I'm on a mission to find the best passive ideas out there during the bear market. I've been actively testing various low-risk strategies and so far found some really interesting ways to make passive income. Moreover, I want to expand my search and expand my strategies to new ideas that are maybe a little bit more risky and maybe a little more volatile to see what I could find.
So, today I am going to be sharing 7 brand new strategies that I've been testing over the last month, including an alternative to the bot strategy. I'll also be talking about the risk associated with each of these different ideas and exactly how much I made from each of these different strategies.
7 New Crypto Income Strategies 2023
|Top 7 Crypto Passive Income Strategies of 2023|
1: GMX Strategies ( Medium Risk Strategy Using The GMX Platform )
First up is the GMX Strategies. This is a popular strategy with some of the more hardcore Crypto crowd that I've been wanting to try out for a while now.
GMX is the decentralized perpetual exchange where you can trade a bunch of blue-chip Cryptos with a ton of leverage directly from your wallet. I don't use the platform for that tough currently even though. I am sure there's a strategy that I could find there. Instead, my strategy involves stacking the platform's liquidity token GLP. The GLP token accrues 70% of the fees taken in on the platform. So, basically, all the degen's who are getting super risky and leveraging up a bunch of crazy cryptos is where the yield's coming from here and the token is paid out in two different ways:
|Source: Reddit - r/midas_community|
The New CeDeFi Strategy: GLP - Index Liquidity Provision on GMX
Number one is it earns ETH or AVAX depending on the network you're using GMX.
On number two, it earns escrow GMX, which you can either take that escrow GMX and stake it and then you'll earn GMX rewards like you know as if you were staking GMX. Moreover can Invest in that escrow GMX for a year. Then it magically transforms into normal GMX and then you can sell it.
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The GLP token is basically an index of all the different assets used for swaps and trading on the platform. Currently, it's made up of 41% USDT, 29% ETH, 17.5% Bitcoin, 5% Die, 2% fracks, 1% USDT, 1% LINK and there's also a little bit of UNI token in there. The important note is the volatility is kind of a damping inch for this token because it's 51% Stables, but it can definitely still go up and down in value because the other 49% of it is made up of really volatile assets.
I staked 6642 Dollars in GLP tokens on the Arboretum Network, which is layer 2 of Ethereum. And the rewards I earned for staking on Arbitrum were ETH and Escrow GMX. After one month, I was able to earn 169 Dollars in rewards and those rewards were mostly in ETH. I'm not really sure what the proportion of the rewards is supposed to be, but for me over the first month, I definitely got the majority of my rewards were in ETH and the minority of my rewards were in Escrow GMS. But despite earning those rewards the price of the GLP Token had actually dropped because I guess the index of assets had dropped during that month as well.
I would say that this strategy is maybe a medium-risk strategy. I think it really depends on if you see Crypto as overall bullish or not. If you see it as overall bullish, then eventually the GLP Token should come back up as the price of ETH and Bitcoin go back up.
2: Binance ETS ( A New Strategy From Overnight But Using BNB )
|Binance ETS ( A New Strategy From Overnight But Using BNB )|
Binance ETS By OverNight: OverNight recently expanded to the BNB Chain and has a new ETS strategy using BNB.
From my understanding, this is a medium-risk strategy where OverNight basically employs of what would typically be a really complex yield farming strategy. They just make it simple, like you just click a button to deposit some money and they do everything automated on the back end to execute the strategy for you.
The strategy involves leveraging some BNB and they say that they keep the health Factor at 1.2 for the BB. Honestly, I don't ever leverage. I don't even know what that means. I have been doing the Matic strategy with ETS. I've done that for two months, and I haven't had any issues. I haven't lost any money, so I'm trying this one out as well.
In month one, I was able to make a profit of $49 or about 11.5% with this strategy, so that's decent now performs the stock market average of 7.58%. I only say that because I actually just feel like it's not that decent and I want more.. So I compared to the stock market to feel, you know, a little bit more confident in myself that it really is decent. 11% is not bad at all, by any means not a bad deal, but I'm looking for crazy stuff.
3: Phoenix Plus (+) ( A Hybrid Stable And Risk Strategy With An Element Of Luck )
|Phoenix Plus (+) ( A Hybrid Stable And Risk Strategy With An Element Of Luck )|
The way that Phoenix Plus works is you have to buy a certain amount of Phoenix plus and you pay a tax of 2% in the process. According to the website, the Phoenix Plus token is 100% backed by BUSD, so it's like this weird hybrid kind of stablecoin.
Phoenix Plus uses a mechanic called the Inferno. When the price of Phoenix Plus starts to flatten, several random users are automatically cashed out of Phoenix Plus and into MDB Plus. MDB Plus is also 100% backed by BUSD. It's just like a more stable and less volatile version of Phoenix plus.
After those users are cashed out, then they can sell their MDB plus by paying a 1% sales tax, then, they buy back into Phoenix plus. And the people who are just lucky and aren't kicked early on can end up making a Pre decent apy on Phoenix plus. I originally deposited $5213 into Phoenix, plus two weeks ago, and so far, after just two weeks, I've made $288 or about 5.5% in just two weeks. At this rate, if I'm not kicked for the entire month, I'll make $576 or about 11% in a single month. Keep in mind though there's obviously an element of random luck here, so it's not something you can consistently count on, it's not something you can consistently make it just depends on if you randomly get lucky or you don't randomly get lucky.
From my understanding of how this works and using it for two weeks, I would put the risk for this one at low to medium.
