- Is NEAR Protocol the next Ethereum killer?
There have been a number of projects over the years
claiming to take out Ethereum,
only to fade away silently into crypto oblivion.
However, if there was one project that could rival Ethereum,
I think it could be NEAR Protocol.
And it has a feature in this protocol
that eliminates the use of node, which is the infrastructure
of how many cryptocurrencies are built.
However, this poses many scalability issues.
And this means that all of these nodes
is a service-type projects that we're seeing pop up
on different layer-1 blockchains are completely irrelevant
inside the NEAR ecosystem,
which translates into infinite scalability.
And with scalability comes many different opportunities
to create passive income, which is why today
we're going to be taking a look at five different protocols
where you can create passive income on the NEAR blockchain,
ranging from 4% upwards of 100% per year.
And by the end of this video,
you're not only going to know successfully
how to set up a NEAR Protocol portfolio,
but I'm saving a bonus method
for last that I really am excited about.
But first we need to understand what NEAR Protocol is
and why choose NEAR over other blockchains.
NEAR Protocol is competing with the likes of Ethereum,
Binance, Avalanche, Terra Luna,
just to name a few of its competitors.
And it's aiming to be the top layer-1 in blockchain.
And the main thing you wanna know about layer-1's
is that it's what all crypto applications are built upon.
Essentially when you're investing in a layer-1 protocol
or even the projects in that protocol,
you're betting on that ecosystem to win.
But the problem many layer-1 projects face
is the scalability aspect,
which is where layer-2's come into play,
a protocol to solve this issue.
MATIC Pennino is the layer-2 to Ethereum
and Project Aurora is the layer-2 to NEAR,
but probably the most unique part to NEAR
is that it implements charting, a scalability technique
that doesn't require nodes.
So all of these nodes is a service type projects
that we've talked about on the channel before
are completely irrelevant when it comes to NEAR,
giving NEAR a massive advantage.
And speaking of huge advantages,
you know what would give you a huge advantage
is hitting the like button on this video
and subscribing for up-to-date videos
on how to make money online that I drop every single week.
Now let's jump into the five protocols
we're going to be talking about today
on how to increase your NEAR Protocol portfolio.
First up, I just wanna talk about
staking the NEAR token itself.
I think regardless of whatever protocols ecosystem
you're investing in, it's always a good idea
to stake some of the actual protocol itself,
usually because it's going to be the lowest risk asset
on this blockchain.
All of this can be done on the NEAR Protocol website
by downloading the NEAR Wallet.
And right now they're offering a 4% per year
on your NEAR Protocol investment.
Once on the website, this can easily be done
by selecting stake your tokens, go to the pool validator,
I went ahead and chose the Aurora pool.
Click stake on that validator,
and remember to leave some extra NEAR in your wallet
to cover fees.
Once you're there, you click Submit Stake,
and the validator I chose,
I'll be rewarded in Aurora tokens.
Next up, we're going to go
to the third largest yield farm index
on the NEAR Protocol network, which is called Ref finance.
And it runs on the Ref token
and functions off of a wrapped NEAR,
meaning that to provide liquidity
and to participate in some of these farms,
you'll have to wrap your NEAR,
which could easily be done on the website.
I went ahead and looked at the Ref token
and wrapped NEAR pool, which right now is at an 82% APR
on your NEAR tokens.
You'll also be getting a small percentage
of other tokens as well.
And you can then take those Ref tokens that you earn
to get an additional 11% on top of those, if you want.
It's also worth noting in this pool,
you'll will also be getting a small percentage
of other tokens as well.
And you can simply do all of this
by going over to the farms' page
and putting in an equal amount of the Ref token
and NEAR token inside the pool
and then you'll be rewarded equally.
Next step, we're going to cover another DEX exchange.
However, this one is on the layer-2 protocol
the Auroras engine, and it's called Trisolaris.
This is the second most popular exchange
on your protocol right now with a quarter
of a billion dollar in assets locked up.
And just like Ref finance
you can farm different stable coins
for a high APR and you can do this
by getting the native token of Trisolaris, the TRI token.
Now another interesting component to this exchange
is that it runs off of the rainbow bridge
which if you're not familiar with allows developers
to utilize any contract on NEAR Protocol
by wrapping NEAR on the rainbow bridge.
Now similar to many decentralized exchanges
there are many different pools offering liquidity
for investors to earn interest on.
But the one I went ahead
and I took look at was the TRI and wrap NEAR token,
offering a 100% APR and TRI tokens.
And if you wanna use stable coins,
then you can also do the TRI-USD pools,
well offering 158% APR on TRI tokens.
And the reason why I'm suggesting for TRI token pools
is because you can stake your TRI rewards
for an additional 28%.
Now moving on to Bastion Protocol
which is a borrowing protocol on the Aurora engine
that boast over 400 million in assets locked up.
Now, if you know how any protocols work
and the risks associated with leveraging,
then you know why save this protocol NEAR the ends.
The main risk when it comes to leveraging projects
for passive income is the price of the project going down
which will either liquidate your original position
or in this case, if you're leveraged staking
putting the investor in the negative
when exiting out of your staking contract.
And with Bastion in the native token of the exchange,
you can leverage stake NEAR its collateral
to borrow NEAR tokens against them,
which you can then stake on the Meta Pool
for more stakes NEAR.
And utilizing the strategy will net 100% APY
on your NEAR token since the price
of staked NEAR appreciates in value.
Now it goes without saying that leveraging your NEAR tokens
does assume quite a bit of risk.
However, it's not as risky leveraging some other protocols.
And this is because the price of NEAR and staked NEAR,
both share the same correlation in price.
Normally the biggest risk in leveraging comes
when the collateral of the price falls
against the leverage asset, but since steak NEAR
and NEAR itself would both fall on a price drop,
this reduces the chance of getting liquidated.
And if you don't like the idea
of leveraging NEAR token,
you can head over to the main page
to wind either NEAR or Ethereum for some stable coins.
But as a protocol is still new,
the APY on these projects is not that high.
Lastly, the bonus method I wanted to mention was Paras,
the weed in NFT platform on NEAR Protocol.
And as a crypto expands,
the NFTs on that blockchain get more exposure.
We've already seen this happen
with a handful of blockchains such as Solana, MATIC,
and Terra Luna just to name a few.
Now the native token of this NFT marketplace is Paras,
and you can stake the Paras token for a 90% APR.
And right now the pool is over 2 million in asset staked,
and the current market cap of Paras token is $21 million.
Now this is where things get interesting
because under the Paras staking pool,
you can see a number of NFTs
that you can stake to earn passive income.
Now, these are just promotional.
So you do need to keep an eye on the end date
but it may be a good point to start some NFT research
on the NEAR Protocol blockchain.
And odds are if they are offering staking rewards,
the NFTs are more likely to have a solid community,
which we know is important for success of any NFT project.
One that caught my eye was the NEARNauts pool,
which since its inception has given out
a $53,000 in rewards.
And let me know in the comments what you are investing in.
And as always be sure to like
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check out my other playlist.
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Thanks for watching and I'll see you next time.