NEXO is one of the wallets I could have selected when setting up my noise.cash and READ.CASH accounts. It was so one of the few services to offer anything decent on my $BCH. And to top it off, it has other financial tools on that platform that I had available it I wanted.
But I'm not here to shill NEXO entirely, because I am still bitter about the process to get NEXO tokens into my account, but that is for another blog post at another time!
Instead, I will be talking about a fairly new feature that NEXO has begun offering it's users. It is a new fixed term option. Allowing users to lock away funds for 30 days to get a better interest rate. For me, my funds already sit idle for more than a month anyway so I would make most sense to take advantage of this boost.
Since I am only holding BCH in the NEXO account, I will only be able to boost the 4% to 5% interest. I also will not be able to get a further 2% boost by getting my interest paid in NEXO token. AND I will not be getting a boost for having a higher rewards tier since I cannot get NEXO tokens currently. So despite all these factors working against me, I can still get a 1% boost by locking away my crypto for 30 days.
I started my first fixed term position today, which probably wasn't the best idea. Because now the position will end and pay out on the 18th, which is an odd time in the month to do so. But this might not be too big of a deal because I also have the option to auto renew the fixed term position. Essentially, never having it fall from earning that nice 1% boost.
Over the last 3 months I have been posting and creating content on the .cash network. Through this I have earned about .23 BCH. Until now it's just been earning the minimum but now it looks like I can see it earn it's full potential! I will still accumulate more BCH as I continue to post on noise.cash and such, but I think I will wait until I have another sizeable chunk before I set up another fixed term position.
I've been seeing a lot more activity on noise.cash lately so getting myself closer to my spot in #Club1BCH is getting easier and easier. With this little 1% boost, it'll be even easier still.
So I am now earning interest on BlockFi and NEXO. I still have my eyes on Voyager, but that VGX token is going to take a bit to HODL. I think I've been using some of the reputable platforms that US citizens can take advantage of. I know there are far better DeFi options out there on some more obscure tokens, but sadly getting into those tokens is a bit harder for US citizens. Once it becomes easier, expect to see me taking advantage of all sorts of projects.
Until then I can just take pleasure in the nice Quality of Life updates that my current platforms, like NEXO, have to offer us.
If you are interested in the steps I took to set up a fixed term position I will share the screenshots of what I did down below. It was a super easy process so anyone at any skill level will be able to do it.
