you can head over to Super Stake SOL. Here, you can stake your $mSOL for a 13.71% return! Now, you’re earning $SOL via two stages. Staking $SOL and Staking $mSOL. Isn’t that much better than just holding $SOL in your wallet?
3rd Way to Make Money on Solana – Providing Liquidity
Many DeFi protocols provide a sweet return to liquidity providers. That’s because, in Liquidity Pools (LPs), providers may lose their tokens through impermanent loss. So, many dApps provide a high return to incentivize liquidity.
Lucky for us, dApps on Solana aren’t different. To provide liquidity, you can check out:
For reference, check out the yields from Kamino Finance below. These could range from single-digit to triple-digit returns. Of course, the return depends on what LPs you’re providing liquidity to.
4th Way to Make Money on Solana – Supplying and Borrowing
If staking and providing liquidity isn’t for you, then pay attention! You could still earn a good return in DeFi via supplying and borrowing. Simply deposit your assets into the dApp to earn a small return. In this case, you’re depositing your assets as collateral. You can then borrow against that collateral to receive tokens for use.
The two most popular dApps for supplying and borrowing on Solana are:
5th Way to Make Money on Solana – Lending
Another way to earn money on Solana is to provide loans against NFTs. Or, you could also borrow using your NFTs as collateral. The idea behind this is similar to the 4th way above. But, in this case, you’re able to use NFTs as collateral. If a borrower fails to repay his or her loan, you get to keep his or her NFT.
🧠 Lend SOL to earn SOL
😍Find APYs from 80 to 240%
You can earn higher Interest % via higher-risk loans
— Kaleve (@Kaleve_) August 10, 2023
So, if you’re big on NFTs and want to earn a return on them, check out the following dApps:
Hmm, are the above ways too “tame” for you? Want to try and make better returns with higher risk? Alright, chill! We’re heading to “risky territory” now.
6th Way to Make Money on Solana – Leverage Trading
The next way we can make money on Solana is to use leveraged trading. Do note that we do not recommend trading with excessive leverage. This is because it brings about large risks. However, managed risk can bring about good returns in trading. But leverage does accelerate and increase the size of both gains AND losses.
On Solana, the dApps that you can leverage trade on are:
Both of these dApps have a good User Interface (UI). So check them both out if you like trading with leverage.
7th Way to Make Money on Solana – Real Estate Investing
In recent times, the Real World Asset (RWA) narrative is growing in crypto. On Solana, you’ll be glad to know there’s a dApp for real estate investing and trading. That matches nicely with the RWA narrative.
With Parcl, you can invest in real estate and trade it with up to 10x leverage. So, if you’re into the real estate market, check Parcl out! It may just be the right tool to help you make money on Solana.
7⃣ Real Estate Investing through @Parcl
Parcl is a noncustodial automated market maker (AMM) designed for perpetual synthetic assets
🏠Trade real estate in minutes, with less than $1
📈Trade with up to 10x leverage
— Kaleve (@Kaleve_) August 10, 2023
8th Way to Make Money on Solana – Participating in Step Finance Bounties
To make money, you can be active within a project’s community. To do this, you can help the project by joining its bounties. Take Step Finance as an example. Currently, it’s running a bounty campaign. By joining these bounties, you can earn rewards in its native $STEP token.
To understand how bounties work and what bounties are available on Step, click the link here.
Today we're launching StepDAO – the first step in unifying our brands and providing community members the opportunity to earn crypto rewards via StepDAO bounties!
Learn more and start earning now!
How do bounties work, you ask?👇 pic.twitter.com/WnMN9iciEm
— Step Finance 🔥🪂 | Solana's Portfolio Dashboard (@StepFinance_) April 20, 2023
9th Way to Make Money on Solana – Exploring Superteam Bounties
Ok, we’re sticking to the bounty theme here. Let’s check out another cool dApp, Superteam. This time, you’re not clearing bounties for Superteam. Instead, Superteam posts bounties for many other projects through its Earn feature. Now, that’s another money making opportunity for you and me.
For the latest available bounties for multiple projects, check out the Twitter thread below. Some projects that’re offering bounties now are Marinade Finance, Ultimate App, QuickNode and more.
This tax season, make back all the money you paid in taxes.
There are $8,500 worth of bounties live on Earn.
All you need is a couple of hours, some coffee, and you're good.
Here are the bounties expiring soon 🧵 pic.twitter.com/fwfq4qtWJ6
— Superteam Earn (@SuperteamEarn) August 10, 2023
10th Way to Make Money on Solana – Participating in a Jackpot
Well, you can call it a jackpot. Others will probably call it a lottery. Nevertheless, joining Pool Party means you get a chance at winning weekly prizes!
🛡️ Your funds, your control! With Pool Party on Solana, enjoy non-custodial benefits.
Save money, win prizes, and withdraw anytime. ✅ pic.twitter.com/lNeukGm7l1
— Pool Party – Gamifying Stake- and DeFi yield! (@joinpoolpartyio) August 15, 2023
Simply deposit your tokens into its savings pool. The more you deposit, the higher your chances to win from the prize pool! What’s more, you can withdraw 100% of your funds at any time. There isn’t any lock-up of your funds.
Okay! That summarizes the 10 ways you can make money on Solana! There’s a variety of ways you can make money here. But, not every way is suited for everyone. Some may prefer to make money through DeFi. Whereas others have programming or writing skills. They may instead prefer to work on bounties instead. If you’re into the Solana ecosystem, find something that works for you now!
⬆️ For more cryptocurrency news, check out the Altcoin Buzz YouTube channel.
⬆️ Our popular Altcoin Buzz Access group generates tons of alpha for our subscribers. And for a limited time, it’s Free. Click the link and join the conversation today.
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours.We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence.
Copyright Altcoin Buzz Pte Ltd.