What to do with your ETH bags now?

Mariia $uboch
ARTICLE BY
Mariia $uboch
6 MIN READ
Cryptocurrency
19 March 2024
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If you are a fan of ETH and want to earn more than just the coin rate, then this article is for you. There are many ways to get extra free coins for the ones you have in your portfolio.

Blast - passive income and drop opportunity

What to do with your ETH bags now?

Blast is a new ETH tier 2 network. Blast is special in that this one is the first among L2 networks to offer the opportunity to earn from Ethereum staking. The project was officially unveiled on November 21, and this Ethereum-based Layer 2 solution offers returns in both Ethereum and stackablecoins. Within days of launch, the total value of assets frozen in the protocol reached $292 million. Immediately after launch, it was among the top 10 networks in terms of Ethereum staking volume.

Technically, Blast is an Ethereum Virtual Machine (EVM) compatible protocol that uses Optimistic Rollups technology to scale.

Blast - passive income and drop opportunity

This project was developed by the founder of the NFT platform Blur, known under the pseudonym Pacman, and the team includes experts from MakerDAO, MIT and Seoul National University. Blast officials announced that they have raised a $20 million investment from investors such as Paradigm and Standard Crypto.

Blast offers the opportunity to make money by locking cryptocurrency assets on its platform. According to the company's promises, Ethereum holders can earn a return of 4% and Stablecoin holders can earn a return of 5%. The developers also specified that the ETH pledged in the system automatically participate in staking through Lido, and the profit from this process is sent to users at the time of their withdrawal.

Drop from Blast

In addition to being able to get free coins for steaking, you can claim drops from the project. The project plans to distribute its BLAST tokens to developers and active members of its community. Developers got their share of tokens after the main network (mainnet) went live in February, while regular users will be able to get tokens in May, when the project's own token will be launched.

Blast

The Blast Points system was introduced to calculate the number of tokens each participant will receive. The number of these points determines the size of the reward in tokens that the user will receive: the more points, the more tokens he or she will receive. These points can be earned by depositing funds through a special bridge or by participating in the project's activities in social networks.

How to get an Airdrop

  • Go to the Blast website and click on the "Airdrop" button, then connect your wallet - MetaMask or any other with WalletConnect.
Drop from Blast
  • Next, enter the code "invitation" to access the platform. You can use this link.
  • Subscribe to Blast on Twitter and Discord, then click on "Check your Airdrop".
  • Connect your wallet and go to "Bridge" to transfer ETH or other tokens from Ethereum to Blast L2.
  • Make sure you have ETH or supported tokens on Blast to be eligible for the bridge transfer.
  • Take advantage of the interest rate of 4% for ETH and 5% for Stablecoins (this is much better than 0% in other L2s, by the way).
How to get an Airdrop
  • You are given spins, on which we spin the reel and get points. The bigger the deposit - the more spins (1 ETH = 1 spin per week, you can start from 0.5 ETH or 2000 USDC).
  • Bridge tokens can be withdrawn starting in February after the mainnet launch.
  • Get one spin weekly for every ETH deposited, unlocking Airdrop points.
  • Referral codes are provided after the first bridging. The more friends become bridge members, the more spins you will earn.
  • Convert all earned Airdrop points into Blast tokens in May.

Referrals are very important, as the more friends you invite through your link, the better chance you have of getting spins.

Blast + SynFutures

Launched in 2021, SynFutures has become one of the most actively used decentralized DEXs on the Web3, surpassing a total trading volume of over $23 billion and counting 100,000 users.

Blast + SynFutures

Backers include Web3's Tier 1 institutional investors Pantera Capital, Polychain Capital, Susquehanna International Group (SIG), Dragonfly Capital, Standard Crypto and Framework Ventures, and team members have extensive experience at global financial institutions, fintech and blockchain technology companies such as Alipay, Bitmain, Credit Suisse and Deutsche Bank. SynFutures employs rigorous risk management and security practices, ranging from Quantstamp audited smart contracts to advanced risk management mechanisms to enhance user protection and price stability.

Not too long ago, SynFutures released its V3 version on the Blast network. The SynFutures representative themselves called this move strategic. They emphasized that the Blast blockchain, based on Optimistic Rollup technology, provides faster transactions and lower costs, while maintaining the security characteristic of Ethereum. In addition, thanks to Blast's structure, the total blocked assets (TVL) on its bridge have exceeded $2 billion dollars, attracting over 146,000 users.

