In my previous article, I revealed that you could stake BEE token on Bee.HoneyFarm.Finance to earn SQUID token at a jaw-dropping 700–1100% APR, along with some other “Gems” like BTCB and ETH. Well, I’ve got all of this SQUID token, so now what? (UNRELATED to another token of the same name related to the Netflix show Squid Games that was in the news about a rug pull).
Yup! You guessed it! I’m turning around and dumping it into yet another high yield farm on AutoShark.Finance — an NFT-enhanced DeFi platform that I have written about before.
In my article Never-Ending Passive Income Loop, I showed you how you could earn high value tokens like BTCB, ETH, WBNB, and SQUID. When you harvest SQUID from HoneyFarm, it goes straight to your Trust Wallet (or whichever wallet you use). You can either HODL and wait (maybe a long time) for SQUID to escalate in token value. Or …
You can stake the stagnant SQUID token in another pool or yield farm. HoneyFarm did not have a pool or farm on their own website to re-stake, so I “shopped around” and found that AutoShark DID have one for an outstanding 396% APR! This equates to an APY of over 5,000%!
In the image below, this is AutoShark’s yield farm vault for SQUID-BNB. It is saying that, if token value and liquidity stays about the same, that $1,000 staked at 396% APR and auto-compounded (this vault will auto-compound at a rate that is maximally efficient for the best reward), that PER $1,000 will turn into $50,000 in just one year. Whaaaaat?!!
Are you saying that if I put $5,000 in there … wait a minute. I need to prove this to myself on a compounding calculator:
Oh my, oh my! From $5,000, if token value and APR stays about 396%, then I will make a Quarter of a Million Dollars. Oh my, indeed.
And, this particular vault earns rewards in MORE SQUID and AutoShark’s native JAWS token which is automatically sent to their Dividend Pool to earn wBNB!
At this point, I would stop staking staked staking rewards LOL. Because I would like to use these small bits of free BNB to cover transaction costs. So basically, trading, exchanging, harvesting, etc become “free” because I am earning wBNB for free in this AutoShark Dividend pool.
Nice, right? This is a little ditty I like to call multi-platform yield farming. If at any point you need your money, no problem. Simply un-stake all of your staked funds and exchange to the token of your choice. For me, as I’ve outlined in my roadmap to $36,000/month passive income in my article Inside the Mind of a Passive Income Specialist, I plan to let these various yield farms ‘simmer’ for about 4 to 5 months, not only to recuperate my initial investments, but to allow the passive income to become enough to EXCEED my normal monthly salary and expenses. At that point, I would stop re-staking and start withdrawing only the staking rewards and leaving the principal balance to continue accruing that level of reward rate (APR). In this way, I am “living off of the interest” of my investments, and not relying on either the principal reserve cash or my salary. That, my friends, is how to be financially free.
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