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Disclaimer: Nothing in this report constitutes investment advice—I am just reporting on my accounts and its progress on each platform. You should not use this report to make financial decisions. I recommend you seek professional advice from someone who is authorized to provide investment advice.
Hey everyone and welcome to the HODLer’s Den!
Here you will find information on my crypto investment portfolio straight from a HODLer’s perspective. This section will focus on HODLing cryptos and interest-earning platforms.
Crypto.com
Updates
Crypto.com’s Climate Commitment
In response to rising concerns about the environmental impact of crypto mining, Crypto.com (CDC) announced the ambitious goal of becoming carbon negative within the next 18 months.
The process, which has been in the works for some time, will be carried out in three phases.
The first phase will focus on an assessment of the carbon generated through cryptocurrency trading, deposit and withdrawal activities across all of Crypto.com’s platforms (App, Exchange, NFT, DeFi, and Crypto.org Chain).
The second phase will identify the most effective ways to offset the carbon generated, with the support of accredited organizations specializing in carbon offsetting and sequestration.
The third phase will focus on the carbon generated through all of the business activities conducted by Crypto.com which fall outside of trading (eg: marketing activities, work-place services, business travel, etc).
I commend CDC for reacting so quickly with the issue about the environmental impact of cryptocurrencies. It is such an ambitious goal and they are only giving themselves less than 2 years to achieve it while most companies require at least 5 years.
Particle B Accelerator launches the CRO EVM Fund
Crypto.org today announced that the most requested Crypto.org chain feature—Ethereum Virtual Machine (EVM) support—is launching on July 14th, 2021.
EVM support allows for rapid porting of apps and smart contracts from other EVM-compatible chains like Ethereum, allowing for faster ecosystem build-out. EVM support will be implemented on the Crypto.org EVM Chain.
To further support the Crypto.org ecosystem, blockchain accelerator Particle B has announced the CRO EVM Fund. Particle B will grant up to 1 million USD per project to at least 100 projects committing to building applications on Crypto.org Chain.
With the launch of EVM, it will mean that CDC has entered Phase 2: DRACO II. When the market picks up again, I think CRO will also gain some traction as developers and teams begin to build on Crypto.org Chain.
Crypto.com App Lists 20 Tokens
As usual, CDC continues to list plenty of new tokens to its platform.
Canis Major—Phase I of the Crypto.org Chain Is Now Live
Phase I, Canis Major, will support NFT operations natively on the Crypto.org Chain, including minting, transfer and burn.
They are working on integrating Crypto.com/NFT and Crypto.com DeFi Wallet, which will introduce the transfer and trading of NFTs in the next few weeks.
I have done very little research on NFTs because I have no interest in them. But with the launch of Canis Major, CDC can now move on to Phase II which should start to bring more utility to CRO and hopefully boost its price.
Interest Earned
With the entire crypto market retracing over 40% in the last 4 weeks, my interest earnings on Crypto.com also took a hit. In the last 4 weeks, my portfolio lost about 40.9k USD in value. Yes, it definitely is gut-wrenching to “lose” such a large amount of money but remember that these are interest earnings and not true losses until I cash out.
My Crypto Earn portfolio is down 37% in the last 4 weeks. Overall, it is still up when you compare it with the last couple of years during the bear market.You can track my earnings progress on the four major interest-earning platforms that I use by checking out this Google Spreadsheet.
A large chunk of my Crypto Earn portfolio is in BTC (Bitcoin) and ETH (Ethereum) so it makes sense why it took a big hit. BTC is currently sitting at 35.4k USD while ETH is at 2624 USD. CRO is currently moving sideways and is hovering around 0.12 USD.
CRO Earnings
Since the launch of mainnet, I have been migrating CRO from ERC-20 to the native chain on Crypto.org via the DeFi Wallet app so that I can stake to earn a better yield. It started out in the high 40% APR but is now hovering around 14% APR—still a lot better than what you can earn in the Crypto.com App at 6% with a 3-month lockup period.
Conclusion & Prospect
As I mentioned above, I commend CDC for such an ambitious goal of becoming carbon negative within 2 years. They were quick to act upon accusations that crypto is “bad for the environment”. People often forget the conveniences provided by modern technologies that were non-existent just a couple decades ago. I believe crypto is better money and that it is the next evolution of money that will change the financial world. I believe technology will allow us to efficiently harvest solar and wind energy which will make crypto environmentally friendly.
With Phase I Canis Major out of the way, I am excited to see what CDC is capable of in the coming months as they bring utility to CRO with the next couple of phases. Phase I focused many on NFTs which I believe is just a minor category within the crypto space. I like the concept but there is no strong use case at the moment.
Phase II Draco II will focus on EVM and coin issuance. I believe this will be the start of Crypto.org Chain becoming utilized because it enables smart contracts. Also, CDC will be incentivizing teams and developers to build on Crypto.org Chain with seed funds up to 1 million USD. This will help accelerate the adoption of Crypto.org Chain and hopefully bring utility to CRO.
The last few weeks have been rough as the market corrected over 40% and is currently moving side ways. The silver lining is that I am able to dollar cost average (DCA) into my current positions to prepare for the next rally. During the bear market, I used CeFi platforms like Celsius Network, CDC, and Bitrue to DCA into Bitcoin and Ethereum. This time around, I have access to other tools such as yield farming to earn passive income and dollar cost average while the market is stagnant.
Take this opportunity to position yourself once the market picks up again. Even though my portfolio took a massive hit, I am still making more money yield farming than I am working my regular full-time job. While this current correction put me a few steps back from my goal of financial freedom, the next big rally will probably allow me to achieve my goal.
What I Am Doing
This section is dedicated to paid subscribers as I will go into details of what moves I am making with my interest-earning portfolios.
You are currently reading the Free Version. If you would like more information, please consider switching to a paid subscription.
Each week I will report on a different interest-earning platform that I use—mainly, Celsius Network, Bitrue, Crypto.com, and BlockFi.
If you are new to crypto or have considered joining new platforms, check out the Starter Pack created by CryptoOneStop by clicking here or if you want to earn over 250 USD in referral bonuses then click here.