Experienced crypto traders know that bull markets are for selling and bear markets are for accumulation, but the latter can be difficult amid runaway inflation that is sapping the purchasing power of fiat currencies.
As the crypto market descends into crypto winter, with prices in the gutter and developers focused on creating the next popular breakout protocol or token, some crypto fans have started exploring new new ways to increase their stack in preparation for the next bull market.
Here’s a look at the top five ways hodlers can increase the size of their crypto portfolio without breaking the bank so that the money they earn can be used to combat the rising cost of living.
Staking is perhaps the most tested and proven way to increase the number of tokens held, as the vast majority of proof of stake (PoS) gratings provide consistent performance to lock parts.
In addition to helping with transaction validation and network security, staking tokens in a smart contract reduces the available circulating supply, which in turn can help increase the price of the crypto asset under -lying.
Each proof-of-stake blockchain has different rules regarding payouts, returns, lock-in period, etc., so do your research before staking any of your crypto assets to find out what the system entails.
— LifeDeFied (, ✨) (@LifeDeFied) July 18, 2022
However, care should be taken which token is being staked, as crypto winters have been known to wipe out most protocols that lack strong fundamentals or strong support.
Projects with an established track record, healthy transaction volume, and an active and growing user community are some of the keys to consider when choosing a good PoS network. Some of the best options in today’s market include Ethereum, Cosmos, Fantom, Solana, Avalanche, Polygon, and Polkadot.
GameFi and play to win
2021 has seen the emergence of the GameFi and play-to-earn (P2E) protocols, which offer gamers the chance to do what they’ve always loved – and earn a living in the process.
While symbolic prices for the most part popular games like Axie Infinity have fallen, hurting players’ earning power, the sector remains one of the most active in the cryptocurrency ecosystem and is likely to continue to thrive in the future.
Some games require an initial investment, which can be expensive for many looking for free ways to earn crypto. But, protocols like Yield Guild Games and Merit Circle offer these users the ability to rent or borrow the required assets in exchange for a small commission that is taken from any rewards earned.
Crypto Side Gigs
The last decade has seen the rise of the gig economy as ride-hailing apps and food delivery services have exploded in popularity and workers have shunned the traditional 9-5 day routine.
“Freelancing” is the new buzzword after Novel Coronavirus in India’s gig economy. After the United States of America, India ranks second in the world with over 15 million freelancers! Additionally, people from all walks of life are getting into the freelance workspace.
— eKarma India (@EKarmaIND) July 21, 2022
As remote work and the nomadic lifestyle have grown in importance, the decentralized nature of cryptocurrencies has opened the door to a wealth of opportunities for people to help contribute to the ecosystem while earning crypto in the process.
Despite the onset of the crypto winter, which has led to some of the biggest companies in the industry lay off a large part of their workforcenew industry jobs are posted daily as projects are launched and established companies move away from the legacy system.
From part-time gigs and contract jobs to bounty assignments and community outreach, there are a variety of side gig opportunities for hodlers to earn crypto while their day job pays the bills.
Cryptocurrency Airdrops have become a mainstay in the crypto community as they offer one of the best ways to maximize marketing efforts and attract new users to the community.
As flash-in-the-pan projects that rose and fell rapidly during the bull market begin to recede and fade into the rearview mirror, new projects representing the next generation of blockchain protocols are beginning to roll out and must attract users to their ecosystems.
While the tokens for these projects usually start out with little or no value, sometimes patient people can be rewarded with good paydays down the road once the bullish momentum returns to the market.
Another option is for crypto-degens to explore airdrops that have already taken place in an effort to find ones they have qualified for but have yet to claim. Some more recent examples include the Optimism (OP) and Evmos (EVMOS) airdrops, which arrived at the end of the bull market and could have been lost in the chaos of the past few months.
There are 150 MILLION dollars of $EVMOS airdrop which is still unclaimed
If you used Ethereum before 2021, this is your ticket to the Cosmos
The claimable airdrop will start transferring to the community pool in 2 weeks
Here’s how to get your share back!
— Evmos Intern ☄️ (@evmosintern) July 17, 2022
Once claimed, users have the option of selling these tokens for a stablecoin or other preferred crypto, or they can hold these tokens in the hope that they will see some nice gains once crypto spring rolls around.
Spread the crypto gospel (for referral bonuses)
One of the oldest ways for crypto enthusiasts to earn a few Satoshis on the side is to earn referral bonuses when they refer users to newly launched cryptocurrency exchanges or decentralized finance protocols that are looking to attract users and cash.
While the crypto-contagion triggered by the collapses of Terra and Capital of the three arrows led companies like Coinbase to tighten their belts and discontinue referral bonuses, there are still plenty of opportunities for evangelists to spread the word and earn a reward.
It can also help draw non-coinmakers into the crypto community, as those with extra motivation look outside the pool of available traders in search of higher bonuses.
It is important to note that people interested in earning additional crypto through referrals should do their due diligence by checking out a platform before directing others to it, as people are likely to look hard at something. one that refers them to a scam or rug draw.
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The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.