Drip Token Explained
The Drip token is found on the Binance smart chain. However, to understand it comprehensively, we must understand its origins. There are a high number of projects in the crypto ecosystem. One of the most famous is the Drip Network, a DeFi project.
Before discussing the Drip Network, it is important to understand what DeFi is.
As a new financial technology, decentralized finance (DeFi) is challenging the traditional banking system of today; by eliminating bank and other financial companies' fees for using their services, DeFi promotes peer-to-peer transactions.
What is Drip Network?
The Drip Network is having a major impact on the DeFi crypto world. The number of people opening Drip accounts for themselves, and their families is increasing.
People have shared stories about how they pay for their children's tuition and substantial medical bills for loved ones and create accounts to save for their future in Drip's official Telegram group.
The Drip Network has gained popularity among the crypto community thanks to its ability to pay 1% daily returns sustainably. Only Drip crypto pays its stakers and referrers through a tax on transactions rather than through inflation!
Explaining Drip token
Binance Smart Chain runs Drip token, a BEP-20 crypto token. A total of 1,000,000 tokens are available. Tokens can be purchased from the Fountain swap page. You can deposit Drip into the faucet to earn more Drip by re-compounding. In addition to the recently launched casino games, an upcoming manor, animal farm, and an NFT game are also being added to Drip usages.
Is Drip a pyramid scheme?
Many questions on the internet have been about whether the Drip Network is a pyramid scheme.
Before delving deeper into this, it is important to clarify what a pyramid scheme is. A pyramid scheme is a form of referral investment that is illegal in some parts of the world. Participants are given returns on the number of people they bring into the program.
Drip Network has a level referral system in which every referral you bring into the project makes you entitled to 10% of their initial deposit. In addition, as a referee, you can participate in a round-robin bonus, which is on the 5% tax they pay on their profit from referrals.
How to store Drip token
With a lot of scam issues in the crypto industry, it is essential to know how you can store your tokens.
It is good to use a cold wallet to store your digital assets.
Cold wallets, also known as hardware wallets or cold storage devices, keep cryptocurrencies offline. Many look like USB drives. Taking your holdings offline protects you from hacking and online attacks.
Examples of cold wallets to use are Ledger, Trezor, and AirGap. Metamask is compatible with these wallets.
Is it safe to invest in Drip Network?
Investment in Drip should result from your personal research and deep conviction of what the project stands for. Details are in the litepaper.
Author: Boboye Adeyemi
Adeyemi is a content writer/marketer with a year of experience writing quality content for various clients & brands in the cryptocurrency, blockchain, and technology industries. Adeyemi has experience in social media management/marketing, email marketing & SEO services.