You can do much more than just storing or transferring your crypto funds on Trust Wallet. In particular, you can make money with it, and that’s what we’ll talk about today – how to make money with Trust Wallet.
Trust Wallet is primarily a wallet for Ethereum-based tokens. But it also supports storing over one million crypto assets, including popular cryptocurrencies like Bitcoin, Litecoin, Dogecoin, etc.
Initially founded by Viktor Radchenko, the company was later acquired by the popular crypto exchange, Binance.
As of now, Trust Wallet is probably the most secure decentralized crypto wallet.
How to Make Money with Trust Wallet
The first method we’re going to talk about on how to make money with Trust Wallet is staking.
We’ve already done a blog post extensively talking about DeFi staking. But to give a quick recap, here’s how staking works –
Many cryptocurrency networks work on a proof-of-stake (PoS) consensus mechanism. By staking your cryptocurrency in one of these networks, you become a validator, and for every successfully validated block of transactions, the validator receives a reward.
All of this is fully automated and doesn’t require any manual oversight.
In simpler words, staking is pretty similar to fixed deposits, where you deposit a certain amount of funds and receive interest against it.
The only difference – the interests or rewards you get in staking are significantly higher than any other traditional means.
Trust Wallet supports in-app staking, meaning you don’t have to look for separate platforms to stake your crypto.
Currently, Trust Wallets only supports staking for the following cryptocurrencies –
DeFi lending is pretty straightforward. We’ve talked about crypto loans before. DeFi lending is basically the opposite of it, where instead of borrowing a loan, you lend a loan.
Unlike traditional financial organizations like banks, DeFi lending protocols eliminate all third parties and allow direct lending between the borrower and lender with the help of smart contracts.
Similar to traditional means, the lender will receive interest on his crypto assets.
Currently, Trust Wallet provides in-app access to the following DeFi lending platforms –
If you’re asking how to make money with Trust Wallet, DeFi lending is probably one of the safest and most rewarding methods to do it.
Automated Market Makers
In decentralized vs centralized exchanges, we mention how certain DeFi exchanges use Automated Market Maker (AMM) to create liquidity, and liquidity is crucial to running a trading exchange.
How it works is basically, you can add liquidity to the trading pool and receive a share of trading fees for every transaction.
But that’s not all because you’ll also receive governance tokens.
Governance tokens represent your voting power on a blockchain network, which gives you a say in the development decisions of the project, similar to stakeholders in a public company.
Once again, Trust Wallet lets you access popular DeFi platforms that use Automated Market Makers, like Uniswap and PancakeSwap, allowing you to earn passive income.
Yield & NFT Farming
Yield farming is a combination of AMM and staking. Here’s how it works –
You add liquidity to a trading pool in return for tokens that you can then stake in a yield farm to earn rewards. Plus, of course, the share of trading fees you receive from adding liquidity to the trading pool.
Trust Wallet allows yield farming on Ethereum, Binance Smart Chain and other blockchains.
NFT farming is pretty much the same as yield farming. It helps turn simple collectibles into a source of additional income and increases their liquidity and utility.
Among all the methods discussed on how to make money with Trust Wallet, yield farming and NFT farming are riskier than the others. So, proceed with caution.
So, these are all the different ways you make money with Trust Wallet. Trust Wallet has one of the best development teams, so it’s not unrealistic to expect more similar features and upgrades in the near future.
Anyway, if you’re reading this article, chances are you already use Trust Wallet. If you do, you might also wanna check out the easiest way to report Trust Wallet taxes.