Hello Readers,
I hope all of you are having a fantastic day and spending time with your friends and family. Well, if you are reading this post, then most probably you are already familiar with Hive, just like me. Whether you are new to this ecosystem or have been around for a while, I guess you are having a great time here and also earning for your contributions and building your crypto wealth. Today in this post, I am excited to share my journey of building wealth on Hive. Every week in order to stay focused on my financial journey, I track my financial progress and talk about my milestones and progress, and try to offer some insights that could help you grow too.
Recently after the US election, the Hive token has been showing some upward movement in the market. In the past, Hive was hovering around $0.16 for quite some time in the last bear season, only recently it climbed to its recent all-time high at $0.23 but then dropped down again, but after the election results, it is again gaining some momentum and right now trading for 0.192$ as I just checked. It is a promising sign, and I am optimistic that this upward trend will continue. However, my journey here is about much more than just watching token prices, it is about consistently growing my portfolio on the Hive blockchain. So, let us dive in and see how I have been making progress in small but consistent steps.
1. Hive Power (HP)
First, let us talk about Hive Power (HP). I am A pretty old user on this blockchain now but when I first joined the Hive ecosystem, I admit it was a bit confusing. But once I understood its significance and true potential, I realized that building HP is like laying the foundation for your success on this chain. In simple words, Hive is the native Layer 1 token of the platform, and when you stake it to get Hive Power, you are not just holding tokens anymore, instead you are increasing your influence and earning potential on this platform.
Why HP matters
- Curation Rewards - Every time you vote on someone else's content using your staked hive, you earn curation rewards in return in the form of HP. The higher your HP, the greater the value of your vote, meaning you can earn more just by engaging with the community.
- Community Influence - HP also gives you a voice in this decentralized network in important decisions like voting for witnesses and DHF proposals that shape the future of the HIVE blockchain platform.
Over the past few months, I have focused on consistently growing my Hive Power. I have been actively blogging, engaging with other posts and threads, and most importantly, I have not powered down a single bit from my HP that I keep staked. In my last financial update about a week ago, my HP balance was 15,714. Today I am happy to report that it has now grown to 15,962 HP! That is an awesome increase of over 248 HP in just a week. Anyway, after reaching 15,000 HP recently, I have already set my next goal to reach 20,000 HP. Though you may think that it is a slow process to build Hive Power organically, it is a steady one and all about endurance and consistency.
2. Hive Backed Dollars (HBD)
Next up is the Hive Backed Dollar (HBD). In case you are not familiar with it, HBD is the official stablecoin of the Hive blockchain that is pegged to the US dollar, which makes it a reliable coin to store value. We receive HBD as part of author rewards from our content, and I have chosen to save my HBD rewards rather than spend them right away. Because Hive blockchain offers an impressive 15% annual interest rate on HBD savings paid in HBD. By simply storing your HBD in the HBD savings account on Hive, you can earn monthly interest with almost no risk and the unlocking period is also just 3 days. It is an easy way to grow your assets while keeping them liquid.
In my last week’s update, I had saved up 740 HBD, I did have to use a bit of it and that’s why the balance decreased a bit, but since last week, I have managed to increase my balance to 778.156 HBD, and I have also earned 8.754 HBD in interest in just the last 26 days. My long-term goal with HBD is to reach 3,000 HBD.
3. Leo Power (LP)
Finally, let us talk about Leo Power (LP). If you have explored this blockchain’s different platforms, and communities or are into the crypto and finance niche, you have probably heard of Inleo, a social media platform and community built on the Hive blockchain that has become a home for Web3 enthusiasts. The Inleo platform has its own token called Leo and behaves just like Hive Power, where using your staked Leo aka Leo Power allows you to earn curation rewards by voting for others' content posted on Inleo and also, you can earn Leo tokens as author rewards by posting your own content on this platform.
I have been an active member of the Inleo community for quite some time, and I strongly believe in its long-term potential. I recently participated in the LPUD (Leo Power Up Day) event last month on the 15th, where I powered up around 204 Leo tokens, bringing my total to 11,711+ LP. Since then, I have earned an additional 166.71 Leo tokens through author and curation rewards which I am about to stake on the upcoming LPUD. My ultimate goal is to reach 15,000 LP and achieve the prestigious "OG LION" status on this platform. It is going to take time, but I am sure I will reach there one day.