You may be familiar with the saying “not your keys, not your coins”, which is common in the crypto space. This means you don’t truly own your tokens until you have exclusive access to them, and you gain this exclusive right solely through the use of crypto wallets— only then can you access the tokens, due to blockchain’s record-keeping and private keys.
While it’s convenient and safe to hold tokens on an exchange like Huobi Global as it offers various avenues for earning additional income (such as Huobi Earn, Staking, Primepool and CandyDrop), the problem with storing tokens on an exchange is that you don’t actually own them. You also can’t access various dApps like dexs, decentralized lending or crypto games, which keep Web3 interesting.
However, Huobi Wallet enables you to own your tokens while still earning additional token revenue. This lesson will introduce you to Huobi Wallet and the possibilities it presents for earning token revenue. After that, you can try owning tokens, storing seed phrases, and participating in decentralized ecosystems.
Read the following lessons for more passive income knowledge:
What is Huobi Wallet?
Established under the umbrella of Huobi Group, Huobi Wallet is a professional, multi-chain light wallet designed by security experts. It supports up to 20 wallet types and multiple chains, including the Huobi Eco Chain (HECO), Ethereum network, OKex Chain (OEC), Binance Smart Chain (BSC) and Polygon. This multi-chain support allows you to store different tokens from different chains in a single wallet.
By integrating a variety of dApp interfaces, Huobi Wallet helps users efficiently manage multi-chain assets, track their real-time DeFi mining income, and claim rewards with just one click.
If you are already using various DeFi applications across different chains, Huobi Wallet can make your life easier. For example, you don’t have to use separate DeFi protocols for individual actions or to check your balances and rewards. Instead, you can access all the relevant information on the wallet’s front page.
If you are yield-farming on three different dApps, claiming rewards can be challenging as you need to log into all three dApps to do so. Huobi Wallet offers a one-click claim option that will save you a lot of time and effort.
Additionally, Huobi Wallet’s Browse option allows you to interact with or visit any dApp you please. This is a great way to discover new apps while maintaining your safety – the wallet verifies the projects, eliminating the possibility of you stumbling upon malicious links.
You can use Huobi Wallet as you would any other mobile app but bear in mind that token ownership requires you to be more responsible for keeping your seed phrases safe and ensuring crypto wallet security. Just as you should never share your bank account passwords with anyone, never show your seed phrases to anyone, as this will enable them to empty your account.
To explore all its features, download the Huobi Wallet here and discover how Huobi’s focus on speed, convenience, flexibility and security can support your investment journey.
How can I earn tokens with Huobi Wallet?
Huobi Wallet integrates quality mainstream dApp interfaces that vary in how they produce yields and returns. Therefore, your interaction with Huobi Wallet will depend on your interests. We will go through the different methods of earning profits to help you find the best way to make additional revenue.
Learn to Earn: Learn to Earn enables you to earn free tokens daily by finishing tasks. The tasks can be completed in a short amount of time and help you learn about new platforms. Often, you simply need to answer questions to earn rewards.
Farming: The Farm tab on the Huobi Wallet front page refers to yield farming or liquidity farming. Typically, the term ‘farming’ refers to the use of complicated strategies and token transfers in different lending marketplaces to maximize token rewards. As such, this method of earning more tokens is not usually recommended for beginners.
Huobi Wallet makes yield farming easy – you don’t have to move your tokens around to search for the most profitable protocols as Huobi Wallet presents you with the best possibilities on the app itself. You can think of farming as a form of lending by which you earn fees in the form of tokens in return for your service.
Farming often has very high APYs of double-, triple- or even quadruple-digit percentages. Moreover, this is all passive income; you don’t have to do anything besides deposit tokens and enjoy the returns. You can choose from single farms that are safer and more stable, and liquidity pool (LP) farms that present higher risks but also higher APYs.
dApps: Behind the dApp button, you will find a summary of the biggest chains and the most popular dApps built on them listed under categories such as dexs, DeFi, NFTs and games. Choose your favorite chain and dApp under a category in line with your interests; for example, if you are more of a trader, choose chain and dApp under the dex category, as this will bring you to a decentralized trading platform.
The dApps in the DeFi category enable you to participate in TradFi-like products like savings tools, but in a decentralized manner. Furthermore, they usually include more crypto-native applications, such as launchpads for new tokens, staking and liquidity mining.
If you don’t find the purely financial applications interesting, you can explore ways to earn through NFTs and gaming. With NFTs, you can leverage your unique knowledge (arts, communities, psychology, etc.) to spot new trends and profit from buying, holding and selling the art pieces, videos, music and the like.
We recommend using the NFT ranking section located on Huobi Wallet’s main page to find the most popular projects and analyze the traits that make them desirable.
Lastly, you can earn money by playing games and gathering in-game collectibles. While crypto gaming is still in its early days, such games are often enjoyable ways to profit. As the future of crypto gaming looks bright, being part of this ecosystem now could give you first-mover advantages. You can even play some of these games directly through the app!
The dApps tab facilitates your research into different ways to earn more tokens, as you can study each one to see what it offers. All you need to access these applications is a wallet for each chain.