Now, as part of the Blast project, we have a chance to earn bonus points. Here's what's to be done:

  • Transfer Ethereum to Mainnet Blast.
  • Go to the SynFutures website and check what actions earn points for: spins, providing liquidity, trading and inviting friends.
  • Choose to add liquidity to a safe pair with a high points ratio.
  • Go to Earn and add Ethereum to the WETH/USDB pool, which offers increased points.
  • Wrap Ethereum in WETH, leaving some in ether to pay commissions.
  • Set a safe price range for trading Ethereum.
  • Confirm the transaction and add WETH to the pool.

In the end, these actions can bring two types of rewards: one from Blast and one from SynFutures, as the latter is a protocol on the Blast platform.

EigenLayer

EigenLayer

Another activity with a potential drop opportunity WITHOUT freezing your ETH like Blast.

Swell

EigenLayer, a project created in June 2023, is a protocol deployed on Ethereum. Sriram Kannan is behind this project. Its main goal is to enable Ethereum stakers to utilize their resources to increase security and trust not only in the core Ethereum network, but also in other applications and services without creating a separate validator group. This concept is aimed at reducing the costs associated with running and managing networks, as well as eliminating the difficulty of providing security for new projects.

EigenLayer is in its early stages of development and aims to address the following challenges:

  • Extending network security to scale.
  • Improving capital efficiency.
  • Developing a staking reward system.

The protocol strengthens Ethereum's position as the underlying blockchain and opens the door to a more tightly coupled ecosystem of services and decentralized applications (DApps). EigenLayer predominantly aims to improve the environment for AVS steakers and operators who are steaking in AVS, as well as for developers creating new Ethereum-based protocols.

Steaking in EigenLayer is done in two main ways through its interface. In the first, validators who own 32 ETH in the Beacon Chain can create so-called EigenPods. To do so, they change the reward output address to the EigenPod address, which allows them to start the steaking process. The steaking rewards, including the additional benefits from AVS, go directly to the EigenPods. You can withdraw after a seven-day waiting period.

However, if you don't have 32 ETH, you can stack your coins via Swell or EtherFi. That said, by staking your coins in Swell or EtherFi, you have the opportunity to claim drops from everyone - including EigenLayer.

Swell

EtherFi

Steaking on the Swell platform should be chosen if you have an integer number of ETH (1, 2, etc.).

Swell is a liquid steaking protocol that aims to provide a better liquid steaking experience, simplify access to DeFi, and secure the future of Ethereum. With Swell, users can earn passive income by steaking ETH for blockchain rewards, and in return they are provided with a liquid steaking token (LST) to store or participate in the broader DeFi ecosystem for additional income.

Swell has raised a total of $3.8 million in funding from investors such as Framework Ventures and Mark Cuban. The company has launched a Voyage campaign where it will issue 50,000,000 SWELL tokens to users who have staked ETH.

How to staking ETH in Swell

  • Visit Swell staking page.
  • Connect your wallet.
  • Stake your ETH.
  • In exchange for your ETH, you will receive a liquid Swell swETH token.
  • Also go to the "Restake" section and stake your ETH there to get rswETH. The rswETH is a tokenized version of Ether on EigenLayer.
  • You can also re-borrow swETH on EigenLayer and qualify for their airdrop.
  • Approximate time: ≈ 8 minutes.
  • You will now start earning PEARL points as well as EigenLayer points, which can be seen in the Voyage section.
  • You can earn a bonus of 30 PEARL for each new rswETH.
  • In addition, you can earn 10 PEARL for every swETH mined by your referral.
  • A total of 50,000,000 SWELL tokens will be issued after TGE, depending on the number of PEARL points in your account.

EtherFi

Steaking on the EtherFi platform should be chosen if you don't have a whole ETH or don't want to risk a large amount - here you can steak from 0.1 ETH. A deposit of less than 0.1 ETH doesn't make much sense.

Steaking on the EtherFi platform

Ether.FI is a decentralized liquid steaking protocol where you can steak your ETH and get rewarded for it.

How to Stake ETH in Ether.FI

  • Visit the Ether.FI website and click Stake Now.
  • Connect your wallet using MetaMask on the Ethereum network.
  • Agree to the "Terms of Use."
  • Enter the amount of ETH you want to stake in the "Stake" column.
  • Click the "Stake" button, confirm the transaction in MetaMask.
  • Accumulate points, mark them in your portfolio and wait for the drop!
  • Approximate time: ≈ 5 minutes.

More about points

  • Get 1000 points for steaking 1 ETH per day (for example, for a 0.01 ETH steak you will get 10 points per day).
  • If you steak from 3 ETH, you will get a bonus of 30000 points.
  • Steaking ETH on EtherFi also gives you points for EigenLayer.

