How to get more than 30% APR on your WAX tokens
Some time ago, I have sold NFT's on the WAX blockchain and since then, I was always looking for a way to get a return on my WAX tokens.
On WAX, there aren't that many opportunities to stake tokens and to get a good return. You can stake wax on the blockchain and you get probably around 4.5% APR which is nice but compared to other blockchains, it's not that much.
You can also stake tokens in the liquidity pools on alcor exchange but it's kind of difficult to define your APR there.
I have found a way to stake my tokens that give me more than 30% APR on my WAX tokens that I would like to share with you.
How to get more than 30% APR on you WAX tokens
To do that you need to create a Splinterlands account. You don't need to upgrade the account. A free account works.
The idea is very simple:
Step 1)
After creating an account on Splinterlands, link your WAX wallet with your Splinterlands account.
Step 2)
Buy Splinterlands Chaos Legion packs on Atomichub as cheaply as possible. Preferably for less than 4$ per pack which is the sales price on Splinterlands.
Step 3)
Every pack that you own will give you 300 points for the daily SPS airdrop in Splinterlands. According to Splintercards with 10 packs, you will get 0.3 SPS daily payout. At today's price, this is about 0.04$. If you paid 40$ for 10 packs, this is an APR of around 36.5%!
Step 4)
Login into your Splinterlands account and claim your airdrops regularly.
Step 5)
You can withdraw your SPS tokens to Hive-Engine (you will need a Hive account for that) to BSC or even to Ethereum.
In my opinion, the best option is to withdraw them to Hive-Engine.
Send your earnings back to WAX (hive account is necessary)
After withdrawing your SPS tokens to Hive-Engine (which is a secondary layer of the Hive blockchain), go to tribaldex and there is a liquidity pool where you can swap SPS directly for Swap.Wax. Swap.wax is a wrapped version of wax on this secondary Hive layer. You can then withdraw your Swap.wax as WAX tokens directly from Triabeldex to your wax account. There will soon be a little 0.25% fee for swapping the tokens and a 1% fee to withdraw to WAX.
Selling your packs
There are 15 million packs available in this series and after a couple of days of the general sale, almost 7 million packs are already sold. The chances are that in a couple of weeks there won't be any packs available on Splinterlands itself and from then on, the prices of these packs could rise. You can always sell these packs on atomichub or on hive-engine. You can also open the packs in the game and sell the individual cards on the splinterlands market.
Overall I believe it's a great way to get better returns with WAX and there is a nice side effect with the packs that you have purchased because their price will probably stay quite stable in terms of USD value. So even if WAX goes down in price, you keep your value with these packs.
Just be aware that this airdrop will be going on only for about 185 days and the return will probably go a bit down over time.
Want to start to play? Join my referral program!
Join Splinterlands using this link, buy the Summoner Spellbook and I will send you 200 DEC tokens
Join Rising Star using this link, make 100 missions and I will send you 1000 Starbits
This action is only valid for people who actually are my referrals.
Let's connect ! You can find me on these platforms:
This is actually a great idea! Never considered that! :)
I was hesiting to buy packs from Hive-Engine and per chance I went to atomichub and saw all these WAX tokens lying around doing nothing :-). I think it's a nice side income that can pay off. Especially if one day the packs are sold out and the prices are starting to climb.
I don't think it's a matter of "if"... more a matter of "when"! ;)
As WAX just announced that they are over 10 million users, I simply appreciate this post trying to tap into that immense user base. And I am sure some might follow the path here.
I believe the success of WAX is the easiness of onboarding. You just need to sing up and then you can start. It would be great to pull some of these users to Hive :-)
Hang on, you're saying buy Chaos packs with Wax to get 30% APR, that's NOT getting 30% APR on Wax tokens, that's getting 30% APR on holding Chaos packs?
Yes that would be more appropriate :-). It's kind of a liquidity pool paird with pack value and paid in SPS.
No it's not, you're literally just trading one asset for another.
While I don't currently have an WAX, I'll have to keep this in mind as I get more involved with Splinterlands. There are a few WAX games I'm wanting to play in the future, and any rewards from those games might be put to good use via this process.
Thanks for the helpful tip!
!1UP
There are plenty of games on wax but not many options to get a return on WAX tokens. This way of doing allows to generate some additional income on the way. Thanks for the curation!
You have received a 1UP from @entrepidus!
@monster-curator, @leo-curator, @ctp-curator, @bee-curatorAnd look, they brought !PIZZA 🍕
Delegate your tribe tokens to our Cartel curation accounts and earn daily rewards. Join the family on Discord.
I guess I've kind of done this because I bought 3 packs with Wax a couple of days ago. They are just sitting on wax and I assume I'm getting some sps airdrop points from them.
I only have 100 wax left. That's kind of the number I like to have there just in case but it doesn't do anything for me I suppose
Posted Using LeoFinance Beta
You just need to make sure that your wax wallet is linked to your splinterlands account and then you should be able to claim your SPS airdrop every day.
Good advice, thanks.
Thanks for stopping by!
Wow that sounds way better than the minor staking rewards (from voting using a proxy). I have to consider things and think if I want to go through with it though.
Posted Using LeoFinance Beta
I was kind of lucky. I bought about 60 packs on wax yesterday and since then wax price dropped. So in addition to have a return on my packs, pack value in WAX increased by 1 :-)
Your content has been voted as a part of Encouragement program. Keep up the good work!
Use Ecency daily to boost your growth on platform!
Support Ecency
Vote for new Proposal
Delegate HP and earn more
Thanks a lot for the support!
Great to see new ways like this exist and it has been there a while now, it's just that many people never knew about it.
Sometimes innovation is brought about just by tying two unrelated things together :-)