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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
Credit & Debit Card Top-Ups
Crypto.com introduced two new methods for topping up the Crypto.com Visa Cards for US users: using a credit card or a debit card.
Before this feature, users had two options available to add money to their CDC card for use—either using crypto already in their Crypto Wallet or fiat in their Fiat Wallet.
Note that there are fees associated with topping up your Crypto.com Visa Cards using these two new methods, but for a limited time, cardholders can enjoy zero fees when topping up with a debit card. Credit card top-ups will still have a 2.99% fee.
17 New Supported Cryptocurrencies for Card Top Ups
Speaking of the Crypto.com Visa Card, they recently added 17 new cryptocurrencies for cardholders to top up their cards: ADA, CHZ, DAI, DOGE, ENJ, LINK, MANA, MATIC, TAUD, TCAD, TGBP, THETA, UNI, USDC, USDT, VET, and ZIL.
With each addition, CDC is legitimizing cryptocurrencies for real life use-cases. I remember when I could only top up my Crypto.com Visa Card with either Bitcoin (BTC) or Ethereum (ETH).
The great thing is that CDC supports Crypto Earn for most of these new cryptocurrencies so in theory one could park those assets on Crypto Earn to earn a yield and then use the yield to top up the CDC card.
Cronos, Crypto.org EVM Chain, Testnet Now Live
Cronos is the EVM (Ethereum Virtual Machine) chain running in parallel to the Crypto.org Chain. It aims to massively scale the DeFi (Decentralized Finance) ecosystem, by providing developers with the ability to instantly port apps from Ethereum and EVM-compatible chains, with funding from Crypto.com.
Cronos is powered by Ethermint, which allows rapid porting of apps and smart contracts from Ethereum and EVM-compatible chains. The Cronos base settlement currency will be CRO, the native currency of the Crypto.org Chain.
The Inter Blockchain Communications (IBC) protocol enables interoperability and bridging to the Crypto.org Chain—a fully decentralized, open-source, energy efficient public chain with high speed and extremely low fees. It also allows interoperating with other IBC-enabled chains (e.g., Cosmos Hub).
Cronos runs on Proof of Authority (POA), which according to the team, is a more streamlined and scalable consensus mechanism. It has received massive support from the community and industry partners with more than 20 validators committed to support Cronos.
Crypto.com DeFi Wallet Now Supports Dogecoin (DOGE) and Bitcoin Cash (BCH)
Crypto.com DeFi Wallet has added Dogecoin (DOGE) and Bitcoin Cash (BCH), requires DeFi Wallet V1.14.1 or above, to its growing list of 200+ DeFi tokens, including ATOM, AAVE, DOT, YFI, ETH, BTC, and CRO.
With the DeFi Wallet, users can easily send, store, and manage their coins while retaining full control of their private keys and crypto assets.
Global Cryptocurrency Adoption Doubled Since January
Crypto.com released its latest research report on the global market size of crypto users showing that the market more than doubled in the first half of 2021, to 221 million users.
Key takeaways of the July 2021 study:
The number of global crypto users reached 221 million in June 2021
The global crypto user base almost doubled in only four months (Feb - May ‘21) from 106 million to 203 million
Although Bitcoin drove the growth in January and February of this year, substantial growth in altcoin adoption in May 2021 pushed the global crypto population to a new high
Likely events that drove crypto adoption were the massive institutional adoption and facilitation of cryptocurrency trading, along with the celebrity effect from Elon Musk
Interest Earned
It has been a rough couple of weeks for crypto but things seem to be stabilizing and the market is springing back to life. In the last 4 weeks, my portfolio grew about 12.8k USD in value. The previous two reports were “losses” so this reversal is a welcome one for sure.
My Crypto Earn portfolio is up 19% in the last 4 weeks. It has not fully recovered, but it is making its way back. 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 made a big recovery. BTC is currently sitting at 41.6k USD while ETH is at 2508 USD. CRO is currently moving sideways and is hovering around 0.12 USD.
CRO Earnings
If you have been following my Crypto.com reports, you know that I have been moving my CRO onto Osmosis to earn a yield. I used to have my CRO staked on the DeFi Wallet app to earn about 13% APR—which is not bad.
But on Osmosis, I am earning over 90% APR which is almost 10 times more than what I can earn from staking on DeFi Wallet. However, I have to pool CRO with ATOM and there is a 14-day unbonding period to unlock the higher APR on Osmosis.
Since I am earning OSMO by providing liquidity on Osmosis, I will deposit my CRO and OSMO in this pool to earn 300%+ APR in the future.
Conclusion & Prospect
With every progress report, the Crypto.com team has been doing phenomenal at adding plenty of new features and listing new tokens. The two main features that I use are Crypto Earn and the Crypto.com Visa Card.
When I first started using CDC, the interest rates were the best in the industry. As more and more people discovered the platform, rates have been slightly diminished but overall still very competitive. The high rates come with the need to lock up funds for 3 months. There are also a 1-month tier and a flexible tier, but the rates are not as competitive.
The great thing about CDC is that I can take the earned rewards from Crypto Earn and top up my card for daily expenses. Like I mentioned above, it legitimizes cryptocurrencies because I can use my crypto yields to buy groceries and pay bills. As CDC continues to accept more cryptocurrencies for topping up the Visa card, I will have more options.
Both of these features, Crypto Earn and the Visa Card, work synergistically well because they have good overlap of cryptocurrencies that exist in both features. Originally, I could only top up my card using ETH or BTC, but it has grown to more than a dozen different tokens/coins. This allows me to diversify my portfolio while still earning and spending without having to convert between tokens to top up my card.
Overall, the Crypto.com ecosystem is growing and evolving rapidly. The current focus is on DeFi and I believe they are progressing at a decent pace. Being a US customer, I am locked out from other features due to regulations, but I am hoping things will change in the future.
It has been a little over a year since I started publishing my progress reports on Crypto.com and my earnings portfolio grew from 9500 USD to 79000 USD today. Earning 70k USD a year from HODLing is not bad at all and I could easily use this fund to pay my bills and daily expenses but I prefer to compound so I can retire early.
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.