If you're thinking about farming, now is the time to start. The later you deposit, the less benefits you'll get. Your staked, on Swell or EtherFi coins, are automatically re-deposited into EigenLayer. This way you will be able to claim the drops from them, as well as from EigenLayer. Such projects usually yield good returns and there is less competition as they require some investment. Such projects in the past have given 30% to 1000% of the investment during the drop.

WhiteBIT steak

Let's move on to the most interesting and easy way to earn money with your coins - steaking on the WhiteBIT exchange. Why this platform?

WhiteBIT, unlike other centralized and DEX platforms, allows the user to stake less than 32ETH - from 0.05 ETH.

In order to deposit your coins, you need to go to the "Cryptocurrency Deposit" tab on the WhiteBIT exchange.

WhiteBIT steak

Next - in the list of assets, find ETH and click "Choose a plan".

in the list of assets, find ETH and click "Choose a plan"

After that you can choose the number of days for which you plan to steak your coins. WhiteBIT allows you to get income from steaking even in 10 days! The annual percentage for your "Cryptodeposit" is 17.39%. Let's look at the numbers: if you stake 10ETH - in a year you will get back 11.739ETH = currently more than 5000$ of profit just for staking your coins, without a single extra action.

the feature of staking on the WhiteBIT

In addition, the feature of staking on the WhiteBIT exchange is that the user can instantly cancel the staking and get their funds back to their balance. This way of making money with your ETH is the easiest and safest, as it does not require using additional platforms, creating hot wallets or searching for supporting information on the internet. There is no need to worry that something may go wrong here, as everything is very clear on the WhiteBIT platform and all these steps can be completed by a user with any level of experience in the crypto markets.

Hodle

It is simply impossible to keep silent about the hodl. Let's turn to the statistics: for a year from March 2023 the price of ETH has grown by almost 200%, i.e. if you bought 1ETH in March last year, today you would be in the plus by $2600. What other asset can boast such growth in just one calendar year? Except NVIDIA, of course.

Besides, ETH is a project that doesn't stand still. Not so long ago, ETH moved to PoS. With PoS, the ETH network has improved scalability and bandwidth, which allows Ethereum to support a much larger user base and meet the growing demand for decentralized applications. Improved security is another benefit of Ethereum 2.0. The move to PoS reduces the risk of attacks by 51% and makes the network more resilient to attackers. In addition, the decentralized nature of the Ethereum validator system ensures that authority is shared among multiple stakeholders, minimizing the risk of centralization.

Ethereum 2.0 has also opened up new opportunities for developers and applications. Improved scalability and reduced costs will allow developers to build more complex and resource-intensive dApps on the Ethereum network. This increased capacity fosters innovation and attracts a wider range of developers to the ecosystem.

In addition, updates on the ETH network indicate that developers are focused on growing the project. In mid-March 2024, there was an extreme update called Dencun, thanks to which ETH-based L2 projects were able to significantly reduce their commissions.

Hodle

Commissions in L2 after the Dencun update

These updates are helping to increase demand for products built on ETH, because of which we can expect to see further price increases for the asset.

Ixes on ETH: what advice does the CRYPTOLOGY team have?

Ethereum is a project where you can raise Xs, and not just for a hold. However, if you have free coins and you want to make the most out of them, then you can also use your ETH and even try to get drops from Blast/SynFutures/EigenLayer/Swell/Ether.FI - the choice of the project depends on the number of coins you have in your wallet and your preferences. Besides that, there is an easier way to make money with your Ethereum coins: log in to the WhiteBIT exchange, transfer your coins to "Cryptodeposit" and wait for your free coins at a nice interest rate offered by the platform - the easiest and safest way to pick up extra profit. Steak your ETH on WhiteBIT, grab some popcorn and watch the number of coins you didn't have to pay for in your portfolio increase pleasantly. Keep in mind that there is a downside to steaking, which was written about here.

Frequently asked questions

Where to steak ETH and count on the potential drop?

Blast/SynFutures/EigenLayer/Swell/Ether.FI are projects that offer users to stake their ETH and participate in the potential drop of the projects' native coins.

How can a beginner make money on ETH steaking?

ETH steaking on the WhiteBIT platform is the easiest way for a beginner to familiarize himself with this instrument.

Is holding ETH profitable?

Yes, holding ETH is profitable, and statistics proves it: the price of the asset has grown by 200% over the year, and this is not the limit, given the actions of developers and the growing demand for applications and products of the network.
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