4: Unknown ( A Stable Strategy Really Similar To Penrose )
|Unknown ( A Stable Strategy Really Similar To Penrose )|
The unknown is a strategy similar to my Penrose strategy. I'm taking two different stablecoins and staking them as liquidity to earn a yield. With Unknown, my initial capital is held in USD plus and BUSD, so, it's always stable and safe and I'm not worried about the price of a token going up and down because my initial funds are always kept in stables.
In my understanding, this is a low-risk strategy with your main risks being some sort of contract hack or contract error with the protocol that would cause, you know, the protocol itself to lose a bunch of fun, which is essentially an ever-present risk with any project you'd be involved in with crypto. Unknown is basically what convex is to a curve if you're familiar with that, but instead of fighting for governance over a curve, it's fighting for governance over Binance's cone.
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One month ago, I staked ten thousand three hundred thirty-five dollars($10335) on this platform and after my first month, I made a depressing three dollars ($3) and that essentially had to do with the fact that the price of both Unknown and Cone plummeted over this month that I've been staking. But luckily, since half my liquidity was in USD plus that did end up appreciating, bringing my total made for one month on this platform to $74 or about 8v.7% annually.
I guess that's still technically beating the stock market, but it feels like this strategy is just bare scraping by this first month. Hopefully in two months it does a little bit better.
5: AXIA ( A Crypto Bank + Deflationary Blockchain )
|AXIA ( A Crypto Bank + Deflationary Blockchain )|
Axia is a deflationary blockchain token that I got into during the bull run. It aims to be like a blockchain bank with staple yields but also a deflationary blockchain network. All sorts of things, like the staking program where you have to do full KYC, to get access to it. Overall, it's a really interesting and kind of unique platform. It was originally six months ago when I got into this back before the market plummeted and when I got into this mistakes were made I made a dumb bull market decision and I thought oh my gosh this is a crazy interesting idea and I put twenty thousand dollars into this token into the staking platform and I locked it for a year.
Honestly, I had mostly forgotten that I'd done this. Not that, like twenty thousand dollars is a lot of money for me, but with every crazy thing that happened with crypto, I think maybe subconsciously I just thought oh my gosh it's probably worth nothing with everything this happened it probably plummeted to zero like everything else. Surprisingly, it didn't I ended up making six thousand dollars over the last six months, and just when I thought I could get away with making a dumb decision, things recently took a turn for the worst on this investment.
One morning, I woke up to this email. As a result of an ongoing review of the Axia project, all exchanges of axc V1 coins have been suspended. In addition, the issuance of Axia debit cards and gift cards as well as the weekly burns of axc coins have been suspended pending the completion of the review your existing axc coins will remain in your account at Action Capital Bank while future options for the Axia Network are under consideration. And I don't want to jump to conclusions, but my Spidey Sense is telling me that this is really not good. And I have to assume. I've likely lost all of my money again it was dumb of me to put twenty thousand dollars in there in the first place position sizing is so important when investing and I broke one of my own rules like an idiot because it was the middle of the bull market and now I'm paying the price of my being an idiot.
6: USD Plus (+) Binance Version ( A USD + Varient On BNB Chain )
|USD Plus (+) Binance Version ( A USD + Varient On BNB Chain )|
IT just like overnight released a new ETS on Binance. They also released a new version of their USD Plus. This one so far can yield better than their USD Plus on Matic. I deposited $5543 one month ago and after one month made $46.19 or about 10.3% annually. I didn't say that USD Plus is just about as low risk as they come again. The major risk here is some sort of contract vulnerability. When I look at USD plus, the main use case here is like instead of me holding Stables. I would hold USD plus and now my Stables were making me money while I wait to invest them, you know into whatever I'm waiting to invest them into.
7: Kucoin Grid Bot ( A Strategy That Hopefully Can Compete With The Ghost Tiger Strategy )
|Kucoin Grid Bot ( A Strategy That Hopefully Can Compete With The Ghost Tiger Strategy )|
Using the same settings as I used for the ghost tiger strategy. I wanted to see him practice how much of a difference there really is between using something like bits Gap and using Kucoin's Free Grid Bot. I deposited five thousand dollars into the kucoin's Grid Bot one month ago then, I used essentially the same settings that I used on biscap. There are a few things that are missing from kucoin that biscap has.
So, I did it really as close as I physically possibly could, and after one month I lost ($400.14) four hundred dollars and 14 cents for about -8% annually. To be fair, I don't think this is kucoin's fault. I think this last month has just overall been bad for the market. So, over the next few months, this loss could easily turn into a gain if the price of everything were to spike up. So, for now, I'm just going to keep this test running and see how far is given a longer testing period and that's it. I'll give you guys an update on these experiments come a month too.
I've also started a ton of other experiments that I'm going to be testing out and sharing the results of coming up soon. I'm still in search of the ultimate bear Market passive income strategy. I know there are some awesome hidden opportunities out there somewhere. I just gotta go out there and figure out where they're at.
Disclaimer: As always, none of this is investment advice, you should definitely not just randomly copy me on these things. I try out some really risky ideas sometimes and I am counting on the possibility that I could lose 100% of my money, and if you don't know what you're doing and you're just blindly copying me, you could very easily lose 100% of your money. By the very nature of me,,, like testing out a bunch of different ideas, like the probability is that half or more of these ideas will eventually fail, so, if you're not really paying attention or watching me closely enough, you might not get out of those ideas when you know before they fail.
As always, if this article is helpful, make sure to share this article with your friends. If you have any questions or comments or if you have anything you think, I should test it out and try to let me know in the comments below.
Thanks for coming and I'll see you in the next post.