There are a lot of ways to earn here on Hive and one of them is delegating some of our Hive Power to projects or communities. While some pay delegation rewards in the form of liquid HIVE, others like Wrestling Organization Online (WOO), InLeo, and Holozing reward their delegators in their own token ($WOO, $LEO, and $ZING, respectively). To me, that is the easiest way to earn tokens that we are interested in accumulating. And while doing that, we also support the projects in their development stages.
The good thing about delegating Hive Power to those who pay delegation rewards in any form (their project token or HIVE) is that we kind of get rewarded passively because we do not need to be actively doing things to earn something.
For example, I have delegated some HP to the WOO Hive account which is allowing me to earn $WOO tokens that I can claim manually with just a few clicks on my dashboard in their site. Currently, the APR on HP delegated to WOO is at 18.77% which is still quite decent in my opinion. And I read that there might be more WOO rewards for HP delegators.
The earnings are compounded because when I claim them (claiming can be anytime too), they are automatically added to my staked WOO, thereby increasing my staking rewards which at the time of this writing, the staking APR is at 16.74%.
Another option for the earnings could be to unstake them (it takes 4 transactions in 28 days, shorter than powering down HP) and sell or swap them for liquid HIVE to take advantage of other trading opportunities or I can choose to stake the HIVE to grow my Hive Power which in turn will increase my voting value (more curation rewards). I rarely do this though because I usually just keep the tokens as they come.
Yes, I'm temporarily losing the associated curation rewards (HP) during the period our Hive Power is delegated but it is enabling me to add another token to my portfolio which to me is still nice. In addition, I can choose what to do with the earnings (as mentioned above).
Either way, it's quite a win-win. And I like the fact that delegating to the project helps it even in the smallest way. The WOO game is still in Beta and I believe there's so much more room for it to grow. So yeah, I'm taking the opportunity to add more to my small stacks.
For infotainment only.
Lead image edited on Canva. Logo from WOO. No copyright infringement intended. 29122023/18:00ph