DRIP Network Explained
Blockchain and cryptocurrency started with the idea of not letting central authorities control our finances. This decentralized anonymous system lets people make a passive income while keeping their identity private. This inspired DRIP Network, enabling token holders to have a consistent passive income that grows over time.
Regular shares and stocks pay out a dividend. This means that once you own a company stock, you can make money as long as the company is turning a profit.
This is the principle on which DRIP aims to work. According to DRIP, it will pay token holders a daily dividend, allowing them to make money/passive income without actually having to do anything.
## What is DRIP Network?
DRIP Network, created by teams led by Forex_Shark and BB, was launched in July 2021. Forex, who has been involved in the crypto space since 2012, is the main developer of DRIP. The total supply of DRIP tokens is capped at 99,999,999.
The network is based on the DRIP Token. It is a community that pays token holders 1% of their investment daily, going up to 365% a year.
• DRIP Network token - According to the DRIP Network website, the official token of the network, DRIP, is built on the Binance Smart blockchain (BSC) as a BEP-20 token. The token is designed to be scarce, deflationary, and resistant to censorship. Its current value stands at £0.38.
• Swap - Traditionally, you would have to use exchange platforms such as PancakeSwap to exchange your BNB for DRIP. However, now you can use the DRIP Network website to make the exchange without incurring a 10% fee.
• DRIP Faucet - The Faucet is a feature on the DRIP Network's website where users can deposit their DRIP. As stated on the website, this feature is a low-risk, high-reward contract that operates in a similar fashion to a high-yield certificate of deposit by providing a daily return on investment of 1% up to a maximum of 365%.
How does it work?
DRIP token workings are simple - you deposit a pre-decided amount of DRIP into the DRIP Network. The idea here is to start making a passive income that will not only return you your initial deposit, but also turn in a profit after a certain period.
To explain further, let's say you invest £10,000 as your initial deposit. It would take you about 3.5 months to make your deposit back; from there, whatever you make from the rest of the remaining 365 days is yours to keep. In other words, it is pure profit.
How to get started with DRIP
Let's look at how you can start investing and making a profit with DRIP.
• Buy BNB - Grab yourself some BNB from places like Coinbase, Kucoin, Binance, or other wallets. Once you've got it, send it over to your Metamask or Trust wallet. Just make sure you're sending it to the Binance Smart Chain.
• Swap your BNB for DRIP - Once you're on the DRIP website, connect your wallet by clicking on the "Connect Wallet" button on the top right corner of the page. Then go to the swap page by clicking on the "Swap" button. To buy DRIP using BNB, enter the amount of BNB you want to exchange under the "Buy DRIP" section and confirm the transaction.
Review and approve any smart contract and exchange actions on your wallet before proceeding.
• Deposit your DRIP - Once you have your desired amount of DRIP tokens, click on the Faucet to go to the Faucet page. You can use this step to put in a referral if you have one. To deposit DRIP, input the desired amount and select "Deposit".
Be sure to confirm the transaction in your wallet and remember that a 10% tax will be applied and the funds will not be refundable.
After depositing, you will be able to view the following statistics: Available DRIP earned (at a rate of 1% per day), the total value of DRIP deposits, total claimed DRIP, total DRIP earned from team member referrals, and the maximum payout amount based on your deposit and 1% daily earning potential.
This amount may increase when you reinvest. Your team members will also be visible.
• Hydrate/Claim - You will see two buttons, "Claim" and "Hydrate". "Claim" allows you to collect your earned rewards. "Hydrate" lets you reinvest your rewards, increasing your earning potential and max payout. This option has a 5% fee and is preferred by users who want a long-term investment.
DRIP, a new type of offering, aims to be sustainable by implementing several features that encourage price stability and discourage large holders from impacting the market.
Author: Tripti Sarda
Spirituality, cats, and a love for pop culture. You will always find me talking about the mountains.