We are familiar with the other DRIP community vocabulary, but not with the DRIP Faucet in cryptocurrency. It is what keeps it running and plays a massive role in the DRIP community.
The DRIP Faucet in crypto is one of the primary methods to earn DRIP from; let’s take a closer look at it.
DRIP Faucet is essentially staking. But before we get to the staking but, we have to buy some DRIP.
- The Fountain contract is the preferred platform for buying that DRIP under the SWAP menu. This results in the lowest prices, and the platform can profit from the initial 10% tax.
- Fill in the quantity of DRIP you want to buy, and it will calculate the amount of DRIP you will receive in return. Press the “BUY” button. Make sure you leave a small amount of BNB for gas fee transactions.
- You can set the “Slipperage tolerance” to 5% when you have a transaction issue (it is under the bar where you fill in the amount)
- However, you will also be able to use external swapping platforms such as PancakeSwap, although the price of a DRIP token will be greater on those platforms.
After you’ve purchased some DRIP, you can stake it to increase your earnings.
- You can stake the DRIP you purchased by going to the “FAUCET” page
- You must first complete your buddy’s profile. Simply copy and paste this address into your browser:
- Tap on DEPOSIT after entering the DRIP quantity you’d like to deposit (at least 1 DRIP!).
- And.. UPDATE to deposit.
You will earn 1% worth of DRIP daily, once you have deposited your DRIP. The contract, unlike other platforms, cannot drain, according to the documentation.
A 10% transaction tax funds these incentives. That is why you should purchase the DRIP through their platform.
Extra DRIPS will be minted if there isn’t enough balance in this pool (created). Of course, this will have an impact on the pricing and push it up.
Hydrate and Claim
When you deposit DRIP, you will receive 1% DRIP every day. Further up on the Faucet page, you have two options; hydrate and claim:
This is the process of compounding. In actuality, you reinvest the earned DRIP and pay only 5% tax instead of the standard 10% tax when depositing DRIP. When you do this, you will make extra DRIP.
You can also take your DRIP earnings out of your account. This is referred to as “CLAIM.”
With these simple steps, you’ve successfully been able to stake some DRIP on the DRIP Faucet crypto platform.