Crypto Academy Week 15 - Homework Post for @imagen – How to Generate Income Using Cryptocurrency by Staking on HyperJump-Gamify DeFi

Happy weekend, @imagen and thank you for your lecture on Different Methods of Generating Income Using Cryptocurrency.

I am actually excited about this topic and I want to talk about a platform I have been using for a month now. I choose this platform because I have research about them and by usage, it has proven to be reliable over some weeks. I would not like to do it with a new platform to avoid falling into a scam.

On that note, I want to talk about HyperJump-Gamify DeFi. I will like to write on the following sub-titles:

Introduction to HyperJump-Gamify DeFi Platform
Why I choose HyperJump
Staking on HyperJump
Other Services on HyperJump
How To Transfer Funds to HyperJump
Making Profits Through Staking Mechs on HyperJump

Introduction to HyperJump-Gamify DeFi Platform
This is a DeFi protocol built on Binance smart chain. The HyperJump protocol has a fund token called Alloym which is used for farming, staking and gaming on the platform.

On the record, the platform started her activities on October, 20th 2020 and was formerly called Thugs. The ecosystem is built around gaming, non-fungible tokens (NFTs) and tokenomics that are geared to benefit the end users.

Here there was a HYPERBURN program which involved a:
50% distribution to holders wallets
25% burned out of total supply forever
25% distribution to burn vaults for the developing of Alloy (native token)

And now, there is a:
3.14 ALLOY per block bought back and burnt 0.1$ of AMM fees
0.1% AMM fees burned by yield farm deposits

Having been on the business of staking and yield farming, HyperJump has a total value locked (TVL) of $28,976,286 at the time of writing this article.

Why I choose HyperJump
Looking at the tokenomics and the roadmap as explained above, HyperJump has proven to be a very secured, durable and reliable project to invest in. I have invested about $270 in ALLOY which I converted to MECHS in order to stake on two pools. Details on how to stake will come after this.

The hyperalloy (ALLOY), being the native token is quite affordable and it’s currently $0.158. it has an all time low (ATL) of $0.05 and all time high (ATH) of $0.83 over the months. Thus, for a low income investor like me, I can afford 1455 ALLOY tokens, which I converted to 291 MECHS.

Staking on HyperJump
Here, we are going to exploy the unique way of staking on the MECHS staking pools on HyperJump DAPP.

1.First you need to buy AALOY token from the HyperJump exchange: click on the menu sign on top left, choose trade, then exchange.

2.Use your BNB BEP 20 token and swap to ALLOY. The worth of my ALLOY is about 0.6 BNB at the moment, though I bought it a month ago.

3.After you have successfully gotten your ALLOY, go back to menu and choose MECHS staking.

4.Click on build mechs when the page opens. It takes 5 ALLOY tokens to build 1 MECH. This means if you have 1000 ALLOY tokens, you can build 200 MECHS. Approve the transaction and the number of MECHS built will appear on the right beside the ALLOY box.

5.Now choose a pool and click on Approve MECH. At the moment, there are a total of 4 pools comprising of ALLOY, ONT, Ccbd and sCBD pools. The ALLOY pool is permanent and mines automatically immediately you convert your ALLOY to Mech without staking. So, you can now choose one or more pools to stake your Mechs. It is when you stake your Mechs that the particular pool will start mining.

This means Mechs mines two types of pools at the same time: ALLOY pool (mandatory without staking) and another pool (optional) when you have staked.

You can decide to harvest your profits any time you want to. Every transaction cost small cent of BNB BEP20 token.

Other Services on HyperJump
The following services are also available on HyperJump.fi apart from Mech staking:
Trade: This is where you can swap your tokens to other tokens. You can convert your harvested profits here to BNB so you can sale it for fiat. All mineable tokens are listed on the platform and as such can be swapped.
Asteroid field
Vaults
And
Analytics

How To Transfer Funds to HyperJump
To get your funds on HyperJump, you need to download trust wallet in your android device. HyperJump is one of the DAPPs (decentralized application) supported by trust wallet.

With your trust wallet, buy BNB from any exchange and send it to your trust wallet using the BSCBEP20 route. All you need to do is copy the wallet address of BNB smart chain from your trust wallet and send your token there.

I did mine a month ago, that’s why I don’t have the screenshots.

With your BNB in your wallet, open the dapps and type swap.hyperjump.finance and as the page opens, click on the ETH sign and top right and change it to smart chain.this is because Hyperjump runs on Binance smart chain as earlier mentioned.

Connect your wallet to the wepsite and you are done.

Making Profits Through Staking Mechs on HyperJump
This is obviously the most important part you have been waiting for. But it is simple, if you have the funds and you followed the guide on this piece, you will start making profits even when you are offline. My investment here yields about $4.3 daily and I don’t have to do anything apart from staking it.

So, I can decide to harvest my daily profits or leave it over time before doing so. Personally, I like leaving it till the particular pool expires, so when I unstake my Mechs the profits harvest automatically into my wallet. That way, I pay gas fee only once. I can then decide to sell my profit or reconvert to ALLOY to increase my portfolio.

All screenshots were taken from my phone and it shows the different pools and generating income from the HyperJump platform

Conclusion
Finding a reliable project that yields profit is very important before embarking on any investment plan. For me, HyperJump is great but your choice to use it should be based on your own convincing research, as I am not a financial adviser.

Did you find my homework interesting? Please leave a comment.

Thank you for reading

Cc:
@imagen
@steemitblog
@steemcurator01
@steemcurator02