Foreword
Happy weekend to all, I hope all of you are doing great. In my previous post, I have shared about what I wish to achieve in the year 2024. So here I am to share on some status updates on where I am today and also share about the layer 2 token management that I do to aid me in my journey to achieve my 2024 savings goal.
2024 Goal
Before I proceed further, let's recap the savings goal I set for myself when the year started.
| Power | Start | Goal | Now |
|---|---|---|---|
| Hive Power (HP) | 5000 | 9000 | 5198 HP |
Compared to the previous update, I have managed to increase my HP to 5198 and I am really glad to progress this much. However, I must keep in mind that I had a secondary goal of trying to achieve my 9000HP primary goal by end of November this year.
Strategy To Meet Savings Goal
I am still a big notch away from the goal that I have set for myself. Therefore I will need do some management of my assets. In the previous post I did share briefly about layer 2 token management, so here's more information about what I do with my layer 2 tokens.
So how do we achieve this?
If we continuously write and curate, on top of the Hive rewards when the post payout, together with it are the layer 2 token payouts. So when we get them we can either stake them, sell them or just hold them. For me, I will look at the token itself and other associated delegation program.
Take for example, the DHEDGE delegation program allows us to delegate a number of layer 2 tokens including NEOXAG, LEO, BEE, CINE, POB etc. While staking will help to generate more of these tokens, but instead I choose to delegate some of these tokens to the DHEDGE program so that I can get more DHEDGE. Delegating some of these tokens that I possess in low figures help to slowly accumulate my DHEDGE tokens which does payout in HIVE and also drop other tokens which can further build up my DHEDGE pool.
Another thing that I did was to trade away the small volume tokens and buy up other tokens that drip Hive/SWAP.Hive. These include the likes of BRO, EDS, DHEDGE, BBH, DRIP and many more. It does not make you rich overnight but these are tokens that you can repurpose other lower value tokens that you have no plans for. These tokens have different duration of drip, some happen everyday, some happen every week so do read up before committing.
Last thing that I want to share today will be on Liquidity Pools. While many fear about dabbling with Liquidity Pools due to impermanent losses, there are still pools that give good APR. One of such is shared to me by a fellow dCity player. And this is something that I would like to embark on adding liquidity to the SIM:SWAP.HIVE pool. Some of the other good Liquidity Pools also yield good APR and even give out other tokens as rewards, which we can use above repurposing method to get more of the other dripping tokens.
Otherwise, one can also clear all the layer 2 tokens when the price is right and convert them into HIVE which can also help to increase the HP.
Closing
I am having a rather decent start for the year and working towards my savings goal. While sometimes there might be a good opportunity arising, there might be associated risk with it. So read up and do your research. In this savings journey, approach will be slow and steady than being too hasty. Because savings requires discipline before it becoming a second nature. Remember, more haste often results in less pace.
Have a great weekend!
Saturday Savers Club
What is Saturday Savers Club?
The Club is a supportive group of people who meet up around the weekly post, usually on a Saturday but occasionally on a Sunday, to share tips and techniques and have some fun in the process. Saving is a skill that takes time and practice to acquire and, like learning any skill, doesn't always go the way you planned.
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