Beyond 'Let Your Money Work': Stakes and HBD Savings on Hive

The concept of "let your money work for you" may have been bastardised, and most people become twice as sceptical when it is introduced. Perhaps "let your truly owned assets reward your effort and quality" would make more sense in conversations about Web3 and its prospects.

On web3 platforms, there are various ways to earn while interacting with the platform. Blockchain technology makes that possible. From staking to APR on savings and tokenization, the expanse of monetization possibilities is nearly boundless.

Staking involves locking up a certain amount of money (cryptocurrency) to support the operations of the blockchain network in question, and in return, participants receive additional tokens (crypto) as rewards.

Annual Percentage Rate (APR) allows users to earn interest on their crypto holdings, very much like in traditional banking systems but with much greater transparency and often higher returns.

On platforms like Hive, however, there's more to it than just receiving rewards and benefiting from the 20% APR on savings; there's the power to reward others.

A very basic way to participate in the aforementioned benefits is to simply be active as a user, and being a user entails the very things we are used to doing on web2 platforms like X, Instagram, TikTok, YouTube, and many more, and that is to "create and publish content."

With censorship eliminated—that is, the freedom to express oneself without fear of losing one's account and assets—web3 platforms like Hive empower users to create and share content without restrictions. And, more interestingly, users get rewarded for their effort and quality of content.

People build their stake on Hive from the rewards they earn, and that in turn appreciates in value as they use that stake to reward other people—just like how they are rewarded by other people with stakes too.

Upvotes are how it happens on Hive. With percentages, people can choose how much reward they want to put on the content they find. Perception of quality is subjective, of course, but that is yet another advantage of decentralisation, as one gets to share their opinions freely. There is also the 2.90% APR on staked HIVE that can be earned.

Yet another way to grow one's earnings is through HBD savings. Rather than just hold your earnings there after they are monetized, you can expand it. It's another way to grow.

Hive Backed Dollar is the stablecoin for the Hive blockchain, designed to maintain a stable value pegged to the US dollar. HBD Savings provides users with an avenue to not only preserve their earnings but also to potentially see them appreciate over time with its 20% APR.

The decentralised and transparent nature of Hive ensures that users have control over their financial interactions. The Hive blockchain technology makes that possible.