7 Things You Can Do with Your Crypto in Trust Wallet During a Bear Market
Nobody really knows whether we’re in a prolonged bear market or just experiencing a dip. But even if there’s a bear market, that doesn’t mean you should lay down your wallet and exit the market until it turns around again. There are still opportunities to make money in crypto.
Read on to discover a list of things you can do with Trust Wallet during a crypto bear market.
Staking cryptocurrencies is the process of committing or locking up crypto assets to help secure a crypto network and receive newly minted tokens as a reward. Simply put, staking allows crypto holders to earn “interest” on their crypto assets in the form of new tokens.
Proof-of-stake (PoS) based crypto networks require participants to stake tokens as part of their consensus protocols to ensure the security and continuity of the network.
Even in a bear market trend, crypto holders can stake their digital assets in Trust Wallet and earn passive income.
Trust Wallet users can begin staking their cryptocurrencies with just a few taps on their smartphones.
To start staking, go to the Trust Wallet app, tap on ‘Discover’ at the bottom of the screen and choose the digital asset you want to stake. Then, proceed to purchase the asset using a debit or credit card. Once you’ve received the tokens, click ‘Stake’ and start receiving staking rewards.
Currently, you can stake Binance Coin (BNB), Cosmos (ATOM), Kava (KAVA), Osmosis (OSMO), Solana (SOL), Tezos (XTZ), Polkadot (DOT), Native Evmos (EVMOS), and Tron (TRX). Trust Wallet plans to add more tokens in the future.
Stablecoins have experienced explosive growth since their inception, largely because crypto traders use them as trading capital to move in and out of risky assets. Additionally, stablecoins are popular assets during market downturns as investors can park funds temporarily in a stable asset.
Stablecoin lending in the DeFi market allows crypto owners to earn interest — paid out in digital US dollars — directly within the Trust Wallet app.
To show you how to deposit funds stored in your wallet into a DeFi protocol, we’ll use the example of lending ETH tokens on Compound to earn interest.
Compound is a decentralized money markets protocol that runs on the Ethereum blockchain.
To start, go to your Trust Wallet app, click on ‘DApp Browser,’ and type app.compound.finance in the search bar.
Ensure that your DApp browser is linked to Ethereum (you can determine this by checking the logo on the top right), and you’ll be redirected to the Compound platform.
On the Compound platform, you will be able to see all the lending markets available. For the purposes of this guide, we’ll choose USDC. Click on ‘USDC’, then ‘Supply’ to view the supply and distribution APY.
Next, tap the ‘Enable’ button to confirm the transaction on your Trust Wallet app. Remember, you need to have enough ETH to cover the gas fees.
Play P2E Blockchain Games
The play-to-earn blockchain gaming industry is booming. Today, there are over 1,000 blockchain games where players can convert their playtime into a revenue stream by completing in-game objectives or selling non-fungible tokens (NFTs) earned with the game for crypto.
Trust Wallet natively supports over 15+ blockchain games that users can play to earn rewards. Moreover, Trust Wallet users can play any blockchain game that supports Trust Wallet or WalletConnect.
To get started, open the Trust Wallet app, click on ‘DApps,’ scroll down to the ‘Games’ section, and click on ‘See All’. From there, you can proceed to pick the P2E game that you’d want to play.
Creating & Selling NFTs
Anyone can become a crypto artist as long as they have an internet connection and a crypto wallet. Using Trust Wallet, you can create and sell your own NFTs.
To begin, you will need to decide on the type of crypto art you want to create. NFTs are quite diverse, and you could choose anything from digital images, GIFs, memes, physical art, or short video clips. If you are undecided, you can browse through NFT marketplaces such as OpenSea to get an idea of what other crypto artists have already created.
Once you have created the art you want to mint, go to your Trust Wallet app click on ‘DApps,’ and go to ‘Marketplaces’. For the purposes of this guide, we will use the OpenSea marketplace — the largest NFT marketplace. Tap on it and proceed to click on ‘Create’ and fill in all the required fields.
Once all the details have been filled, click on ‘Create’ to mint your NFT.
You can then put them up for sale on the same marketplace and promote them in order to boost your sales. Additionally, there are other NFT marketplaces on Trust Wallet that you can also use.
With Trust Wallet, you can easily access decentralized applications (DApps) via the app’s in-app DApp browser and stake your non-fungible tokens to earn yield.
NFT yield farming is the process of staking your NFTs and earning rewards in exchange. Ideally, staking NFTs helps provide liquidity and utility to NFTs.
If you have an NFT or a collection of NFTs stored in your Trust Wallet, you can select a few pieces to stake and earn yourself a passive income.
Renting Out NFTs
Trust Wallet users can also rent out their NFTs in a bear market trend to earn crypto passive income. One such DApp that you can use to rent out your NFT is reNFT.
You can connect to reNFT by using Trust Wallet’s DApp browser. To get started, go to the DAPP browser on Trust Wallet and type in renft.io website. Once on the platform, click on ‘Launch V1’ to see the available to rent NFTs.
Besides using the DApp browser, you can also use WalletConnect to connect to the reNFT decentralized application.
WalletConnect is an open protocol that enables users to connect mobile crypto wallets like Trust Wallet to DApp websites via deep linking or QR code scanning.
Exploring the DApp Ecosystem
During a bear market trend, it’s very tempting to panic-sell your crypto. However, instead of throwing in the towel,why not take the time to explore the ever-growing DApp ecosystem across 16+ blockchains directly within Trust Wallet?
DApps range from financial applications and gaming to social networks and early-stage metaverses. With 10,000+ DApps across multiple blockchains, there is something for everyone in the growing web3 space.