Crypto.com Progress Report (Free) 📈
HODLer's Den By Aromatic (Free Version)
Twitter | Facebook | Reddit | YouTube | LBRY | Patreon | Store Front
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
Update
CDC (Crypto.com) has been very active listing a bunch of new coins on the platform. Even though they added a bunch of coins for users to the exchange and the ability earn interest on, many of these coins are unavailable to United States customers like myself.
Today we are adding 37 new tokens to DeFi Wallet, supporting 78 assets in total including some of the most popular DeFi tokens, stablecoins, Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), Ripple (XRP), Lumen (XLM) and many more ERC-20 tokens.
Aside from listing new coins, CDC continues to add the recurring buy feature to new coins such as LINK (Chainlink). As I have mentioned in my previous CDC report, the recurring buys are not as flexible as some other platforms such as BlockFi. Regardless, it is a great feature to allow users a simple way to Dollar Cost Average (DCA) into specific coins of their choosing.
DeFi Swap
To compete with Uniswap and other decentralized exchanges, CDC released DeFi Swap. You can read more about DeFi Swap here on CDC’s blog. Basically, it is a fork of Uniswap with additional incentives for CRO (Crypto.com Token) holders who provide liquidity.
Being a United States customer, I am unable to participate. I hope legislation makes the appropriate changes soon which will allow Americans access to these types of opportunities in the future. As usual, DeFi Swap is a protocol and is subjected to bugs and hence they had to provide a discretion: “Use at your own risk.” Because it is a fork of Uniswap, I do not think there should be any issue with DeFi Swap.
Supercharger
CDC recently launched Supercharger—a simple, flexible and secure liquidity mining platform. In a similar fashion to Binance’s Launchpad, users can deposit and stake CRO to earn or mine a specific token.
The first token supported with Supercharger will be UNI (Unisap’s governance token). Users will have to deposit CRO tokens during the “Charging” period of 30 days. After the 30 days have elapse, the Supercharger will go into the “Distribution” period, which is also another 30 days. UNI tokens will be distributed depending on how much CRO was deposited during the “Charging” period.
You can read more about Supercharger here on CDC’s website for more information on how to participate. Again, being a US customer, I am unable to participate in such a wonderful event even though I hold a decent chunk of CRO.
CDC Card
The CDC card keeps getting better and better each day. CDC increased the cash back percentages on the higher tier cards. The Icy White and Rose Gold cards went from 4% CRO rewards for spending to 5% while the Obsidian card went from 5% up to a whopping 8% CRO rewards for spending.
My goal was to reach the 5% cash back rewards with the Obsidian card but now I have achieved my goal since the Icy White card provides 5%. I remember using my Chase Freedom credit card with the rotating categories earning 5% cash back and thinking this is amazing. Now I have a card that always net me 5% CRO rewards for spending on any category or item without a limit—I believe the Chase Freedom card capped the rewards at 2500 USD. This is a game changer as I have been using my Icy White card for all of my purchases. These new rates will take effect on October 1st, 2020 and I am super excited.
Another great feature is Crypto Pay which offers immense cash back rewards on gift cards. I have used it to purchase Whole Foods and Burger King gift cards with 10% pay rewards in CRO. They recently added Amazon gift cards which are impossible to get because they are always out of stock due to high demands. With 5% cash rewards on Amazon gift cards, I have access to unlimited amount of items available on the platform. Hopefully they stock more Amazon gift cards—probably good to start loading up to prepare for the oncoming holiday season.
Interest Earned
For the first time ever since writing about my interest earning journey, my CDC earn account is down 7%—amounting to a loss of 1046 USD in the last 4 weeks. The crypto market has had a massive correction since the previous CDC report which makes sense why my portfolio took a hit. Bitcoin is sitting at 10.7k USD and Ethereum is at 352 USD—both of which make a nice chunk of my portfolio.
You can track my earnings progress on the four major interest-earning platforms that I use by checking out this Google Spreadsheet.
More CRO
If you follow my weekly progress reports, you will know that I recently upgraded to the Icy White Card which means I now get an extra 2% APR (Annual Percentage Rate), in the form of CRO, across all of my locked up assets earning interests. Over time I think this change will have a huge impact my earnings.
I updated all my payment information to my Icy White card from CDC to maximize my CRO rewards and earnings. As you can see, with all the extra CRO I am earning from Crypto Earn (Extra) and CRO Rewards from using my Icy White card, I was able to deposit 5277 CRO into Crypto Earn which will be yielding 18%. And with the extra 1% boost from 4% to 5% CRO Rewards beginning in October 2020, I will be accumulating CRO at an even faster rate.
Every week I am earning about 710 CRO from my deposits and the extra bonus because of my staked tier. This currently amounts to about 107 USD each week given that CRO is at 0.15 USD. I could use this amount for groceries or bill payments but I will continue to deposit it back into crypto earn for the compound effect.
Conclusion & Prospect
Aside from their mishap back in July-August with the MCO Swap, I think CDC has been very active in keeping up withe DeFi and what they have to offer. Now that they only have to focus on CRO, they are providing it with tons of utility—I am surprised that CRO has not jumped in value.
It is incredibly irritating being a US customer because I am unable to participate in many of the things CDC has to offer such as Supercharger for liquidity mining or being a liquidity provider for DeFi Swap to earn more CRO. I hope US lawmakers will make the proper amendments in the future to allow crypto to be widely adopted and utilized in the United States.
For now I am happy to be able to have a card that earns 5% cash back rewards for everyday purchases. I was satisfied with my Citi Double Cash rewards at 2% so you can imagine how satisfied I am at 5%—more than double of what I was getting! Aside from cash back rewards, remember to check Crypto Pay for specific gift cards that can net your 10% CRO rewards. With plenty of cash back incentives and perks such as 100% rebate on Amazon Prime, Netflix, and Spotify, CDC provides a wonderful ecosystem to earn crypto and spend it too!
With the crazy amount of CRO I earn in rewards and from deposits, I can probably use it for my groceries and takeout food without having to spend any money. I think most people who are investing in crypto want financial freedom and with my CRO earnings,I am one step closer to achieving that goal.
Although my crypto earn portfolio took a 7% hit in the last 4 weeks, remember that all the money from earn is free. Yes, it hurts watching your portfolio take hit, but remember that the crypto market had a massive correction and I am sure a good chunk of people are down more than 7% overall. During these market pullbacks it is important to HODL and continue DCA into cryptos because your portfolio will explode during the next wave up. We are still early in crypto, and as a HODLer, I will continue to accumulate and prepare myself for financial freedom.
Each week I will report on a different interest-earning platform that I use—mainly, Celsius Network, Bitrue, Crypto.com, and BlockFi.
If you do not have an account with Crypto.com and would like to support my work, please use this referral link to sign up and we both get 50 USD paid in CRO! Much is appreciated!
This is part of the FREE subscription package that goes out to hundreds of investors. I also have a paid subscription package which includes exclusive content and insights. To really get the most bang for you buck, check out my bundle packages through Patreon.
For a limited time I’ll also be offering an option to pay in DAI. Using this method you’ll get an annual subscription for only 50 DAI.