I received $928 for free
I’ve been trying to help you get started in cryptocurrency, and you’ve ignored me. I don’t understand, do you not like free money?
- Gary Club is a community that helps you learn about this world of digital currency.
- It is free to belong.
- You can cash out at any time.
So how did I earn this money?
There is a company called Jupiter. Jupiter is a decentralized exchange aggregator on Solana. Jupiter offers a range of exchange services like Swaps tool, Payments API for specifying output token amounts, Limit Orders, and Dollar-Cost Averaging (DCA) options.
Jupiter launched its JUP coin on the Solana blockchain earlier this year with a massive airdrop to qualifying wallets on Jan 31.
JUP Token Soars After Massive $700M Jupiter Airdrop to Solana Wallets
To qualify, a person just needs to have interacted with Jupiter before Nov 2, 2023. You would have taken the action of swapping from one type of coin to another type. The more you did this, the higher the total volume of your transactions – the larger the reward you qualified for.
I qualified for 1200 JUP. When it launched 1 JUP was equal to 40 cents.
Remember, this is crypto and crypto never sleeps. The price can go up and down 24/7.
So back on Jan 31 I had about $480 worth of JUP coin.
As I am writing this article, JUP is about 77.37 cents. So that is about $928.38.
Who knows how high it could go in the future. Look at Bitcoin. On Jul 4, 2013 you could buy 1 bitcoin for $78.48, but today 1 bitcoin would cost you $68,473.81. Yeah you read that right. What used to cost under a hundred bucks now costs 68 thousand.
I’m going to hold onto my JUP for the long haul. I didn’t purchase it. It was freely given to me.
You could have been sitting right here beside me if you had joined me last year.
But wait, there's more...
I told you I turned free crypto into more crypto.
So there is this thing called a liquidity pool.
A liquidity pool is a collection of funds locked in a smart contract on a decentralized finance (DeFi) network. It is a cornerstone of DeFi since it provides a source of liquidity for users to exchange and interact with various digital assets.
It works like this. When you are on an exchange and you are trying to swap your coin from one type to another, it has to get those funds from somewhere. It uses a liquidity pool. If you were trying to swap your JUP to USD then it would need to access a JUP/USD pool where it would deposit your JUP and withdraw USD for you.
That’s not hard to understand, right?
Well here is the earning part. Every transaction has a fee. When a user does a swap a fee is earned by the liquidity pool.
Well where did the pool even come from? Regular people like you and me.
You can go to a website like Raydium, browse different pools, and choose to invest some of your crypto into the pool. Based on what percentage your deposit is of the total value of the pool, you earn that percentage of the collected fee.
Here is an example of liquidity pools at Raydium:
For an example: I deposited some of my free JUP into the JUP-SOL pool. After 48 hours I have earned $13.78. That’s not too shabby, right? I took my free money and deposited it and earned almost $7/day. All while I went about living my life. #MagicInternetMoney
So whatcha gonna do, Lebowski?
Are you going to dip a toe in the water and earn free money with me?
Meir is a web developer with 20+ years of experience. He has been part of the Gary Club community since March of 2021.
